Building inspections are an integral component of buying property. Unfortunately, however, not many people realise that sellers must also undergo pre-auction inspections prior to auctioning off their home.
Professional pre-auction building inspections can uncover costly flaws that will cost you in the future, providing information which could be used to impose special terms in any auction contract.
Preparation
No matter whether you purchase through traditional sales channels or auction, a professional building and pest inspection should always be undertaken prior to purchasing property at auction; it’s especially essential as the moment the hammer falls, the contract becomes legally binding without allowing time for cancellation.
If you’re selling your home, make it easier for the inspector by ensuring access is unimpeded – this means removing boxes from walls, clearing away brush and tripping hazards, as well as cutting down dead tree branches. Furthermore, it would be prudent to obtain invoices or certificates for any remodelling work completed on it.
Make sure your inspector can reach into sub-floor spaces and roof voids – most buyers won’t bother inspecting these areas during an open house viewing and they may later discover hidden defects that cost both time and money that could have been put toward repairs or renovations.
Inspection
An auction purchase can be an enormous financial commitment. Consulting a qualified building inspector before bidding at auction can help protect against costly mistakes in the future by uncovering structural flaws or other maintenance needs which might need addressed after settlement has taken place.
These inspections typically provide a detailed, user-friendly report addressing the condition and major components of a property. Inspections typically focus on key features of a house and can take anywhere between 30 to 1 hour to complete depending on its size.
Sellers can take advantage of pre-auction building inspections just as much as buyers do, to identify any faults which might cost money or prevent the property from selling, as well as negotiate generous special conditions in their contract with potential buyers; perhaps providing repairs or credits to cover repair costs.
Reports
An intensive pre-purchase building inspection provides a detailed and easy to read report which identifies a wide array of faults ranging from cracked walls to rising damp. Some issues may require minor fixes while others could require extensive expenditure to rectify.
Your state may legally require you to disclose any issues the inspector uncovers, with whether this places you at an advantage depending on your ability and commitment to repairs.
My experience as an inspector has taught me the hard lesson that too many buyers purchase properties with hidden costs and surprises that could cost more than expected later. Don’t make the same mistake myself, get a pre-auction building inspection, make it part of your contract to obtain independent, professional inspection before bidding, it will save both money and hassle over time, while giving peace of mind knowing your property is sound and secure.
Follow Up
As house auctions have become more and more prevalent as a means to acquire real estate, many homebuyers forget the significance of performing pre-purchase inspections before purchasing properties at auctions. This involves both pest and building inspections and could save homebuyers considerable amounts in long run savings while helping determine whether it’s worthwhile purchasing.
Pre-auction building inspections can often unearth significant faults that a seller attempts to hide, such as cracked walls, rising damp, or safety hazards. Sometimes sellers cannot repair these issues at the cost quoted by an inspector – depending on market conditions this information could allow buyers to renegotiate the price of a property accordingly – another key reason for why choosing an experienced inspector is essential.
