There’s often a sense of urgency when there are several people bidding at a public auction. With a private agreement, there’s more opportunity for purchasers to negotiate terms of the contract. Whichever option you find yourself in, The Home Inspection Hub can help with your purchase decision.
What is a Pre-Purchase inspection?
A Pre-Purchase inspection is carried out during your cooling off period, or prior to auction. The purpose of the inspection is to let you know any faults with the house or problems that might arise in the future. After receiving this report, you can then decide whether the purchase price is reasonable (or if the property is worth investing in).
What does it include?
A Pre-Purchase house inspection will include a comprehensive report, complete with photos, giving you peace of mind in knowing the condition of the property. Our Inspector team is based in metropolitan Melbourne and can provide a fast turnaround on inspections to enable you to make a fast purchase decision on auction day.
The Home Inspection Hub Top Tips When Looking For Property:
- Market research is key! Reviewing the properties and sale prices in the area can be a handy tool to have up your sleeve when comparing.
- Attend some auctions, speak with some real estate agents and monitor auction results over a period of time.
- Complete your due diligence regarding legal and finance matters.
- Identifying any structural defects and minor maintenance issues is crucial! We strongly urge you to engage an experienced inspector to carry out a Pre-Purchase house inspection to discover any faults.
It’s also important to note there is no cooling off period if you purchase at an auction. So, you would need to organise a Pre-Purchase inspection report before the auction takes place.
In a private sale, you may be able to negotiate with the vendor when settling on purchase price. In some cases, the contract can be conditional. This means that if the vendor agrees, the sale may be made subject to certain conditions. For residential properties, you have three business days which is called the “cooling off” period. This also applies to rural properties that are less than 20 hectares.
The team at The Hub will try to accommodate your needs by completing your Pre-Purchase inspection within the three business days cooling off period.
Call us today on 1300 071 283 or click here for a quick online quote and we can help you through the auction process.