Browse Forums Real Estate Re: Making an offer before auction advice 24Jun 23, 2010 7:35 pm Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: Making an offer before auction advice 28Jun 25, 2010 12:44 pm thanks guys well we got the report back and its not as i expected they graded it below average for a house of its age they listed minor things, not too worried about these and to get a plumber and an electrician i think they all do this, but they found some structual damage to the right side of house he said it needs underpining, my hubby is calling him later to fin out more, when i spoke to the guy yest he said the stumps were fine, but the foundations were broken and needed underpining, i really wanted this hosue and am quite disappointed, any advice? Re: Making an offer before auction advice 29Jun 25, 2010 4:01 pm You have two choices, walk away and look for something else or use your report as a negotiation tool, factoring the cost of repairs to your offer. Good luck Re: Making an offer before auction advice 30Jun 25, 2010 5:45 pm The problem is that you have this information and you can use it to assess a fair price for the house factoring in potential repairs, however anyone else making an offer may not have had a building inspection done and may not lower their offer as a result. Re: Making an offer before auction advice 31Jun 25, 2010 6:28 pm mishb The problem is that you have this information and you can use it to assess a fair price for the house factoring in potential repairs, however anyone else making an offer may not have had a building inspection done and may not lower their offer as a result. EVERYONE will have the information if you let them know at auction. Happens all the time. Just make a point of talking about the structural defects as you walk around and are near other people. Say to your husband "but I'm REALLY worried about how much it will cost to do the underpinning. Lucky we got the building report. You know so and so paid $10,000 for theirs." etc. Factor the cost into your purchase price. Good luck. Re: Making an offer before auction advice 32Jun 26, 2010 6:09 pm travelbug mishb The problem is that you have this information and you can use it to assess a fair price for the house factoring in potential repairs, however anyone else making an offer may not have had a building inspection done and may not lower their offer as a result. EVERYONE will have the information if you let them know at auction. Happens all the time. Just make a point of talking about the structural defects as you walk around and are near other people. Say to your husband "but I'm REALLY worried about how much it will cost to do the underpinning. Lucky we got the building report. You know so and so paid $10,000 for theirs." etc. Factor the cost into your purchase price. Good luck. If you were all set to bid at an auction, would you really be swayed by these sorts of comments made by a competing bidder? I didn't realise it was that easy to scare people off from bidding against you. Re: Making an offer before auction advice 33Sep 16, 2010 5:22 pm I am SO impatient to know what happens with this auction... We're sort of waiting to see what happens at an auction for a place WE love, and I'm really hoping to read a success story beforehand...*fingers crossed for the original poster* As far as being able to scare off other potential bidders at auctions with talk of stumps and underpinning and structural defects, well...I guess maybe...80% of people at auctions have no interest in bidding...and of the 20% that do, maybe 10-15% of them are interested but not IN LOVE with the property, so such talk would possibly drive them away. Any seed of uncertainty could be enough, if they're not over 95% committed already, you know? For them, there will be other properties that they can get the inspection done on in time, and might be in love with. They won't bid. It's the other 10-5% of people that will be more difficult to sway... How the hell did I become a senior member!? I know nothing! Versaloc is a mortarless besser block system that still needs a properly engineered footing. If you just do a 400x200 footing it will fail in time. At 17m long you need it… 1 15152 Been in a similar position and we decided to let the builder go. Some of the PSA money goes to engineering so we at least got those documents and they actually refunded us… 2 6013 I am in the same situation, would you be able to give some insights in to this? I am in SA 8 16956 |