The other month I saw an story about the pre-purchase build report. The article detailed some changes that may be coming to this weird and wonderful industry. The changes actually apply to the pre-auction industry rather than the pre-purchase market.
You see - what happens at the moment is - when you are going to buy a house at auction you need to have access to building inspections - so you need to pay up to $500 for a combined building and pest report before you even bid for the house - so if you do not win the auction and purchase the property - then you lose your $500. Then you get to do it all over again.
So what the authorities are talking about doing is - making the seller to order a combined building and pest report and then make it available for all potential bidders at the auction. What occurs then is - the successful bidder (if there is one) will need to reimburse the seller for the report they had ordered.
It is my opinion that this is a great thing for the Real Estate Industry in NSW, it will encourage| more people to attend auctions and hopefully increase sales figures.
Tags:
auction industry,
auctions,
authorities,
bidders,
building inspections,
people,
pest report
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