When sellers put their properties on the market, the conscientious ones do a complete clean and tidy up of the yard, buildings, gardens and fencing. They understand the importance of presenting their property to its best advantage by removing clutter and doing any minor repairs. What they want to achieve is to highlight its best features and attract that one buyer who immediately feels drawn to the place, and will fight hard to buy it.
What they often don’t do is arrange for a building and pest inspection. Having a building and pest inspection report to show prospective buyers during open houses or sales inspections is actually a powerful marketing tool. It removes any doubt that the property has structural problems or that there is a pest infestation present and allows the buyers to concentrate on other issues like location, space, features and other attributes.
Buyers can Afford to be Choosey in the Current Market
We are finding that in the current market, purchasers interested in
buying real estate through our office at Ray White Holland Park are being very particular about the condition of the properties we are showing them. The market is moving but still tentative, and any seed of doubt or concern sown in the minds of the buyers is enough for them to reject a property and move on to another.
It is disappointing and often distressing for sellers to secure a contract with buyers then find that the building and pest inspection, which is a condition of the sale, comes back with unfavourable results. Sometimes the building inspection has shown previously unnoticed problems like rusting steel beams, cracked brickwork that is only evident by inspecting the space under a lowset house, or evidence of asbestos in older homes.
A Compromised Property is a Hard Sell
Pest inspections can reveal evidence of termite activity or termite workings and subsequent damage. If these problems had been detected prior to putting the property on the market, the sellers could have had them rectified with every expectation of getting the price they wanted for the property. The sales team at Ray White Holland Park reports that when buyers know the property has been compromised, they will drive a hard bargain if they still wish to buy it.
The best outcome we have been able to secure for both parties is to renegotiate the price based on the cost of repairs that have been indicated as a result of the report. Often both parties are happy with this. The sellers can complete the settlement and continue with their plans, and the buyers feel they have secured a bargain while still knowing exactly the issues they are facing. If approached in the right way, an adverse building and pest inspection report is not the end of the world.