Pre-purchase inspections

[malcomb]

I am wondering at what point do negative features uncovered by a pre-purchase inspection allow the buyer to reneg on an offer?

Can a buyer withdraw his offer(ie, an offer that was subject to a pre-purchase inspection) on the slightest thing? Or does there have to be a considerable range of problems to withdraw an offer?

 

[chilliblue]

I stopped a sale when the report came back with the worst damaged bearers and joists the contractor has seen in 20 years and the vendor would not budge on price.

There was no way that I was going to pay up to $35K work on a $260K property.

At the end of the day you have to make your own call.

 

[malcomb]

But, can we use any little identified disorder to reneg on an offer? For instance, if a pre-purchase check identifies some split plaster on a wall in a bedroom, can that be used as an excuse to get out of a contracted offer?
Surely no pre-purchase report will be perfect, and therefore any offer could be backed out of without loss - or am I missing something?

 

[andrew_de_a]

In Victoria, unless something is specified in the contract, or you can prove that it is not in the same condition as when you purchased it there is not much you can do.

 

[boods99]

malcomb,
It will all depend on how the B&P clause is worded. If it is worded for example "B&P reports to the buyers satisfaction and absolute discretion" then you are ok to pull out should the reports uncover something bad. If not,and you just go with the REA "standard" clause, designed to get them their commission easier/sooner, you may have a fight on your hands. It's another thing though to get a vendor to agree to such a clause as mentioned above, especially in a heated market.

Boods