Hi all,
I wasted money on B&P inspection of a property earlier which was underquoted at 300K+ auction and come the auction day, reserve was known to be 350K. Had I known the property was outside my budget, I would not have spent $650 on B&P in the first place.
Having burnt my hands, now I am considering not doing B&P on another auction property. I know the risks but what I dont know is - how does it impact the finance.
I can live in a house that has structure problems/pest problems, because I can get them fixed even if they cost $10K. But my worst nightmare will be obstruction in Finance because I'll be bound in an unconditional contract.
So my question is
1. What objections can a home insurance company raise against me not doing B&P inspection. Does the insurance company need latest B&P report to insure my house. If not, how will they know what problems the house had.
2. What objections can bank raise against me not doing B&P inspection before relinquishing the funds
3. What other risks are there of not doing B&P, if the property looks all nice and good. Its 25 years old house.
Cheers
I wasted money on B&P inspection of a property earlier which was underquoted at 300K+ auction and come the auction day, reserve was known to be 350K. Had I known the property was outside my budget, I would not have spent $650 on B&P in the first place.
Having burnt my hands, now I am considering not doing B&P on another auction property. I know the risks but what I dont know is - how does it impact the finance.
I can live in a house that has structure problems/pest problems, because I can get them fixed even if they cost $10K. But my worst nightmare will be obstruction in Finance because I'll be bound in an unconditional contract.
So my question is
1. What objections can a home insurance company raise against me not doing B&P inspection. Does the insurance company need latest B&P report to insure my house. If not, how will they know what problems the house had.
2. What objections can bank raise against me not doing B&P inspection before relinquishing the funds
3. What other risks are there of not doing B&P, if the property looks all nice and good. Its 25 years old house.
Cheers