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  1. #11
    Join Date
    Apr 2009
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    Quote Originally Posted by chocobo_ff View Post
    It is an auction (most in Auckland seem to be auctions), so can't do conditional offer as such, but I suspect DaveW and donna are correct that others will be put off by the presence of asbestos.

    Thanks for the contact hopetown, will look into it.
    Auctions can work in your favour too if you are in a position to bid. LOther do-upper type buyers or investors often wait till after the auction then they go in with their conditional offer.

    If the property works for you i would continue to perform the due diligence of costing the renovations, talk to a valuer as to what the property will be worth after renovations and arrive at your top bid amount to suit your medium to longer term goals.

  2. #12

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    Thanks for all the advice/suggestions, I've organised for inspections/quotes etc, will make a decision on the property once we get those info

  3. #13

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    Through a pre-purchase inspection we may have found more asbestos than what the agents have disclosed already. The house is up for auction in the coming weeks, would it be in our interest to disclose the information to the agent, and if we do, would the auctioneer need to disclose this to bidders on the day of auction? Obviously can't use this info as a bargaining chip since it's an auction, but was wondering if this would throw other potential bidders off, if they haven't done their due diligence and got quotes for remedy/removal prior to the auction?

  4. #14

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    was the asbestos tested or is this speculation? Did you have permission for samples?

    If so disclose to vendor agent as he is bound to disclose to others, but if not be careful as you may have 'assaulted' the house.

  5. #15

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    Going to organise for a sample to be tested hopefully in the next day or two. Good point about speculation vs tested, didn't think about that, thanks!

  6. #16

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    So the asbestos test came back positive. I guess my question now is would you tell the agent before the open homes and put potential buyers off then, but give them a chance to research cost to remedy, or do I give a copy of the report to the agent/auctioneer on the day of the auction and let them announce the big news there?

  7. #17
    Join Date
    Apr 2009
    Posts
    1,001

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    I would do both.
    The more buyers you can put off the property the better for you.
    Not good for the seller obviously but it is important information all buyers should be made aware.


 

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