Measures had been implemented to conceal or address some of the defects at the property in question, unfortunately, the measures undertaken were not suitable or to standard. The property was also vacant at the time of the inspection. We could not be completely sure but I had suspicions that the works undertaken and leaving the property vacant for the sale may well have been to conceal the issues at hand and sell to property. Thus eliminating the need to undertake the appropriate works and avoiding the costs involved. This relates to why we call it a “Buyer Beware Market”. Some of the issues that are directly related are the problem that the potential purchaser may not have the appropriate fund available to address the issues and may be forced to place the property back on the market at a reduced price.
The purchaser that had committed to the property in question wished to withdraw from the contract of sale once we had forwarded the report and had our debrief discussion in reference to the condition of the property.
We then received a phone call from the distressed purchaser stating that the agent had refused to withdraw the contract as it appeared that the property had no major structural defects and that the vendor was not willing to withdraw the contract.
Once however, the purchaser made it transparently clear that they were not willing to move forward and would be engaging a solicitor to assist in the process to withdrawing from the contract of sale, the vendor relented and withdrew the contract.
Ironically the property was sold within a week to some other party. I hope they had their appropriate inspections done…. Because as we say it’s a “Buyer Beware Market”.