Private house sale, how to proceed?

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pab

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#3124936 8-Sep-2023 10:14

David321:
OP here, we are thinking of getting our own valuation, and asking the buyers to get one also from another company, (their bank will probably require one anyway). From there we would have two valuations to compare and could possibly meet in the middle if we both agreed that was fair. Or we could get them to get their valuation first as they will require one anyway, and ask them to show us, and see how that look to us.

On a side note, does anyone know the going rate for a valuation these days? (Christchurch area)

I wouldn't expect change from $1,000. I've used fordbaker valuation recently for valuations. Though in my case the homes.co.nz current value was pretty close in each instance.

mattwnz

20164 posts

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#3125008 8-Sep-2023 14:38

Handle9:

Generally reports supplied by the vendor (valuations, builders reports etc) wouldn’t be accepted for finance due to the conflict of interest.

That is why I wonder why agents often ask the vendor to get a building report done which they can then show interested people, and sometimes they even have their own recommended one that the vendor can use. I have seen one on a property I was interested in and it was rubbish and was just done by a local builder and was just a couple of pages and didn't pick up issues we picked up.

IMO none of that is good. Anyone buying should get their own.

eracode

Smpl Mnmlst
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#3125047 8-Sep-2023 16:36

mattwnz:

That is why I wonder why agents often ask the vendor to get a building report done which they can then show interested people, and sometimes they even have their own recommended one that the vendor can use. I have seen one on a property I was interested in and it was rubbish and was just done by a local builder and was just a couple of pages and didn't pick up issues we picked up.

IMO none of that is good. Anyone buying should get their own.

Yep. Any building report and/or valuation prepared for and addressed to the vendor is not worth a tin of fish to a buyer. The buyer is not entitled to rely on the reports and if the reports turn out to be wrong in any way, the buyer has no right to sue or claim against the preparer. The reports are prepared under a contract solely between the seller and building inspector/valuer.

The only way the buyer could rely on (and have rights in respect of) the report would be if the inspector/valuer is prepared to re-issue the report, addressed to the buyer.

Sometimes I just sit and think. Other times I just sit.

Handle9

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#3125052 8-Sep-2023 16:44

eracode:

mattwnz:

That is why I wonder why agents often ask the vendor to get a building report done which they can then show interested people, and sometimes they even have their own recommended one that the vendor can use. I have seen one on a property I was interested in and it was rubbish and was just done by a local builder and was just a couple of pages and didn't pick up issues we picked up.

IMO none of that is good. Anyone buying should get their own.

Yep. Any building report and/or valuation prepared for and addressed to the vendor is not worth a tin of fish to a buyer. The buyer is not entitled to rely on the reports and if the reports turn out to be wrong in any way, the buyer has no right to sue or claim against the preparer. The reports are prepared under a contract solely between the seller and building inspector/valuer.

The only way the buyer could rely on (and have rights in respect of) the report would be if the inspector/valuer is prepared to re-issue the report, addressed to the buyer.

That's not entirely true. The building inspector has a duty of care to discharge their duties competently. The FTA overides any disclaimers as you can't contract out of consumer law.

https://dalzellwollerman.co.nz/insights/pre-sale-report-disclaimer-no-defence-for-building-inspectors-misleading-report

Not withstanding all that it's much better practice to get your own reports and gives you a much cleaner litigation if things go wrong.

Geektastic

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#3125138 8-Sep-2023 19:27

Agents can be very useful.

We sold an empty house and the agent said it would sell better if it wasn’t empty, so she had it staged and paid the bill herself.

mattwnz

20164 posts

Uber Geek

#3125168 8-Sep-2023 22:02

That is common sense though as it is often not a good idea to sell a house that is empty. Some agents have arrangements with staging companies. Imo the main benefit of using an agent is the negotiation stage. It can be beneficial to have a middleman for that.

BlargHonk

147 posts

Master Geek

#3125809 11-Sep-2023 08:59

eracode:

mattwnz:

That is why I wonder why agents often ask the vendor to get a building report done which they can then show interested people, and sometimes they even have their own recommended one that the vendor can use. I have seen one on a property I was interested in and it was rubbish and was just done by a local builder and was just a couple of pages and didn't pick up issues we picked up.

IMO none of that is good. Anyone buying should get their own.

Yep. Any building report and/or valuation prepared for and addressed to the vendor is not worth a tin of fish to a buyer. The buyer is not entitled to rely on the reports and if the reports turn out to be wrong in any way, the buyer has no right to sue or claim against the preparer. The reports are prepared under a contract solely between the seller and building inspector/valuer.

The only way the buyer could rely on (and have rights in respect of) the report would be if the inspector/valuer is prepared to re-issue the report, addressed to the buyer.

I found the seller-supplied building reports useful when trying to narrow down which properties we would actually spend our money to do due diligence on. They often provide lots of good photos of different parts of the house you don't see during an open home so you can get a better idea of the condition. But 100% get your own building report done before you put an offer in.

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