Just recently, we completed a building inspection in Coolangatta on a commercial property that was, in essence, 5 sheds within a concrete block building. Our client was overseas and basically requested we attend the inspection just to confirm that the property was standing and at that address. He’d done his shopping via the internet and had been assured by the agent that the property was nearly new and practically perfect.
So we attended the inspection and it turned out that the agent had embellished a little. Firstly, the bessa block property was riddled with large cracks and was definitely 30-40 years old. We only got access to one of the five units (the agent claimed he does not have keys for the other four). The tenants of the one unit we did inspect told us that their partition wall had been so wobbly that they suspected it could be knocked over by hand but that after complaint, this had been rectified. Last but not least, the plumbing to the property was not working at time of inspection and was clearly dysfunctional in the long term as it had been bodgied up via make-do copper pipes running over the roof exterior.
We reported back to our client that this was the state of the property and he was surprised to say the least. We aren’t quite sure where that particular purchase is at right now, but I’m sure the agent is either scrambling to get keys to the remaining four units, or else is quite disappointed in a lost sale. It’s not that we relish the opportunity to ruin a real estate deal, but we do like to reveal the truth to people who might otherwise make a big, costly mistake.
If this buyer hadn’t done his due-diligence (and he was being encouraged by the agent not to) he would be nursing a $650,000 hang-over after settlement.
Strangely enough, there are agents that do not respect the pest and building inspection process and they are willing to encourage buyers not to “waste their money” on such a thing. It’s unfortunate. This building inspection in Coolangatta does not stand alone as an example of dishonesty in real estate.