Frequently Asked Questions (FAQs)
1. How do I know that the reports are independent?
Our inspectors are independent – independent from us, independent from real estate agent, and independent from sellers.
At BYB, we pair you up with a qualified inspector in your area. The advantages of our model is that (1) we keep the costs down, and (2) we only maintain high-quality inspectors on our panel and ensure that each has their own insurance, which you can rely on if the need arises. If a report is already available, you can be assured that the inspector has appropriate insurance, and can receive feedback from other buyers like you.
2. What do I do if there are “defects” in a property that I want to buy?
Almost all properties have “defects”. BYB reports can help you identify the issues that you should be aware of before purchasing the property. Some interested buyers will get rough quotes from tradesmen on potential improvements before they bid and factor these costs into their bidding. If you can live with the issues identified in the report, then you can bid with confidence.
If you purchase a property and find a defect that should have been picked up by the inspector at the time of the inspection, you may be able to claim against the inspector’s insurance. See more information here.
3. Will I be charged a “second charge” if I am successful buying the property?
BYB has a range of different report share-cost models. In some models, the successful buyer will be charged a balance payment if they or someone they purchased the report on behalf of are successful buyers of the property, and will then have the report transferred into their name for insurance purposes. For these models, if you miss out on the property you will only pay a fraction of the cost of the report. And if you get the property – congratulations! – the report will be transferred to you in your name for future use and insurance.