1. Speak to your Lender
This could mean speaking with family, mortgage brokers, banks to obtain you capacity to borrow and obtain approval in principle, which would enable you to make an offer subject to valuation and formal approval of your loan
2. Do your homework
It is quite easy with modern technology to obtain information around properties that have been recently sold and compare that information to properties that are for sale. Think about your lifestyle requirements then seek a property that most closely suits. Talk to us, register on our website to obtain pre-market advice on new listings.
3. Stick to your Budget
Consider your requirements closely and then purchase the very best you can afford, like buying a shirt, dress, or car, the sweetness of a cheap deal is quickly soured by the realization of inferior quality. And the on-costs are too high to jump in and out of major assets.
4. Viewing your Short List
It can be very useful to prepare a list of requirements to assist in comparing like with like and be sure not to get caught up in the moment and overlook an important requirement. We provide plenty of photographs and, wherever possible, a floor plan to enable a lot of elimination work to be carried out at home. You can call or email me for more information or clarification at any time. The best decisions are made with full and transparent knowledge.
5. How to Make an Offer
It’s most likely you won’t be doing this often. It’s important to understand that an offer contains several parts that will be considered by the owner. For this reason, it is best to write out your offer covering what’s on your mind, including but not limited to the following:
- The price you are putting forward
- How you will be paying the deposit (Cash, Transfer, Cheque, etc.)
- Where you will be obtaining finance and the time required.
- Satisfactory pest and Building reports.
- If there is another property that will need to be sold.
- Other special conditions.
- Settlement time required.
Owners will consider all the circumstances and make a decision on what most closely suits their needs and advise their agent accordingly. We will advise and guide you throughout the process.
It is best to support your offer with a deposit. This signals to the owner that your offer should be treated seriously, particularly in situations of multiple offers. It’s important to be in the strongest position possible. 10% is the normal requirement. Often this can be paid in part initially.
7. Agents are not solicitors
Once your terms and conditions have been accepted, the agreed outcome will be communicated to the owner’s solicitor who will prepare the selling agreements and supply them to the purchaser’s solicitor for approval signing and exchange. State laws allow for a cooling off period, and sometimes the agreements remain conditional to conditions being met within a nominated time period.
Auction sales are cash, no conditions and require a 10% deposit on signing on the fall of the hammer. There is no cooling off period at an auction.
8. Fulfilling the conditions
Your solicitor will advise your bank who, in turn, will advise their valuer to visit the property. On receipt, or the valuer’s advice, the bank will then provide the purchaser with a formal offer to lend; spelling out the amount they will lend, the interest rate, and required repayments. At the same time, the pest and building inspectors will, on the instruction of the purchaser, contact us to visit the property and provide their reports, verbally, then written. Any other conditions would need to be met in the time frame allowed.
9. Fulfilled Conditions
Once the conditions have been met, and the contract has been exchanged and deemed unconditional, the parties have entered irrevocable legal relations to sell and buy a property. The Banks will prepare mortgage documents, and Solicitors will get in touch with the Titles Office to prepare the transfer document. Cheques will be made up to discharge existing mortgages and sufficient to satisfy others who have an interest in the property, so the buyer obtains a clean title at settlement. We will monitor the process and keep you advised of progress. It’s not fun being kept in the dark!
You should contact us for a pre-settlement walkthrough. This will enable you to advise your solicitor that you are happy to finalize your purchase. Both parties’ solicitors will arrange to meet with the bank and swap documents, cheques, and an authority on the agent to provide access to your new home. This is a happy time which you have worked hard for, and we will walk with you every step of the way.
- Determine the lifestyle you want
- Where that means you will want to live
- Check your bank for loan approval
- See the suburb profiles on our website
- Compile a checklist for your shortlist
Get Your Team together
- Speak to your Solicitor / Conveyancer
- Register your requirements with us for early email advice on new listings
- Talk to us. Let us help you with our professional knowledge and advice
- Contact a pest and building inspection service
Give us your written offer, (we can provide a form for this) pay deposit. We will assist you with advice to help your offer be accepted.
Monitor the process
- Once your offer is accepted, advise the team.
- Call to your solicitor/conveyancer to discuss, then sign the contract.
- Provide a copy of the contract to your bank.
- Follow up on pest and building reports.
- Keep an eye out that any special conditions are satisfied by the due date. Check with the bank, regarding formal approval of your loan.
- Insure your new property
- Arrange the removals
- Connect your gas/electricity
- Advise the Post Office and your mailing list of your new address.
- Have a wonderful housewarming Party
- Sign in with us for annual ”Suburb Report” on your area, it comes free.