Buying Tips

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Buying with Your Agency

What you can expect from us as a buyer is to be treated with courtesy, respect, honesty and always in a professional manner. It’s a huge decision and one that you shouldn’t take lightly. We will show you the home and give you multiple opportunities to view it. We encourage you to bring your family and friends through for a second opinion.

Pest & Building Reports

In most cases, we will provide both Building & Pest reports to all prospective buyers. These will be available for you to view at the open home; we also send the contract and the reports directly to your mobile phone or email account. We usually use Affordable Inspections for our reports. When we do, you will be able to transfer the ownership of the report from the seller into your name with a small transfer fee. This will then provide you with warranty and ownership of the reports. Pest and building reports can be complicated and often filled with technical and legal jargon. We encourage you to speak to the inspector directly if you have further questions. They should be able to clearly explain the details of the report and in some cases, give you a rough guide as to any repairs required in the future.

Making an Offer

Offers can be made at any point in time via email or over the phone. Once you have made an offer we will send you our offer form, so we can formalise the offer and get a good understanding of your personal situation. We will submit all offers to the seller immediately for their consideration and come back to you with the seller’s response as soon as possible.

Negotiations

Every negotiation is different and there is no specific formula in arriving at the final price. When there is just one offer on the table, things are straight forward. If there are multiple buyers attempting to buy the property, it is our job to work through all offers until our vendors choose the best offer and conditions for them. When the price meets the owner’s expectations the offer will most likely be accepted. We do not believe that asking buyers to put a ‘final and best’ price down with no further negotiation is a fair way to treat either party. We will never lie about the number or size of existing offers. When properties attract multiple offers, it is a fact that all but one party will walk away disappointed. Please understand that it is our responsibility to the seller, to work as hard as we can to extract a premium price. In doing so, our goal is to provide all potential buyers with accurate information and communication in a timely and professional manner.

Offer & Acceptance

The price in which you make an offer is important however we are also keen to learn about any conditions that come with the offer. If you make an offer you can expect us to ask for more information regarding ideal settlement timeframes, special conditions and where you are up to with your finance. Ideally buyers should be pre-approved with a deposit ready, however this is not mandatory. Once an offer is accepted we strongly encourage the purchaser to get the property off the market straight away to avoid missing out due to more offers coming forward.

Exchanging Contracts

Agent Exchange: This happens where the buyer signs the contract with the agent and pays a minimum deposit of 0.25% of the purchase price • The vendor also signs the contract • Once both parties have signed the agent then exchanges the contract by dating it • At this point the seller cannot pull out or sell to another party • The buyer however has a 5 day cooling off period in which to do their due diligence (i.e. pest and building reports, solicitor checking the contract, finance valuation if required). • If the buyer withdraws from the sale during the cooling off period, they will forfeit 0.25% of the purchase price

Solicitor Exchange: When this occurs, the agent will forward the buyers details to the seller’s solicitor to prepare the contracts • Once received, the buyer’s solicitor will usually review the contract, organise any required inspections and finance arrangements • Once due diligence is complete, the buyer will sign the contract with their solicitor and forward back the seller’s solicitor ready for exchange. In this situation, no deposit is paid until exchange of contract • In the instance that another offer is made, the agent, by law, must present other offer to the seller, even if they have already accepted an offer. The owner is entitled to ‘Gazump’ the first buyer as contracts have not been exchanged

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