Buying Tips
Buying a home will probably be the most expensive and important purchase you ever make. A successful purchase involves adequate research, planning and patience.
Buying at Auction
Before the auction day, you should have already completed the following steps;
* Have your finance formally approved
* Appointed a solicitor who has reviewed the contract for sale
* Be satisfied with the contents of any building and pest reports (or strata/company record reports) you have organised
* Indicated your intention to bid to the selling agent and/or pre-registered for the auction
* Arranged an up-to-date market appraisal with the selling agent for your own property. This ensures that if you are the successful purchaser that
you can place your property on the market immediately
* Attend the auction, with proof of identification (such as a drivers license or passport).
- If you are bidding on behalf of a company, you must also have written authority on company letterhead from a Company Director.
- If you are having someone else bid on your behalf, you must also provide them with a written authority to do so
Buying by Private Treaty
Private Treaty is when a property is advertised for sale with a set price. The final sale price is then negotiated with the prospective buyer in private. Steps to buying by private treaty are very similar to when buying at auction except you will submit a formal offer to the selling agent.
Before submitting an offer, you should have already completed the following steps;
* Have your finance formally approved
* Appointed a solicitor who has reviewed the contract for sale
* Be satisfied with the contents of any building and pest reports (or strata/company record reports) you have organised
* Arranged an up to date market appraisal with the selling agent for your own property. This ensures that if you are the successful purchaser that
you can place your property on the market immediately
You will then submit your offer in writing to the selling agent (by way of letter, email or on a contract). When making a formal offer apart from submitting your proposed purchase price, you should also take into consideration; the amount of deposit (usually 10%), whether the contract will be conditional or contain a 66W Certificate (a certicate that waives your 5 day cooling off period) and the names and addresses of all proposed purchasers along with the appointed solicitor or conveyancers details.
Please be advised that the abovementioned information is intended as a guide only and each person should rely upon their own independent inquiries.