Tips for Bidding at Auction
- Be clear about your walk away price
- If you’re going to start bidding, start low
- Make your bids fast and assertive, show confidence – show no hesitation
- If the property appears as if it will ‘pass in’, make sure you are the highest bidder- this gives you first right to negotiate after the auction
- If you miss out – it’s okay, accept it and move forward on to finding another property
Tips for Buying via Private Treaty
- Advise the agent you’re interested in the property, but don’t let on that your attached to the property
- Don’t start negations with your best offer, as it is assumed that your first offer is not your best offer , leave room for negotiations
- Show your serious with your offer by offering to sign the Contract of Sale and issuing a 0.25% cheque of offer price for deposit- Put a deadline on your offer to encourage a decision on acceptance
- If your offer is rejected, and you choose to put forward a higher offer consider putting in an odd dollar value e.g. $971,500 – this implies you are at your financial limit
- Be respectful of the vendor and use the agent to negotiate a win-win situation, avoid making negative comments on the property if interested in purchasing , vendors are people and are influenced by emotions
Living the Aussie Dream
Buying a property especially your first home is truly an exciting time for us all, at the same time it can feel overwhelming, stressful and confusing. Below Westons Property & Co. has put together a handy checklist so you can start shopping stress free.
- Be sure to narrow down which suburb/s (one or two) you want to buy in – register your interest as an active buyer with prominent agencies and agents in this area and request to be on their VIP list so you can ensure you will be the first to know of new listings and inspection times.
- Research the suburb/s and get an understanding of property values and best locations in terms of streets ,school catchments, transport links and local shopping centres.
- Attend open homes, ask questions e.g price expectations, are there any easements, block size etc.
- Have specific list of specific requirements on the home you are looking to purchase; how many bedrooms/ bathrooms? block size, pool/no pool, garage and storage space etc.
- Once you are comfortable with all your requirements, speak to a trusted finance broker or bank to obtain your pre approval
- Starts shopping seriously , start placing offers on those properties you’re interested in , always leave room to negotiate and keep your budget in mind , don’t exceed your maximum
The Buying Process
- Once offer is accepted you will have to pay an initial 0.25 % deposit – your are now ‘Under Contract’
- If you have purchased at Auction you ‘Unconditional’ from the fall of the hammer and 5/10% deposit is due (unlike a private treaty purchase you do not have a cool off period, please be sure to complete a pest and building prior to auction as well as discuss and have approved in writing any amendments to the Contract of Sale as well as the deposit that will be paid on the day 5% or 10%)
- The agency from which you purchased will now ‘Exchange Contracts’ – have conveyancer/solicitor details as well as ID (Driver’s License or Passport) ready for this process
- A 5- 10 day (business days) cooling off period will commence from contract exchange date – during this time yourself or conveyancer/solicitor will arrange pest and building as well as bank valuation , also any negations in regards to contract terms etc. settlement period, special conditions, deposit to be paid 5% or 10% etc will be discussed during this time
- At 5pm on the last day of cool off period the remaining balance of your 10%/5% deposit will be due to be paid to the agency – the property is now ‘Unconditional’ (SOLD) – congrats you have now purchased and sold sticker can go on the board!
- Prior to the property Settling you will be entitled to a Pre – Settlement Inspection – this takes place day prior or morning of settlement and allows you to inspect the property when empty to best assess how the property will be handed over to you , this allows your conveyancer/ solicitor to address any concerns should there be any prior to funds being finalised.
- Settlement is here final payment has been paid, property title is in your name and time to pick up those keys – WELCOME HOME!!