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Real Estate Buyers Tips

Not everyone makes many property acquisitions over their lifetime so practised skills are not common. Experts and beginners alike will benefit from the following Real Estate Buyers tips.

We will cover the following

  • Getting ready
  • What to look for
  • Going to contract
  • The Process

Getting Ready

Have a list of what you would like, inclusions, upgrades, size, area and most important budget.

Make special note of any deal breakers

Research.

The areas in which you wish to buy, things to consider would be schools, shopping, transport, commute to work, local employment opportunities, recreation, future development, flood zones.

Learn your position.

The time frame in which you have, your financial capacity, logistics of moving, break lease costs etc.

Always budget for the unexpected!

Have your legal representation chosen.

It’s a very good idea to be talking with your financial institution before you start your search.

What to look for

There are some signs to look for which could be to your advantage when buying.

Not all real estate agents are trained negotiators! Some of the tell-tale signs are in the marketing itself, look for the use of the word “offers” phrases that indicate weakness like “owners bought elsewhere” “looking for quick sale” “back on the market” “Contract collapsed” these are all signs of desperation and could help you with your negotiations.

When looking at multi listed properties (more than one agent) call all the listing agents and ask “why are they selling” the agent that divulges the most personal detail is the agent you work with.

On inspection look for obvious defects, general condition smells (damp, sewer etc.)

Take the time to look at the neighbourhood at different times of the day, this may uncover issues like traffic congestion etc.

Going to contract

Don’t be afraid to ask to buy the home, if you are not sure how to proceed ask the selling agent.

Sometimes it’s not the highest price that secures the property. Terms and conditions as well as price are what make a contract desirable.

  • Be ready with finance and keep the time needed to secure approval as short as possible.
  • Be ready to have your building and pest inspection done in the same timely manner.
  • Seek a settlement date suitable to the seller.
  • Have a good deposit to go with the contract.
  • Insist on a written contract not verbal. A firm contract is a good contract!
  • Be aware that contractual law and process differ from state to state!

    The Process

Once you have found a property you wish to buy and are ready to proceed

  • Firstly the contract and negotiation.
  • Acceptance of the contract
  • Payment of deposit if not done at signing.
  • Cooling off period
  • Unconditional, satisfaction of finance and Building and pest conditions. ** try to attend your building and pest inspection as the reports are not always clear as to real issues**
  • Final inspection before settlement
  • Settlement

The process of buying a home can be daunting, consider the use of a buyers advocate if you feel overwhelmed. If you feel too much pressure take a step back and revisit your original plans, real estate mistakes are expensive

I am always available by email, messenger, text or a phone call to answer any questions and provide the help you need with regard to real estate buying tips.