Purchasing residential real estate can be a very exciting process. However, different agencies usually have a different set of rules and standards.
So we would like to inform you of a few buying tips and courtesy of Chris Raptis of Raptis Real Estate.
BEFORE: MAKING AN OFFER
- The actual purchase price you will be paying for the property.
- The method by which you choose to pay the 10% deposit
- The settlement period that you may require.
- The name of your chosen Solicitor or Conveyancer.
- The name of your bank or financial lending institution.
- Any special conditions or requests that you may have.
Please be aware that some buyers submit offers to test the possibility of a sale, but do not actually stay true with their offer. It is important that this is done during the cooling off period.
The exchange of contracts occurs when the purchaser and the vendor each sign an identical copy of the proposed contract for the sale of the land, that land having a title.
The cooling off period is then only available to the purchaser and allows for an offer to be submitted to the owner in writing on the Contract of Sale. This clearly demonstrates to the vendor that you are serious about your offer.
OPTIONS & TACTICS
All cash, unconditional offers with the option of waiving any cooling off rights and makes both parties committed to an instant, legally binding relationship.
There is no turning back. This option also applies when a purchaser is the successful bidder at auction (where contracts are unconditionally exchanged.)
If you want to make an offer, be certain that you can follow through by having the following confirmed.
- A pre-approval of finance from your bank or lending institution.
- Your own property sold, or at least assessed for value and possible sale time.
- You have a solicitor or conveyance selected.
- Determine how you will be paying the 10% deposit and associated costs.
- An idea of settlement times required before you take possession.
BUILDING INSPECTION STRATEGY –
Before you purchase any property- in particular a new home – it is important that you receive a copy of a Pest and Building Report from a qualified inspector.
Please note that this report is a complete list of defects of the home, and is very different from the feature brochure that you receive from Raptis Real Estate. Most people are shocked with the report they receive on the home, and most times misinterpret the report, eg; the home is 24 years old and… Is in need of new roof tiles. Roof tiles last approximately 25 years and need replacing on every home of that age. The point is to remember here is that all homes at one time or another require maintenance, and that is known as a capital improvement on the property.
OBTAIN YOUR VERY OWN INDEPENDENT BANK VALUATION:
It is common practice for buyers to request for a bank or lending institution valuation by a registered property valuer.
It is important to know that these valuations are conservative and it can be a very useful tactic for properties advertised without a price or Auction properties. Again, use this one with caution because a property is also worth what someone is prepared to pay.
Preparation is the key. Understand your rights and have everything in place. If you follow the advice, along with that of any of your solicitor, you will be on your way to securing the right home for you.
Whether you are considering purchasing a property shortly, or are currently in the process of buying a home through another company and in need of advice, please feel free to call Raptis Real Estate with any questions you may have.