Martin's guide to buying a home
No matter whether you’re a first home buyer or have done it all before, going through the process of buying a property can seem overwhelming. Martin can smooth the way and ensure you enjoy the experience from start to finish. Once he’s found you the right property, Martin can help get your paperwork in order and guide you through the buying process.
Bid with confidence at auction
- Have your finance approved before attending an auction. You’ll know what you have to spend and guarantees you have the money if yours is the winning bid.
- Make sure you have a 10% deposit that can be accessed on the day.
- Consult a lawyer before you bid to ensure you understand all the legal implications and requirements.
- Inspect the property as many times as possible, at different times of the day to see how it’s affected by sunlight and traffic. Get a building inspection from a qualified specialist.
- Have a clear picture of the property’s value by investing in an independent appraisal from a qualified valuer.
- Register to bid by completing a registration form.
Negotiating a Sale
A private treaty sale occurs when a property is listed for sale with an asking price, the buyer makes an offer via the agent, and the seller decides whether or not to accept the offer. Typically, negotiations go back and forth until an agreed price is reached.
Deciding on your first offer can be difficult. You may wish to start with your best offer, especially if there is a lot of interest in the property, or you could start with a lower offer and be prepared to negotiate up. When starting lower, you may risk losing out to another purchaser with a higher offer.
It’s best to have your finance pre-approved, however you can make your offer subject to finance, giving you a limited time to confirm with your lender.
Conditional versus unconditional offers
A conditional offer is a binding contract to buy a property, subject to certain conditions being met. If these conditions are not satisfied, the buyer can legally back out of the contract. Common conditions may include subject to valuation, finance or a building inspection.
An unconditional offer is an outright offer to buy a property. Once the vendor has accepted your offer, you are legally obliged to go through with the sale or risk forfeiting your deposit.
It’s always advisable to speak with your solicitor about your rights and all terms of the contract before you sign anything