Three steps bring you ahead of the competition, follow the online research, pre-offer preparations and meet the seller’s agent for making on offer.
Beat Home Buyer’s competition
Everything you plan doing, you have to expect competition. Buying a property, or more specific buying a family home is not much different. If you found a house that caught your attention, there will always be other interested buyers sooner or later. So, your timing is crucial to stay ahead of the competition. Let us talk about online services to speed up your decision making process.
Competitive Housing Market
How to get ahead of the crowd?
I often heard similar stories that a home buyer missed-out because of somebody came along picking up the property. Another but similar scenario is when the seller’s agent comes up with a multi-offer situation — a tool to pass on pressure onto the willing buyer.
If you are prepared for making an offer, you’ll easily get the seller’s attention. All it takes is doing some online research, maybe visiting the council and meeting the seller’s agent for pre-offer viewing the property.
When viewing the house and completed online research, you might already know if it is worth making an offer or not. The related risks for the buyer are covered by the due diligence process (your specific or general DD Clause). The article “Found a Dream Home – Are you prepared to buy it?” illustrates the basics.
Pre-offer preparation in three steps
Trust me, everything you need to know about a property before speaking to the seller’s agent you will find online. To the offer making process - follow this link. The beauty is that most information can be found from the comfort of your home.
Step 1—Finding a property advertised for sale
Searching online for properties; imagine you can setup alerts sending you emails about new listings. The only problem is time to figure out the specific of each web service (you need some routine). Using the Internet and its tools is a learning process, e.g.:
Be aware that web services and links change constantly. That is why keeping a list of your preferred web pages can save you lots of time.
Setup Google alerts for your property search is very cool for getting new listings delivered to your mail box.
It is very convenient on Trademe to set up alerts and notifications that save a lot of time.
As you probably have tried real estate agent companies before, they have their own websites with property listings where you can sign up for email update services.
Online listings have photos showing house and area. The descriptions might catch your attention (asking price, size, location, and selling features), all you need at this stage.
Step 2—Pre-offer online research
When doing research I try to answer the question “why not to buy?” that simplifies the process, because the seller’s agent will exactly tell the selling points and why the property is worth buying. What information is important to you and where to get it from?
Google Maps and Street View
Google maps show street map and area view and with Google Street View you can explore the neighborhood and adjacent properties.
Information to check out
· Property Size, Layout and Measurements
· Improvement Value, Land Value, Capital Value
· Connected Council Services
· Location, Maps
· Previous and current Rates, etc
Each council has its own web interface. For the link (URL) ask Google. In thinking about that, for detailed questions is viewing the council records recommended.
Step 3—Meet the seller’s agent and complete the offer
With the research completed you may get to the point to
· Conduct a pre-offer inspection , and
By now nothing really should hold you back to pass on your offer with help of the agent.
TIP: Before meeting the agent I prepare the due diligence clauses (a lawyer can help) and when everything goes to plan the final clause on paper is
“This agreement is conditional on the Purchaser’s Solicitors’ approval in all respects.”
Be mindful with the starting offer to be in a strong negotiation position without the risk of alienating the seller through a foolish or unrealistically low offer. It is exiting to await the seller’s response. Good luck.
Klauster Properties Ltd. - Homeowner's Blog
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