Mastering the settlement process – Essential knowledge for every homeowner
There’s nothing quite like the thrill of finding those words in your inbox: Confirmation of…
The typically busy Spring sales season is upon us, so what does it mean with much of the country in lockdown?
While listing volumes will likely be down during the lockdowns, the good news is we’ve seen advertised stock and sales activity bounce back remarkably quickly once restrictions do ease.
Tip #1: Do your research
You’ll be in a better position to make an offer or bid with confidence if your local property market knowledge is up to speed.
We offer several types of FREE reports that will help you cover your bases.
Hint: If you’re looking for a property on the lower end of the price range, CoreLogic’s Top Affordable Suburbs Report is another handy resource. It identifies the top 100 suburbs across Australia where the median value is under $500,000.
Tip #2: Make sure your finances are in order
If you do find a bargain, you’ll want to be in a position to jump on the deal. Speak to us about organising pre-approval on your finance, so that you’re ready to go.
Pre-approval means a bank has agreed, in principle, to lend you a certain amount of money. Having pre-approval gives you confidence during price negotiations with vendors. It may also give you an edge over other buyers without pre-approved finance.
Tip #3: Find out why the vendor is selling
Understanding the vendor’s motivation to sell may give you an upper hand during negotiations. What kind of type of settlement terms and deposits will be most attractive to them?
For example, they may be moving interstate, or need liquidity fast, in which case they may drop their price for a shorter settlement.
Maybe they need an extra-long settlement while they find somewhere else to live? Or perhaps a larger deposit would make you more favourable compared to other buyers?
Ask the real estate agent why the vendor is selling and use the information as a negotiation tool.
Tip #4:Get building and pest inspections done
Building and pest inspections not only alert you to issues with the property such as termites and structural defects, but they can also be used as ammo during price negotiations.
You may be able to use the findings from the inspection to negotiate a lower sale price.
Let’s chat
If you’re in the market for a Spring property purchase, speak to us and we’ll line you up with the right finance for your needs.
There’s nothing quite like the thrill of finding those words in your inbox: Confirmation of…
Spring has arrived, bringing a renewed sense of excitement in the property market. Whether you’re…
Yes, that’s right. You pay zero, zip, nada.
1st Street’s premium service comes at no cost to you! 1st Street is paid by the lender when your loan settles, however, this will not affect your interest rate or loan fees! It is often more cost-effective for a mortgage broker to process a loan rather than the lenders processing it themselves in-house. In fact, we often find that we can save you money by negotiating on your behalf.
Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.