Buying Tips
Buying a property, especially in a competitive market, can be challenging. But with the right approach, it can also be incredibly rewarding. Here are some tips that I've found helpful when navigating the property purchasing process.
01. What's on your wishlist?
Make a wish list and then be flexible – the successful buyers are those that don't have tunnel vision.
02. Must haves v's nice to haves!
If a home meets 85% of your wish list – buy it! You will never find a home that satisfies you 100%, it takes buyers years to realize this.
03. Work with the Agent
Engage with the agent at the open home, we are not the enemy! Buyers who develop a relationship with the Agent are usually the successful purchaser
04. Bargains are not best!
Don't be a bargain hunter- the homes that sit around usually do so for a reason – no one else wants them!
05. Act fast!
If you like a home – act fast and strong before competition begins to mount. Knock the socks off the vendor and they will want to sell to you.
06. Don't sit on the fence!
Sitting on the fence and prevaricating gets you a fence – not a home
07. Confidence counts!
If you are attending an auction this weekend – go in hard and fast. History shows the strong and confident bidder is the new owner
08. Data is key!
Do your research well and ask the agent for comparable sales- a great agent is one that supplies this data freely
09. Compare apples with apples.
Don't cross suburbs – that is when pricing becomes difficult to follow- a property in Cammeray is not going to be the same price in Mosman
10. Open homes should not be a chore!
Lastly – have fun- it's a great opportunity to look at some beautiful homes and get ideas on styling and design for your new purchase. And if you come to one of our opens we give out chocolates and water to sustain you!
Bidding at Auction
If you intend to bid at an auction there are a number of things that you should consider prior to the auction. Remember that we are here to help you and are always happy to talk and walk you through the process.
Due Dilligence
Conduct your due diligence before the auction - get the contract checked by a legal representative, arrange a pest and building inspection or a strata search report ( if an apartment) - get all the facts you can, so you can make an informed decision
Finance
Have your finance prepared - ensure you have 10% deposit as a bank or personal cheque, made out to Galetto Real Estate Sales Trust Account. It is illegal not to have the funds available on the fall of the hammer. Make sure you have funds approved and you are in a position to bid on the property.
Inspections
Undertake several inspections of the property - It is always wise to view the property on several occasions so that you know that this is the right property for you. Generally the property is open for group inspections, but we are always happy to organise a private appointment with you.
Register
Arrive at the auction early - In New South Wales, by law you need to be registered in order to bid at auction. You need photo ID (driver's licence of passport) to prove your identity. If you are bidding on behalf of any other indvidual or entity, you need an authority to bid. We can provide the required forms for you.
Bidding
Once registered you receive a bidding card with an exclusive number. This is required to be shown when bidding. You will also receive a copy of The Bidders Guide. Use your bidding card to allow the auctioneer to accept your bid.
Have a plan
Most buyers have very little idea of what to do when bidding at auction. Attend other auctions so that you get familiar with the auction process. Any plan is better than nothing, but the best plan is to actively participate. You cannot buy the property without bidding. Get in early, even if that is a little lower value than you are prepared to pay and get used to the process. Make sure you don't go over your top price by getting over enthusiastic. Pick a last bid and stick to it.
Passed in.
Not SOLD - passing in means that the bidding fell short of the owners reserve and they will negotiate from the last bid with the highest bidder. The highest bidder is offered, as a courtesy, the first right to negotiate with the vendor after the property passes in. Make the most of this because if a deal is not reached, then all parties, bidders at the auction or parties who could not attend the auction, then have the opportunity to negotiate.
SOLD!
Even if you don't buy at your first auction, you are better informed and confident for the next. If you are the highest bidder, congratulations! You will now need to sign the contract and provide your 10% deposit. The owner signs their contract and the contracts are exchanged by the agent. You will receive possession of the property once settlement has taken place, subject to any tenancy. Remember that there is no cooling off period once the contracts are exchanged. The deal is done and you are the happy new owner.