Does the organised bird catch the worm?

When we are on starting off with a new client one of the first questions we ask is about their finance position, if it’s a cash buy, how easily is the cash accessible and is it sitting in an account ready to go or does it need to be released from management or is it contingent on the sale of another asset. Until the cash is fully free for use, it’s a good idea not to commit to a purchase, to avoid unnecessary risk or stress, or at least be able to negotiate the terms of the purchase to benefit your situation.

When a client is using borrowed funds, pre approval is a must before you even think about looking at property, knowing your budget based on borrowing capacity, then allows you to hunt realistically for your property. Bank lending can take weeks before an approval granted, thus has the potential to cause a deal to fall over if you wait until you have struck a deal before you speak to your broker or banker.

With markets moving quickly I often come across people who’s perception of value has not kept pace with the market and now are having to consider property that differs from their dreams, or increasing their budgets or make concessions.

This where research comes into play, you need to be really clear on what you are looking for and how much it is going to cost, otherwise without a clear picture, buyers become indecisive and end up on an endless merry go round of house inspections, wasted weekends, and continually getting beaten to their property goals.

If there are multiple people involved in the purchase decision, then all parties need to have clear agreement on budgets, requirements and preferred locations. If all parties can not agree or be prepared to compromise, then the likely hood of a successful purchase becomes a lot lower and frustration, and regret creep into the process, which needs to be avoided.

Your gunna need a lawyer son! – your gunna need a real good one! – or a conveyancer at least.

Having legal representation by those people who specialise in conveyancing is critical to protect your position in property purchasing, even the simplest of deals can come unstuck if conditions are miscommunicated or the contract is not vetted correctly.

Be an active buyer, if you just rely on waiting for property to be listed in the two main web pages, you are not giving yourself the best chance of seeing your dream property before the rest of the market. Work out which agents specialise in the type of property you are looking for, register your interest on their buyers list, follow their social media for early warnings or hints as to what they have coming up, and keep in regular contact with them – they need to know your name!

If you don’t have time, experience or confidence to undertake the above, then maybe consider engaging a Buyers Agent, - these are property professionals like ourselves who solely focus on working with the buyers to acquire property and take care of or advise on all of the main points you need to consider when making important property purchase decisions.