Buyer's Guide

Buying a home is about the biggest financial commitment you'll ever have to make. It is exciting, but at the same time, buying a home can be intimidating. Whether buying your family home or an investment, it's crucial to be prepared.

Making an offer

Once you have found the ideal property for you, it’s time to make an offer. This is completed by the agent, who will bring you a copy of the contract which will contain all of the purchasing details (price, settlement date, building and pest conditions etc.) and special conditions for you to sign. At this point you should also be organising a solicitor and a finance appointment at the financier of your choice.

Once you have signed the offer, the agent will present it to the seller.

Keep in mind, that prior to the seller signing the offer, it is still negotiable and the seller may make changes to the offer and issue a counter offer. This may occur if they are not agreeable to the price, settlement date or other special conditions. You are required to agree to the changes by initialling the changes on the contract, and if you do not agree to the changes, the offer will no longer be valid and will be terminated.

Upon the offer being fully signed and accepted by all, a legally enforceable contract of sale has been formed and the 5 day cooling off period is activated. A copy of the completed contract will be forwarded to you and your solicitor and sale process begins.

When making an offer it is important that you check all of your details, the price and settlement dates are displayed correctly, and all the inclusions and special conditions that you specified are included. Get the agent to explain all of the special conditions and how they are applied. If you have any legal queries please get your solicitor to check over the contract.

And in the event the agent is not present when you sign the contract, ensure that all pages and sections are thoroughly signed and initialled in the indicated areas. Double check they have been done by all purchasers named on the contract.

View our properties for sale here.

Buying at Auction

Auction is a method of sale that places the buyer in a position of strength, in that you have to opportunity to determine the value of the property and voice your opinion on what you are willing to pay. Remember, there is no cooling-off period and the terms of a residential auction sale usually require the buyer to bid on an unconditional basis. This means you cannot have any special conditions such as subject to finance or subject to the completion of another sale.

Prior to Auction day:

• Check the auction paperwork to guarantee you know all the conditions of sale, if any
• Do all the necessary checks such as a title search and building and pest inspection. Arrange your finance
• Attend as many auctions as possible and gain an understanding of how the process works.
• Do your homework, research the market and talk to the local experts, go to the open for inspections and ask the agent for a CMA (Comparative Market Analysis) on the homes they are promoting for sale, and develop an understanding of the current market trend.

On Auction Day:

• Dress for the part - confident, moneyed buyer that you are. If you look as if you have bottomless pockets, you may convince a rival to withdraw from the race.
• Arrive during the inspection time, to give you time to fill out and submit your bidder registration form and get a feel for the other buyers you will be bidding against.
• Know your bidding limit and have your completed checks (building & pest etc.). Don’t be afraid to set an uneven limit (e.g. $567,000). If you are the successful bidder at the auction, you will have to settle the contract even if the house is defective or you can´t afford it.
• Stand in clear sight of the auctioneer so your bid can't be missed. Bid clearly, confidently and without being ambiguous to ensure the auctioneer sees you as an interested party.
• Develop a strategy for bidding and reacting to competitive bids (many people react conservatively to bidders in competition, when usually it is beneficial to increase their bid and take a strong assertive position).
• But you can offer a lower denomination as your bid if the numbers are increasing too quickly. The auctioneer may refuse it, but there's no harm in trying
• Be prepared to be successful. If you are the highest bidder, you'll have to be ready to hand over a deposit, usually 10 per cent. And remember, there is no cooling off period at auction.

Keep in mind, sellers can view offers prior to auction, so if you have your heart set on the property but can’t bid under auction conditions, contact the agent to find out your options.

If you have any further concerns or queries, talk to one of our Hinternoosa Consultants here.

View our upcoming auctions here.

Here are some checklists and information sheets to help guide you through the process:

• Obtaining finance approval

• Conditions of sale public auction

• Bidders registration form