When you have found the property you wish to purchase, it is important to understand the steps involved in securing
the property. Firstly, if you have interest at any level make your intentions known to the agent,
many buyers have missed out on properties by a matter of days or even hours.
Property owners receive all types of interest, some genuine and some not. Some people submit offers to test the
possibility of a sale, but do not actually stay true with their offer. This can lead to frustration and concern for the
owners as they try to assess who is actually a genuine buyer. The best way to present a strong offer on any
property is by utilising the general tips below and making sure they have been completed.
Step 1 – Provide the Agent with your full details.
– The actual purchase price you would like to pay for the property.
– The Method by which you pay the deposit and timeframe of deposit. ie: 5% and by EFT/Bond/Cheque
– The settlement period which you require or the vendor has stipulated.
– The name of your chosen solicitor or conveyancer
– Any special conditions or requests that you may have so that we can inform the owner.
Step 2- Confirm The Time Frame Available to Do Investigations
Find out if the property has a deadline on it, such as auction or offers from other interested parties. Do you have
any time frames that you need to meet such as a move in date, or sale of your property?
Step 3- Decide if You Are Going To Get a Building and Pest Report
Many properties now are providing a building and pest inspection report in advance to buyers, in order to fully
disclose any defects in the property to you, so that you can make an offer with confidence. You still have the
option to arrange your own inspector as well. Most people are surprised when they read these reports however
they are meant to be thorough, and all homes of all ages require some regular maintenance.
Step 4- Notify Your Bank And Get a Second Opinion From a Mortgage Broker
Many people arrange a pre-approval from their lender prior to making an offer on a property. Many lenders will
approve you in principle subject to a valuation. This is a normal practice, and we can assist in arranging access
for them. If you are intending to purchase at auction, you should ensure your finance is secured in advance of
the auction date, as if you are successful at auction, the price is final and you are the instant owner awaiting
settlement of the property.
For a second opinion on interest rates and ensure your existing bank is offering the products and rates for you,
contact Simon from AW money on 0404 492 678 and quote the offer code “SALESARCHITECT”, for a no obligation
assessment over the phone. He can sometimes get a better interest rate even with your existing bank!
Step 5- Don’t Forget to Include Stamp Duty
Visit www.osr.qld.gov.au/calcluators/ and use the Transfer Duty and Grant Estimator calculator.
Step 6- Meet With the Agent to Sign Paperwork.
In Queensland, all offers must be in writing to constitute a formal offer. It is very difficult for sellers to accept a
verbal offer, and also protects the buyer from a seller agreeing to a price and changing their mind before signing
any contracts. When the offer on an approved contract is completed, the agent can then contact the seller and
start the negotiations. No offer is binding unless the seller accepts your offer in writing.
In Summary, preparation is the key. Understanding the steps of sale is important to achieving your property
goals. Whether you are considering purchasing this property or another in the near future, please feel free to
contact myself or my team to answer any questions you may have.