Have you ever wondered what goes on behind the scenes when you buy a new home?
Category Buying & Selling Tips
The Buying Process
If only buying a home were as easy as buying a new pair of shoes. However, there are many hurdles which need to be cleared before you can officially take ownership. Most of us don’t know all of the intricacies and delicate "back and forth" that goes on behind the scenes. Fortunately, the superhero estate agents know exactly how to navigate these steps and help streamline the process when buying your new home.
Read here to learn about the home buying process.
Before the Offer:
Many buyers will visit show houses with a basic idea of their budget and area in which they would like to live. Before you make any final decisions sit with an experienced agent and learn more about the options, the price and area to enable that you to make an informed decision
The Offer:
If you are happy with the property and area then it’s time to negotiate price! Discuss the offer in detail with the agent and make sure you understand all of the clauses in the Agreement of Sale / Offer to Purchase. When completing the offer with the agent, ensure that you understand each clause and its meaning and consequence, which the agent will go through with you in detail.
The Deposit and Loans:
The estate agent will guide the buyer in payment of the deposit and applying for a loan. Many agents will offer advice on which bank or other ‘lenders’ offer good options and will approve a home loan on attractive terms. Generally you will need cash available for transfer fees and bond costs. Calculate these costs and budget for them before you getting into further debt.
The Deal is Done, Now What:
Once the nitty gritty has been sorted out, the transfer process begins which can take anywhere between 60 to 90 days. Here is what you can expect:
Click Here for the transfer process outline.
As it is not something we do everyday this can be a stressful time for any buyer, new or experienced, but with the help of your friendly neighbourhood Homes of Distinction estate agent, the process will be a smooth one.
Have you every though about what a day in the life of an estate agent is like? Read here to find out...
Contact us for any of your buying or selling property requirements.
Author: Lillian Rencken
