PRDnationwide Ballarat

51 Lydiard Street Ballarat, VIC, 3350

03 5331 1111

Frequently Asked Questions

Purchasing

Should I talk with the bank before looking at homes?

We certainly recommend that you do.  It provides you with valuable information on what you can afford to spend and anything you need to do in the background to secure your finance, which of course can avoid any disappointment when wanting to secure your new home.

What do I need to know to make an offer to purchase a property?

There are 4 key factors: the first being, how much are you offering to pay for the property, second one being, what settlement period are you looking for, another word for when would you like to take possession of the home, the third one is what deposit can you pay and when will you be able to pay it?  And the fourth one being are there any conditions on the property.  This allows the seller to move forward with confidence when considering your offer.

Why should I bid at an auction?

There is a real benefit bidding at an auction.  If you bid at the auction and there are no other bidders, and at that point the auctioneer passes the property in, you’ll be given the sole right to negotiate on the property at the exclusion of all other buyers.  This can give you great confidence in securing your dream home.

When have I actually secured a property purchase?

So you’ve made a verbal offer to purchase a property, the agent has spoken to the owner and the owner has said yes we’d be happy to accept that offer, however be aware the reality is you haven’t technically secured that property until the vendor has signed off on the contract of sale.   So by all means move forward with confidence.  However get that contract signed as quick as possible to secure your new home.

Selling

What does pre-approved finance mean?

So you have your home for sale and an agent brings you an offer on your property subject to finance, however they say to you that the buyer has pre-approval.  What that means is the buyer has had some form of communication with the bank and based on that communication the bank has given them a pre-approval to offer up to a certain amount of money.  By no means does this mean they are guaranteed the money. The buyer must still go through a formal application process to get their finance approved so they can purchase their new home.

Should I sell my house before buying?

If you are in a position where you are unable to purchase another property without selling your home, we’d certainly recommend that you do. It can put you in a much stronger position when making an offer to purchase a property, it can also avoid any disappointment, should a buyer come along who wants to purchase the same property, that doesn’t have to sell their own home, it can avoid any disappointment. Give us a call we will certainly be happy to help out.

How should I present my house for sale?

When preparing your property for sale, presentation is always something you should take into consideration. You only get one chance to make a good first impression on potential buyers!

Here are some of our tips:

  • First impressions count! Tidy up and weed your gardens and wash down external walls. Your house exterior and front yard are the first things every potential purchaser will see, and their presentation may determine if a buyer wants to see inside the property.
  • Less is more. De-clutter your house as much as you can - less clutter makes your home look more spacious and allows buyers to visualise their belongings in the house.
  • Open up all blinds and curtains and make your home as light and airy as possible.
  • Complete any minor repairs - minor repairs can leave a major impression on any potential purchasers and can easily reduce the value of your property in a buyer's eyes.
  • Keep pets out of the way (out of the home if possible) and ensure your house smells clean and fresh.
  • Make sure potential buyers will feel comfortable in your home. Heating/cooling your house as appropriate goes a long way to creating the right ambience.
  • Get your carpets cleaned in order to remove any lingering stains and/or odours.
  • If your house has any features you would like to highlight to buyers, let your agent know so we can point them out.
  • Get somebody to help you style your home - seek the advice of a professional house stylist.

What is a Section 32?

A Section 32 also known as the Vendor Statement is a document provided by the vendor to the purchaser, to provide the purchaser with all the information required about the property; for example land rates, caveats, covenants, title boundaries, any building permits or any other information about the property that’s very important in relation in securing the sale.

When should I have my Section 32 prepared?

We are often asked by people wanting to sell their home, when should they have the section 32 produced?  The answer to that question is preferably before the property goes on the market, that way the agent has the ability to market the property accurately also if we have a buyer come along in the very first instance we are in a position to secure a sale.

What does an unconditional offer mean?

Basically, an unconditional offer is an offer to purchase a property that has no conditions attached.  In other words, it’s not subject to a building inspection, finance or any other such things that may stop the sale going ahead and allows the buyer and the seller to move forward with confidence.

When is my house sold?

Your house has been sold when all parties have signed the contract, any conditions in relation to the contact have been met and the deposit has been paid.  At that point you’ll receive notification from your legal representative that the contract has been fulfilled.

Can I have my house deposit released?

In many cases you may have your home deposit released, but this depends on a few factors.  One of those factors could be the current situation with the mortgagee.  Also this can be to do with the status of the contract of sale but certainly talk to your solicitor about early release of the deposit and they’ll be able to assist.

What is a Section 27?

A Section 27 is basically an early release of the deposit so if you’ve sold your property and you’d like to obtain the deposit, speak to your solicitor about having a section 27 executed.