PRD Hunter Valley

103-107 Newcastle Road East Maitland, NSW, 2323

02 4934 2000

How to avoid the buyer blues

You always hear horror stories from buyers about missing out on their dream home because of the greedy agent and seller but from my experience there is always more to the story and there is ways to safe guard yourself from disappointment.

Step 1 Are you really ready to buy?

The main reason why people miss out on homes is their finance takes too long to go through or they have not organised a deposit these are things that a good lender or broker will help you through, finance should only take 1 week if everything is in place. If you need to sell to buy you will need to explore alternate finance with your bank or be willing to take the risk on a long settlement as subject to sale transactions just don't happen anymore.

Step 2 Is it really the house for you?

Don’t make the mistake of putting multiple offers on properties to try and buy the cheapest. This information will be passed onto the sellers and will work against you if there are multiple offers.

Step 3 Move Quick or You could miss out

As soon as the offer has been made call your solicitor or conveyancer and tell them that you want to take away the risk of missing out and sign the contract straight away using the cooling off period which is 5 working day. If you rescind in this time you would forfeit .25% of the contract price however during this time the seller is locked into your sale. There is some information on the department of fair trading’s web site

If your solicitor or conveyancer insist on due diligence first, there is a risk that you will miss out as we are unable to hold the property and we may need to continue with inspections. Look at it from the seller’s point of view if the buyer is not willing to put down .25% of the purchase price $1000 on a $400,000 property they may question your commitment and want to keep looking for a more secure buyer.