Property Review Video – August 2023
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
What can be more frustrating then getting your offer accepted only to remember you forgot to include your requirement for early access in the offer. You only have one chance at getting it right so make sure you are clear on the process and get everything organised before you find that deal.
1. Make sure you have finance preapproved. If you and another potential purchaser both take a contract on a Saturday then on Monday you can lodge your offer and conditions and send the signed contract page to your broker or lender to get that Formal Approval. Whilst the other purchaser has to find a broker then a lender and then get preapproval before they will even start to order a valuation. You have a 3 day minimum headstart.
2. Solicitor to check out the contract and make sure that there is no special conditions or potential issues. Have your standard conditions organised before you put in an offer. These may include subject to finance acceptable to you, early access for quotes and open home for renting, vacant possession, pest and building reports, your solicitors review of the contract etc etc there are a number of books that you can copy contract conditions down from or get your solicitor to develop some to meet your needs. Remmeber most offers also have a time frame.
3. Pest and Building Inspector, many people make their offer based on firstly finance and then a pest and building inspection, they should be able to do an inspection within 24hrs of your requesting it.
4. Depending on your relationship with your trades you may be able to get them to quote on work prior to your purchase. if not remember to ask for access to the property during settlement so you can get quotes and have your team lined up ready to go the day you get the keys.
5. Although not required, you may consider it a safe option to organise insurance cover from when you sign the contract not the date of settlement.
6. Find the PC items, ie kitchen packages, taps, tiles etc
7. Once your offer is accepted, and you have accepted your trades/builders quotes do some preplanning for timeframes and then get some rest. After months of searching you are about to enter the frenzy of the renovators life, trust me get as much rest in before hand as possible.
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
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