Gary and Anna were trying to buy a property in a very competitive market. Veronica Morgan teaches us how to beat the pack!
Properties were selling so fast sometimes even before the first open house. So how do you get through a property before its first open house or at the very least at the first open house?
In a rising market its more a case of who you know rather than what you know because really your network is what’s going to separate you from getting the property that you want from being party of the general bunch who miss out on properties that they really do like.
The agents aren’t necessarily your enemy, they’ve, you’ve got to make them your friend. you need to be memorable to them so that they will remember to let you know when they’ve got new listings coming up. What you’re trying to do is make sure you’re on a first name basis with them, they remember you, they like you and they would like to sell to you and then when you have found that property, you need to be prepared to move fast.
- Make friends with agents.
If you snooze you lose is what we’re saying here, because if you’re in new south wales you need to be in a position where you can exchange as soon as possible and to do that you need to have got your solicitor to look over the contract. You need to make sure finance is ok. But equally if you’re in other states where the w=exchange system doesn't take place, the same thing applies. the quicker than you can go to contract, the better chance you have of taking it off the market and it’s really important to have everything lined up ah prior to finding the property that you really love. Because if you don't, again, in a competition situation, you’re likely to miss out.
- Exchange contract quickly.
First of all, you’ve got to be on first name terms with all the agents so that you get through the door before anybody else, or at least at the very same time as the other buyers. Secondly you need a conveyance or a solicitor on hand to review the contract and make that they can do that in a timely amount. Thirdly you need to get access to a building inspector or someone to do a strata report for you. Lastly your finance. you’ve got to make sure that you’ve got the right type of approval and you’ve got access to a deposit. And once again, time is of the essence so you need these people lined up ahead of time.
- Get to know the agents
- Have solicitor ready
- Building inspector and strata report
- Be finance ready