Obtaining a pre-approval for a home loan from a banker or broker is an important step.

Whilst a pre-approval does not guarantee that finance will be unconditionally approved, it does give you a good idea of your budget.

Your banker/broker will also be able to holistically advise you on the different costs involved in purchasing a property. It isn’t just the purchase price. Other costs that need to be considered in your budget are your:

• conveyancing fees
• settlement adjustments (council & water rates)
• lenders mortgage insurance and
• stamp duty

Once you have consulted with a banker or broker and you have pre-approval, you are now ready to start looking and making offers on properties that are within your budget. Make sure you do stick to your budget!

You will need to provide the agent with your conveyancer’s details. Contact us if we can assist.

The above is general advice only. We are a friendly team and would be more that happy to chat with you about your purchasing plans in more detail

Ashlea & Jasmine

If this has you thinking that you might like to take advantage of the current market, here’s what you need to know about the process:

Step 1: Market Appraisal

Arrange for local agents to come and appraise your home. This is the process where an agent will look at your property and give you an idea of what price it could achieve. Whilst this is what people want to know, it is also important that you ask the agent about their marketing strategy and their commission structure.

Step 2: Contract for Sale

As soon as you have made the decision to put your house on the market you need to arrange for a contract for sale to be prepared. This is our specialty so give us a call! The agent requires the contract before marketing the property so you should start the ball rolling on contract preparation 1-2 weeks beforehand.

Step 3: Marketing

This will usually commence with the agent arranging photos to be taken of your property for their internet and paper marketing. Once your property is advertised make sure that the property is well maintained and looking its best. You will have many potential buyers driving past your property. First impressions are important!

Step 4: Open Homes/Inspections

This is when you need to make sure your property is neat, tidy and well presented. During this period it is best to be guided by your agent and their team.

Step 5: Negotiating a price & Exchange of Contracts

This is perhaps the most exciting and emotional time during the sale of your home. Once you have agreed on a price the agent will arrange for you to sign the contract with the agreed price and the purchaser’s details. The agent will also have the purchaser sign a copy of the contract. Once both parties have signed and a deposit has been taken the contracts will be sent to both conveyancers.

Step 6: Cooling off Period

Not all contracts have cooling off periods but most in our local area do.

During a cooling off period, the purchaser has the right to rescind, forfeiting 0.25% of the purchase price. It is important to remember that you as the Vendor do not have the same right (once you have signed – thats it – you are “locked in”).

During this period of at least 5 business days (but usually 10) the purchaser makes their enquiries of the property such pest and building inspections.

Questions about the property and the contract are usually asked in writing to your conveyancer. Your conveyancer will obtain your instructions and answer those questions on your behalf.

Once the balance of the deposit is paid and the cooling off period expires, the contract becomes unconditional and the purchaser is “locked in” to the contract.

During the cooling off period your conveyancer will also start arranging to discharge any mortgage you have over the property.

Step 7: Preparing for settlement

Whilst you are packing, your conveyancer is preparing all the paperwork for settlement!

Step 8: Settlement!

Once the big day occurs you will no longer be the owner of the property. At settlement the title is handed over the new owner for exchange of the agreed price. This is all arranged by your conveyancer.

The above is a guide only. If you have any questions please do not hesitate to contact us.

Ashlea & Jasmine

Take a look around to find out more about our services and our team.

Stay tuned to our blog for info and tips!

A big thank you to Heidi at Daiquiri Design for designing and developing our beautiful site.

The photos featured on our site are local to our area and have been taken by Brett Atkins. Take a look at his Facebook page – Capture Camden.

Ashlea & Jasmine