In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Pre Auction Offer
Properties listed for auction can often sell beforehand. You can make an offer on a property before the auction and if accepted the contracts can be quickly exchanged and the auction cancelled. This is called a pre auction offer.
This may suit both purchaser and vendor for a number of reasons but most commonly for the purchaser it takes the property off the market and for the vendor it allays their concerns about their property not selling on the day. The vendor may also be looking at other properties to buy at the same time and an exchanged contract means they can move forward with their purchase plans. In a market that is cooling often vendors will not want to risk a failed auction and will be happy to consider pre auction offers. Conversely in a hot market most vendors would prefer to just see what happens at the auction.
You must get a “real” pre approval before the auction. This means that your loan application has actually been properly assessed and approved, subject only to a property valuation. Incredibly, many lenders will not do this as they see doing pre approvals as a waste of resources as many do not proceed. At Mortgage Experts we can make sure you get a real pre approval so you are as safe as you can be with an auction.
Learn MoreYes, its a good idea to set your limit before the auction and stick to it! A good idea is to pick a rough number as your limit. Say you are approved to buy up to say $1,200,000 but you don’t want to quite go that high you could make your limit say $1,182,000. You may be lucky and knock out a few other buyers with limits of $1,175,000 or $1,180,000 for example.
Learn MoreThe private treaty method of buying your first home is a bit less stressful than buying at auction – especially if you are buying your first home. Normally a private treaty sale will be handled by a real estate agent, but it can also be done directly by the owners. Buying via private treaty means you shouldn't have to exchange contracts unconditionally until you have a formal loan approval.
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