Buying with a local real estate agent

Searching for property listed with a local real estate agent 

There are a number of other ways to search for potential properties:

1. Drive the areas you like looking for "for sale signs"

2. Agents web sites and property advertising portals ;

3. Agent offices window displays and in house magazines ;

4. Real estate newspaper and magazines advertisements;

Ultimately the best way to get a feel for the market when looking for a new property is to start popping into open home inspections in the area or suburb you are interested in.

This is also a great way to meet local real estate agents.

You should also spread the word amongst friends.

There is a reasonable chance a friend may see something you may have missed.

This is particularly the case if the friend lives in the area or community that you want to buy into.

Your friend may see the very thing you're looking for earlier simply because they live in the area.

Buying with local real estate agents arrange an inspection

Inspections should be made at the advertised times or by appointment with the local real estate agent.

You need to look at the location and style of the property in relation to your requirements.

Things to consider include the size of the property, proximity to the lifestyle features you are after.

Once you have found a property that suits you, it is wise to check it out during the week as well as on the weekend, as a peaceful environment one day might be quite different at other times.

You should have a property checked out by a builder inspector or architect to assess whether there are any defects that might affect your decision to buy.

This is particularly relevant if large-scale renovation or extensions are planned.

Missing out on a property that you have your heart set on can be a very disappointing experience.

The thing is it is not uncommon particularly if it is your first home purchase; this often happens because the offer process is misunderstood.

When making an offer to purchase a property, it is important to be aware of the following :

Start with end result in mind. Ask yourself "what do I want" and if appropriate "analyze the needs of the seller.

Put in a good offer for your first offer. A lot of buyers want to play the negotiating game and that is okay.

Be aware to to not let your offer be too low as you can almost offend the property owners and the chances of them returning to the negotiating table with you can be effected if your first offer is too low.

The property remains on the market while the vendor considers all offers.

Just because your offer is the first one submitted, does not necessarily mean that it will be accepted.

An offer is not legally binding on both parties until the buyer and seller have signed a contract, and the contracts have been exchanged.

A Contract must contain details of the property, the price, deposit and settlement terms.

Once the offer is made in writing, it is then up to the vendor whether or not to accept it or whether to give other parties the opportunity to increase their original offers.

The agent is not obliged to give you another opportunity to increase your offer.

The vendor is also under no obligation until terms have been agreed upon and both seller and buyer have signed corresponding contracts.

To read more about selling with a local real estate agent click here...