This information is designed to give you an idea of what to expect when purchasing through us. Every agent does things a little differently which can be confusing and frustrating. The following outlines what we do and why. We want this experience to be as stress-free as possible so please take the time to read through this information.
If you would like to make an offer for this property, please click/tap the button at the bottom of this page. Please ensure you read all of the information below before doing so.
If we have advertised this property with a price range, offfers can be made at any level whether inside the guide or not. Each offer will be treated on its merits. Generally, we hope to achieve the top end of the price bracket and in some cases, the price ends up above the range, however this is not always the case.
Every negotiation is different and there is no specific formula in arriving at the final price. When there is just one offer on the table, things are pretty straight forward. If there are multiple buyers attempting to buy the property, it is our job to work through all offers until only one buyer is left. When the price meets the owners expectations the offer will most likely be accepted. We do not believe that asking buyers to put a Best & Final price down with no further negotiation is a fair way to treat either party.
Negotiations will happen in good faith. We will never lie about the number or size of existing offers. In the past, buyers have tried to call our bluff, thinking that other alleged Buyers don’t exist only to lose the property. We can understand the reason why buyers would find real estate agents are dishonest. It is a fair assumption that this type of practice routinely occurs in the industry. Believe us, we will not do it. Ever. When properties attract multiple offers, it is a fact that all but one party will walk away disappointed. Please understand that it is our responsibility to the seller, to work as hard as we can for them. In doing so, our goal is to provide all potential buyers with accurate information and communication in a timely and professional manner.
We have been given a massive responsibility when selling someone’s home. It is a big asset for them and making the wrong decision could be very costly for any owner. If you are viewing this property within the first few days on the market, please understand that we won’t just accept the first offer without showing other people through. If other inspections have been booked in, we will most likely conduct these inspections so everyone has a fair chance of seeing the property.
We have a thorough process which we believe treats buyers fairly and respectfully. We don’t push people into making quick decisions, nor do we use high pressure tactics. But we also need to look after our sellers considerations. As part of this process, we will generally keep the property on the market for at least a week before commencing negotiations. If you make an offer, I will clearly explain to you when you can expect a response.
The price in which you make an offer is important however, we are also keen to learn about any conditions that come with the offer. If you make an offer you can expect us to ask for more information regarding ideal settlement timeframes, special conditions and where you are up to with your finance. Ideally Buyers should be pre-approved with a deposit ready, however this is not mandatory.
Once an offer is accepted we strongly encourage the purchaser to get the property off the market straight away to ensure another buyer does not try to gazumped them. This situation occurs when another buyer makes an offer when the owner may have already accepted yours. The law states that agents must present all offers to the seller. If the original purchaser takes too long to get the contract signed and to pay the deposit, then the seller has every right to sell to someone else (as harsh as that sounds). This obviously places a great deal of stress on all parties, however it is not illegal. If your offer is accepted, the speed at which you move will make a huge difference in ensuring you secure the property.
In NSW there are a number of ways to exchange contracts. Our preference is what is called an Agent Exchange. In this situation, you can use the contract we have included in this link and forward to your solicitor. In most situations they can review this in 1-2 days. This can be done prior to offer acceptance in most cases. Once your solicitor confirms you are OK to sign, you will meet us in our office to sign the contract. If you are located out outside of Newcastle, this can be done via email.
When you sign the contract, you will need to pay a 0.25% deposit. The vendor then signs the contract that day at which point the contracts are dated and considered exchanged. From this moment, you have purchased the property. The good news is that you will then have a 5-business day cooling off period where you can pull of the sale, should you chose. The cooling off period is for you only. Once the contracts are exchanged, the sellers are locked in to you (i.e. you cannot be gazumped). This typically happens the day following the offer acceptance.
During the 5-day cooling off period you have time to get your pest and building reports done and have your finance approved. If you pull out of the contract during your cooling off period, you will lose the 0.25% deposit regardless of the reason. If you need more than 5 business days to have your finance approved, we are open to giving you an extra weeks grace by way of a finance clause. This means you will have 2 weeks from the date you sign the contract to have your finance unconditionally approved.
The Agent Exchange demonstrates to the seller you are serious about purchasing the property. If you are reluctant to put a binding deposit down, it is difficult to mount an argument that they should hold off selling it to someone else who is prepared to do that. At the end of the cooling off period, you pay the balance of the 10% deposit and the contracts become unconditional. This means that if you pull out from here, you will most likely lose the full 10% deposit. The old fashioned way of exchanging contracts is what is known as the Solicitor Exchange where the information is sent to the solicitor to take care of things. Due to the delays in postage and the speed of some solicitors, this sometime takes 2-3 weeks. During this time you haven’t paid a deposit or secured the property and open yourself up to being gazumped.
Most buyers that make offers with us think that with an Agent Exchange, their solicitor is not involved. This is definitely NOT the case. As mentioned, with an Agent Exchange, you won’t sign anything until your solicitor has read the contract and given you permission to do so.
The form below asks what method of exchange you would prefer. Our strong preference is the agent exchange.
Making an offer is easy is with LaneCampos.
Just tap on the below button to access our secure online form.
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