Working in the business of helping people move, I regularly come across disappointed buyers who failed to secure the home of their dreams. If you’re thinking of moving, there are 4 common traps to avoid to reduce the risk of losing a property to another buyer.
- Tags: Property Investment, Selling Property, Buying Property
1. Waiting until you’ve found the perfect home before placing your own home on the market for sale.
In the current hot market we’re experiencing in Palm Beach and surrounding suburbs, buyers are finding that it’s not uncommon to be up against offers from other buyers for the same property. Naturally vendors (sellers) are going to go with the most attractive sale conditions. This means that they are more likely to accept an offer from a buyer who either has cash or has finance approved, rather than a buyer who still has to sell their home. Therefore by selling your current home first, you have more control when you sell, and when you buy. It affords you time to sell your home without financial or time pressure, and when you buy, it gives you more bargaining power.
You may not want to have the hassle of renting a property in the interim before buying your dream home, however it may save you money in the long run. Bridging finance can be costly. You may also either be able to negotiate a long settlement with the buyer of your home to allow you time to find your dream home, or be able to rent back your home from the buyer until that dream home emerges.
2. Procrastination & over-shopping
Some people have a tendency to procrastinate when it comes to making a decision. They will say something like, “We love it! But we’d better keep looking just in case there’s something even better out there…”
Unfortunately these people often miss out on the property they love because they’ve failed to make a decision before another buyer comes along and secures it by making an offer. I’ve had so many disappointed buyers who have missed out on a property because they hesitated in putting in an offer.
3. Failing to secure finance
Shopping around for finance (especially these days when there is so much competition between lenders) and obtaining finance approval can take a considerable amount of time to organise. Some people are also disappointed to learn that they aren’t eligible for the amount of finance they require, putting the home they love out of the ball park. My best advice is to secure your finance early if you’re serious about buying.
4. Failing to register their details with an agent
An increasing number of homes these days are listed for sale ‘undercover’ meaning that they aren’t advertised.
Registering your details with an agent, including what you are looking for in a property, allows the agent to alert you to all the properties (advertised and non-advertised) that match what you’re looking for. Remember, you could be competing with many other buyers for the same property, especially when the market place is moving quickly. Being prepared allows you to act decisively. If you love it, secure it before it’s gone.
by Wendy Mackay Are These 4 Common Behaviours Keeping You From Your Dream Home?
palmbeachfn.com.au October 2016
First National Palm Beach
15 Palm Beach Ave Palm Beach, Queensland 4221
Phone: 07 5559 9600