Home Buying Tips

NZ Herald Article: House buyers win – but suing vendors after auction U-turn costs them $150,000

The Auckland house that was in dispute. Photo / Nick Reed & NZ Herald

This is an interesting case on a number of fronts. It’s good to see the courts enforcing the ruling that a sale at auction (or unconditional sale) is a sale – there is no backing out, by either party.

It’s also good to see a party fronting up and committing to chasing through and going to court. Often the practicalities of enforcing a contract like this don’t stack up, so people let it go. It has cost […]

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What is my take on the current market?

At the moment every one I speak is asking the same question – ‘What is happening with the market?’. We have just had short, and quite sharp, period of uncertainty and to a point a correction of values.

Homes that were selling for $800K – $850K, are now selling for early – mid $700’s. Overall, I am now seeing values around the wider Western North Shore back the levels that they were at around May – June this year. Coincidentally this is also around the time when the new legislative rules were announced by the Reserve Bank […]

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How to Bid at Auction

I was recently interviewed by the NZ Herald on strategies for bidding at Auction.  Below is a copy of the article, with credits to Diana Clement.

It should be noted that every case is very different, and the strategies you should implement can vary depending on the situation and who you are bidding against.

If you do need any help I’d love to hear from you, you can contact me on 021 85 84 83.

 


 

How to get the home you want

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Property Negotiation Winning Tactics

When you are negotiating on property there are some tactics that you can use that can make your offer more favourable.

Be flexible on settlement date

Ask the Agent if the vendor has a preferred settlement date. They may need a short settlement date, or they might need a long settlement date. I have seen lower offers, and multiple offers, won purely on the settlement date being more favourable to the vendor.

Putting 3 months or sooner by mutual agreement can be a good way to do this, and communicate to the Agent if you […]

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Buyer Negotiation 101

Negotiation when buying property is a tricky thing. Buyers always want to buy the property for a steal, and sellers want the maximum price. We get that.

From my experience in going through many negotiations, there are some things that are good to do, and some things that will only hamper the process.

The good

Establish your price to yourself early

Work out your top price and your ‘I’d pay it if it meant I got the property price but I wouldn’t tell anyone price’. This helps when it comes down to the wire […]

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Buyer Tip #9: Which Buyer Phase Are You In?

From dealing with thousands of buyers in the process of looking for properties, I have noticed that there are certain phases that a buyer will go through. How long a buyer will stay in any of the phases is completely up to them, it really depends on how long they stay in denial for!

It’s important to be aware of these phases, especially the Danger Phase, to know where you are tracking and what you need to do to move forward.

Naive Phase

This is right at the start when a buyer is first looking […]

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Buyer Tip#8: Know Your Purchasing Costs

In the process of buying a home there are certain costs involved, it’s important that you are aware of these so that you go into the property ‘eye wide open’.
There are standard items that will cost you when you change over property, these are detailed below:

LIM

Standard 10 working days service $245
Urgent LIM, guaranteed within 3 working days $345

Property File

Online Delivery (North Shore only) $30

Building Inspection Report

Verbal Report $200
Written report $500-700
Thermal Imagery Report $300-400

Solicitor Conveyancing

Freehold/ Crosslease, 1 mortgage $1000
Unit Title property $100

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Buyer Tip#7: Legal Protection For Buying Property

When you are buying a home you need to know how to legally protect yourself when you make an offer. It’s important to note that an offer is a legally binding contract, you need to have good reason to back out of it you cannot simply just decide you don’t want to go through it anymore.

The Real Estate Agents Authority (or REAA) is a Government led organisation that basically watches over the industry. They publish a sale and purchase guide booklet that informs home sellers and buyers on the ‘ins and outs’ of a sale and purchase agreement. It’s quite […]

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Buyer Tip #6: How to Conduct a Property Inspection

When you are racing around open homes searching for a new home, often things can become a blur. One property starts to look like the other, you forget what you are actually even looking at or looking for!

When I was on the hunt to buy my first property, I looked at 12-14 open homes Saturday and Sunday (each day) for 3 weeks. Strangely enough no agent actually called me back. But if they did, I would have had no idea which property they were even talking about!

By now you should have created a

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Buyer Tip #5: Know Your Property Values

While you are looking for a property it pays to become a knowledgeable in real current market values. This will give you an indication on what your money can buy and ideally is something that you should do right at the start of looking, so you know if you are being realistic, or not.

Once you have received your pre-approval from your Mortgage Broker and have established your price range you need to obtain a list of the most recent sales in the area that you plan on looking for your home in. You can get these […]

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