How do I make an offer?
The best way to make an offer is to do so in writing. This means filling out your full name, address, and the price you are offering as well as the deposit date, settlement date, any clauses and signing of the offer. By doing this it is very clear to all parties and there is no confusion.
What does cooling off mean?
If you decide after the vendor has accepted your offer that you simply wish to change your mind you are allowed by law to do so within three (3) working days of the offer being signed by yourself. If you do so you may incur an amount equivalent to 0.2% of the purchase price.
If the offer is subject to finance and you are not able to obtain finance there is no cost to you for the offer not proceeding.
Can I make an offer subject to finance?
A finance clause is put in place for those who need to borrow to fund their purchase. A lender will normally be able to arrange your finance within 14 Days (10 business days).
An offer that is unconditional will carry more weight with the vendor so it is worth considering this if you are in a multiple offer situation and a position of not needing finance or only a small amount.
Josh Bartlett is our Loan Market representative and is available 7 days a week to provide you with the most up to date details on the loan that will best suit you. Even if you have pre-approval from a lender, Josh can give you some great advice at no charge to you.
Josh can be contacted on 0402 235 001.
Do I leave a deposit?
At Ray White we like to ensure your offer has the very best chance of being accepted, it is for this reason that we require all offers to be made in writing (thereby ensuring there is no confusion about the details) and that an initial deposit of a minimum of $1000 or .2% of the sale price, whatever the greater is to be submitted when the offer is made.
If the offer is accepted the deposit will be deducted from the balance of deposit (which is usually 10% of the sale price), if the offer is not accepted this amount will be refunded in full.
Please note that all refunded deposits by law must be by cheque or direct deposit no matter what form it was paid to Ray White Cranbourne.
What is a Section 32 (Vendors Statement)?
This is the document prepared by the Vendor’s Solicitor/Conveyancer that spells out the key elements of the property. It will include the Vendors details, a copy of the Title, all services (water, gas, sewerage, telephone) that are available and connected to the property. By law all buyers who make an offer must view a Section 32 (vendors statement) before making an offer in writing and signing a contract note.
What does a Nominee Clause mean?
Some buyers may wish to purchase a property and then at a later time (prior to settlement) substitute another buyers name or an extra buyer to the contract note (please be aware that there may be stamp duty implications when doing this). This may be used when a husband and wife may be buying but only the husband is available to sign the offer, for example if the wife is overseas or interstate.
How long does it take to get an answer?
We understand how nerve racking a time it is once you have found the home you want to buy and how nervous you might be making an offer. We will present your offer as soon as possible but this may be influenced by the availability of the Vendor and other offers being taken on the property. Generally we will have an answer for you within 24-72 hours, however we will keep you informed throughout the process so you are not left wondering.
What is a multiple offer situation?
In many instances more than one buyer may have interest in the same property at any one time. We find from past experience and working in the Vendors best interest that taking more than one offer at a time and giving everyone the same opportunity is the fairest way.
If this situation arises you must make your best offer as you may not get a chance to increase your offer or change your conditions and we won’t disclose your offer to anyone else.
Due diligence checklist for home buyers
Before you buy a home, you should be aware of a range of issues that may affect that property and impose restrictions or obligations on you, if you buy it. This checklist aims to help you identify whether any of these issues will affect you. The questions are a starting point only and you may need to seek professional advice to answer some of them.
To view the check list go to http://www.consumer.vic.gov.au/duediligencechecklist
Always offering the best options!
At Ray White Cranbourne we are all about getting the best result for the vendor with the sale of their property. This means offering choice and the combination of a wealth of experience in the area, and the dedication from the best team in the area, that nothing will stop us getting the best result for our clients. We have found from this experience that sometimes the selling process requires being innovative.
On this basis we offer a choice of methods to advertise your property to the widest amount of buyers in today’s competitive market. We offer the traditional methods of a fixed price and auction method and we also offer the price range method. This method uses a top and bottom range that will not exceed 10% and in which the vendor will sell at a price within this range.
We don’t want to “play games” and make it too confusing for buyers but we also want to provide the best service to our vendors. We commit to taking all offers made within the range advertised and that the property will sell at some price within the range, the only exception being a multi offer situation where competition results in a selling price above the range or the conditions do not meet the vendors satisfaction.
Our commitment to you as a buyer is that when you view our properties we won’t be vague with a plus figure or buyers over and that our ranges will be reflective of the price the vendor is prepared to sell today. We encourage you to view our properties and should you have any questions please don’t hesitate to contact us. Just another way to make it easier for buyers, and provide more options for our vendors. That’s why we are the market leaders.
Mark Guthrie – CEO Ray White Cranbourne