Trying to be

[lostis]

Hi Guys,

Just wondering how real estate agents pick up if a buyer is going to get FHOGs?
This is not information we have to disclose is it?

I've got my Pre-Approval application in the works at the moment but have not properly started looking at properties to purchase.

I've been doing my DD and keeping my eye on the prices in the areas im looking at, and have read enough books to hopefully throw off any REA from thinking that I'm a newbie and can get a ton of money out of me

Any advise on questions to ask and things i should be aware of when dealing with REAs?

 

[Propertunity]

Just wondering how real estate agents pick up if a buyer is going to get FHOGs?

They can smell them a mile away Or they'll ask you - your body language will give it away. Always tell the truth but don't feel obliged to answer any particular Q if you don't want to or you feel its not in your best interest to do so.

This is not information we have to disclose is it?

What's the big secret? Lots of ppl have IPs before they get a PPOR and apply for a FHOG. They'll find out anyway as they will be incontact with your MB or lender as well as your solicitor - they'll spill the beans. It is really in your favour anyway - the REA may get you an extension of time (and not lose his sale commission) so you can get all your stuff done - FHBs need more time generally.

I've got my Pre-Approval application in the works at the moment but have not properly started looking at properties to purchase.

Good but better get you a$$ into gear. You have time but you don't want to make a rushed decision. Allow for a few properties you want to fallover for one reason or another i.e. someone bids higher, it turns out to have termites etc - this all blows time - and there is no guarantee the extra FHB boost will go past 30 June.

I've been doing my DD and keeping my eye on the prices in the areas im looking at, and have read enough books to hopefully throw off any REA from thinking that I'm a newbie and can get a ton of money out of me

Good but if you are well researched and do your DD you will know how much the property is worth and you won't overpay - unless you get emotional - so don't get emotional

Any advise on questions to ask and things i should be aware of when dealing with REAs?

Where do I begin? Just know that they are the vendor's agent - not yours - and they are legally obliged to act in the vendor's (not yours) best interest at all times.

 

[MichaelW]

Hi lostis,

I find the thing with REAs is to show that you know what you're looking for and have an idea about what makes a good deal.

The sort of questions I ask are:

What's the land size?
What's the zoning?
Why is the vendor selling?
Who is the vendor (i.e. Mortgagee in possession?)
Can I see the contract? (It states the vendor it they won't tell you)
What sort of settlement terms do they want / Do they need quick settlement?
How flexible are they on price?
How long has it been on the market?
Have you issued any contracts yet?
Have you considered taking it to auction to manage the vendor's ambitious price expectations? (They're always ambitious )
Has anyone else done any building/pest inspections?
What sort of interest are you getting?
Why do you think its worth that much given the price of similar products on the market? (Then shut up and get the REA to justify the price)

You get the idea...

Cheers,
Michael

 

[sparky23]

Wow if you hit him with that lot he will NEVER cotton on that you are a newbie! LOL