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So you've got your pre-approval and you're ready to start looking for a home. Great!
Wondering where to start? You're not alone. Meet Katie.
Katie just gone pre-approved however she has no idea where to start.
So what could she do? A great first step is to jump online
sign up to a number of real estate websites. These web sites will alert Katie
when properties in the area she likes
comes onto the market. Katie keeps an eye out for properties that have been passed
in at auction
that have been on the market for more than six weeks
or where the price has been discounted.
This shows that there is little competition and she may be able to get a bargain
So now that Katie is armed with all this knowledge, it's time to go out to lots of
inspections and auctions.
The keys to get to know what's out there and know your local market.
So what happens when you find that property, your dream property?
So can you buy get? Whoa, hold on! Your bank may not accept the property
As a general rule if your property has anything unusual about it
you may get declined. This could include properties that are
less than 50 meters squared
Are in a high-rise building over four stories
Are in a remote area
or they're more than two hectares in size. You should always double check with
your mortgage broker before you jump in and pay a deposit.
So what next? Well now it's time to make an offer on the property
Luckily Katie's mortgage broker, The Home Loan Experts, has given her a list
of properties that have sold nearby
She's compared these properties to her property so she knows its value
Katie is one smart cookie she even waited outside the last open for inspection
see how many people went through. This tells her if she has much competition
because there's a lot of competition Katie makes an offer close to the asking price
The vendor accept her offer with the two week cooling off period and now it's
time for Katie to do the final checks
a mortgage broker organizes the property to be valued and her loan to be formally
approved, a conveyancer checks the contract of sale
and lastly Katie does a building and pest inspection just to make sure she
doesn't have any unexpected
tenets. Katies's now happy to proceed. She pays her deposit to the agent and locks in
her purchase
Four to six weeks late of the house is hers. Well done Katie!