August 18, 2015
The People in the Process (Part 2)
The Real Estate Agent and Buyer's Agent
Ok.... So last week we talked about the role of the Mortgage Broker. When we think about the order of people you might come across when buying or selling, it is usually the Mortgage Broker or the Real Estate Agent that you speak to first.
Real Estate Agents are exactly that. They are the ones who work to negotiate the best and realistic price for their clients (the sellers). To do so, they also work with potential buyers. It is the responsibility of the Real Estate Agent to disclose all relevant information about the property and assist in negotiating inspections.
As a buyer, these inspections would be for yourself of course, but also would be by building and pest experts. These are licensed professionals who you can pay to have reports done in relation to the condition and any potential issues with the property. Sometimes these have already been done by the owners and are available for you and your solicitor/coneyancer to review.
A Real Estate Agent will also be responsible for providing the Contract of Sale (CoS) to you and may be involved in contract exchange process (although this is most commonly managed by the solicitors of the buyer and seller).
When you get to settlement, the Real Estate Agent will be the one to support a final inspection and eventually hand over the keys!
If you are a prospective buyer, we recommend getting your finance sorted first so you can go to property inspections and auctions with confidence. In the current market, we have seen clients go from first inspection through the negotiation and inspection process and exchange contracts on a property within four days! We do know however that having finance in place before looking isn't always realistic. Sometimes we all see that dream property and can't resist! In those circumstances, as a Mortgage Choice Mortgage Broker I can also help as for many clients we can work closely with the bank to get approvals as quickly as possible.
So what is a Buyer's Agent then?
A Buyer's Agent specialises in buying property on behalf of individuals. This is particularly useful if:
- you are nervous about bidding at an auction
- you are time poor and can't get around to look at properties
- you don't know what kind of price to offer on a property
A Buyer's Agent will charge for their services, but for many using such a person will take away much of the stress involved in the buying process. This is much like how working with a Mortgage Broker takes away the stress of getting a loan as we do the bulk of the work for you.
If you are interested in speaking to a good local Real Estate Agent or Buyer's Agent, take a look at our Partner's Page as we have two we highly recommend.
For more information on any aspect of the lending process, don't hestiate to 'Ask Andrew' on 9401 9244/0412 498 872 or fill in the Contact Us form found on the top right of the page.