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Ep#60: Preparing for auction: Part 1 - Appraising, budget setting, due diligence, reserves, low-ball offers & auction twists

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station description Welcome to Australia’s fiercely independent property podcast
‎The Property Planner, Buyer and Professor
Duration: 41:35
http://propertyplannerbuyerandprofessor.com.au/In this week's episode of the Property Planner, Buyer and Professor Podcast, the team delve into how to prepare for auction so you can put your best foot forward, as Dave, Cate and Pete take you through:Weekly market insights1. The recession has endedTh
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http://propertyplannerbuyerandprofessor.com.au/In this week's episode of the Property Planner, Buyer and Professor Podcast, the team delve into how to prepare for auction so you can put your best foot forward, as Dave, Cate and Pete take you through:Weekly market insights1. The recession has endedThe September quarter has seen an inflation rise of 1.6%, the largest quarterly jump in 20 years, marking an official end, (by definition) to the June quarter recession.2. Good quality properties are going well above the reserveOn the ground, the Australian property market is hotting up and particularly for houses. CoreLogic figures released after recording on Friday 30th October show that all capital cities (bar Melbourne) have increased in value over the month of October, marking the turn-around for Sydney which has increased by 0.1% after a drop of 0.3% in September. Melbourne continues to decelerate in value decline with a drop of only 0.2% in October from 0.9% in September.3. 'Subject to finance’ a key component of missing outEnsuring that you have a fully credit assessed pre-approval in place is now as critical as ever, as we see many buyers miss out because they’re not willing to take on the risk of not having a ‘subject to finance’ clause.Preparing for auction1. Inspecting and appraising – beware of underquoting!Don't get unravelled by properties selling above the price guide given by the agent. The trio share how to work out a more accurate understanding of value.2. Budget setting – home buyers v investorsThere are key differences in the budget setting process for home buyers and investors to be aware of when setting a walkaway price. In the end, it should all come down to the numbers and factoring in ‘emotional premiums’ where appropriate.3. Purchase price shouldn’t be determined by borrowing capacityMany purchasers come undone with buyer’s remorse if they’ve allowed their upper limit to be dictated by borrowing capacity and haven’t appropriately budgeted. The trio share how to work out your purchase limit so that you don’t blow the budget and lose sleep!4. When can you find out the reserve?The Planner, Buyer and Professor share the top tips for how to approach an agent to get the insider intel (that they’re not required to give you!).5. Auction twists Pre-auction offers, probate, family law, off the plan and different schedule auctions – find out the twists that can impact how the auction is conducted.6. When to kick-off an auction with a low-ball offerThe trio share the psychology behind low-ball offers and when to use them.7. Due diligenceHaving the contract reviewed by your solicitor and conducting a building and pest inspection are critical steps to ensuring that you make property decisions that you don’t later regret. Buyer beware!8. Finalising contract termsHow should you pay the deposit to the agent if you are successful and what is the settlement date?9 And of course, our ‘gold nuggets’!Visit the show notes - https://bit.ly/3oV2bWu
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