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Buyers Types of Buyers 1. The LOCAL Buyer – This buyer is already living in the suburb, their life is based around this area, and they will remain in the area 2. The OUT OF AREA Buyer – This buyer is from another state, city and/or country 3. The PASSIVE Buyer – This buyer is not even looking, they are potentially a working family, time poor and have found the property in the paper/online. It ticks all of their boxes, they don’t over-analyse and are buying on emotion. 4. The ACTIVE Buyer – These buyers heavily analyse every property and procrastinate before they make their final decision. These are the most common buyer. Facts about buyers ³ ³ Most are motivated on feelings and emotions, so when presenting a home, it’s very important to create the right atmosphere ³ ³ They usually choose an area, have a price budget and an array of other requirements. If a property doesn’t meet these main criteria they will move on and rarely revisit a property. If they do revisit the property it will not be with the same level of enthusiasm, generally resulting in a lower offer. First impressions count - hook buyers the first time. ³ ³ Some search for months or years for the perfect property. Like everyone they have other things going on in their lives and finding a property may not be a priority until the right one presents itself. If the right property does come onto the market they will act fast. Sellers need to be prepared to receive an early offer as its usually from someone who is genuine, and it’s been proven over time that in most cases an early offer can be the best offer.
Engaging a legal represenative Legal Representation ³ ³ best practice is to engage a legal representative to perform the legal process of selling your property before it goes onto the market. Your representative will draw up a Vendors Statement (section 32) which will be used by your agent during the marketing of the property. This document will also form part of the contract when sold. Subject to obtaining full finance approval ³ ³ In most cases this will take up to 3 weeks because of bank turnaround times. Therefore, a 3 week timeframe is usually stipulated in the contract. Subject to a satisfactory building & pest inspection ³ ³ The building and/or pest inspection is paid for by the purchaser. The time frame in which to have the inspection/s completed and deemed satisfactory or not is one week from the date the offer was accepted. Although the condition is put on the contract , in most cases, the inspections have been completed prior to both parties (Vendor and purchaser) signing the contract. Subject to the sale of their property ³ ³ If you receive an offer subject to the buyer’ s property selling there are many factors to take into account before making a decision e.g. Is the buyer’s property a property that will be easily sold? Is their property on the market now, if not, when? Do they have anyone interested in buying their property? Common conditions in an offer
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