How long do they take? 

Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one open home to the next; then, of course, there are those agonizing hours you wait to find out if your offer on a house was accepted, whether you can secure financing, and any number of other holdups

Just so you’re prepared to play the waiting game, here are the steps to buy a house and how long they typically take, so you aren’t sitting there holding your breath and wondering if something’s up.

How much home can I afford?

Answer: Speak with a mortgage broker or bank to understand your budget BEFORE you seriously start looking at homes as this will ensure that you make financial decisions over emotional decisions.

Often buyers get excited about the prospect of buying a home and they full in love with a property and have mentally placed all their furniture and envisaged their new life in this stunning home…… only to be told they can’t afford it.   Best to understand your lending capability ahead of time. 

How long does it take to get approved for a mortgage?

Answer: At least two weeks.

Getting approved (or pre-approved) for a mortgage is no simple process. Lenders need to examine your documentation, review your financial information, and reconcile any problems. So even if all your documents are in order and you’re a stellar candidate, expect to wait two weeks or more to find out if you got the green light.

How long does an open home inspection take?

Answer: 30 minutes to an hour

This one is largely up to you. A inspection could be as quick as five minutes if you immediately decide you don’t like the property. But if you are interested, odds are you will take your time, poking your head into every closet and turning on every faucet.

Other people are known to walk into a home and immediately know it’s “The One.”

Still, it’s essential to buy a home with your head as well as your heart, so go ahead and take your time to thoroughly vet every corner.

How long does it take for an offer to be accepted?

Answer:  this varies – one day to one week 

Unlike on “Selling Houses Australia” where offers are always accepted in a flash, the real world takes a bit more time. You may be tapping your toes in anticipation, but sellers have some leeway when responding to an offer. They have three options, each of which needs to be mulled over: Whether to accept your offer outright, counter it, or reject it.

How long does a Building & Pest inspection take?

Answer: One to two hours for the inspection, then 24 hours for the results

Buyers should attend the building & pest inspection, but be prepared for it to take a while. Inspections typically take about one to two hours—enough time for your inspector to examine the foundation, structure, and other common problem spots. Don’t be afraid to ask questions, even if it means taking 30 more minutes.

Once the inspection is completed, expect to see a report within 24 hours.  When you have it in hand, you can work with the sellers to determine if any changes need to be made before proceeding with an unconditional contract.

How long does a bank valuation take?

Answer: the time often lies with the valuer physically attending the property, this can take 3-5 days.  The actual valuer inspection will take 30 mins and the report presented to the lender within 48 hours. 

Like a building and pest inspection, the valuer—the professional who estimates the home’s value on behalf of your lender—might spend a few hours examining the property (and this time, your presence isn’t necessary). After viewing the house, the valuer will examine comparable homes in the neighbourhood (“comps”) and look through the neighbourhood.

Because their prepared report can be quite comprehensive, its composition can take some time. Expect your lender to receive the report within 48 hours. 

How long does it take to settle on a home?

Answer: depending on the contract dates, settlement often occurs within 30-45 days. 

Settlement can happen very quickly once the contract is unconditional, typically within the 30 day time period – it never is earlier than 30 days as all the legal documents need to be changed to ensure all the monies and change of ownership are ready to be immediately updated upon settlement. 

What is the role of a Buyer’s Agent?

Buyer’s Agents advocate for buyers in all areas of researching, viewing, due diligence, negotiating and securing the right property.

What is the role of Real Estate Agents?

Real Estate Agents represent the seller of a property otherwise known as the Vendor:
* Preparing & marketing a property for sale (photos, advertising, property staging).
* Provide a guide on the market based on recent sales in the area.
* Conducting open for inspections.
* Create interest amongst buyers.
* Working in the seller’s best interest to get the highest sale price.

What does the team at Joanna Boyd Buyers Advocate Do?

We can provide our buyers with: 
* Compassion and understanding.
* Alleviating the stress and pressure of searching and securing the right property in a timely manner.
* Receive expert guidance on property investment and coordinate professional property management services to oversee and care for your newly acquired investment..
* Market research around the current property value.
* Attending open homes and arranging private inspections of a property.
* We want to get you ahead of the buying pack.
* Securing the most favourable price and terms on behalf of our clients through negotiations.
* Arrange and attend the building & pest inspections to ensure the property is in great condition.
* We are there for our buyers from the start of their buying journey, right through to settlement and beyond.

How can the team at Joanna Boyd Buyers Advocate help you?

We want to secure you the right property for you and your family on a shorter buying time then when you are on the buying journey alone by securing the right property for the right price.

We want to provide our buyers with an enjoyable buying experience with less stress and providing them more of their time back.

As a good buyer’s agent, we will save our client’s money and source a great property by leveraging our market experience, knowledge and skills.

Ensure you get the right buying team behind you:
The team at Joanna Boyd Buyers Advocate are all properly qualified, fully licensed agents that have experience with buying properties.
Like with anything in life, experience makes all the difference when it comes to getting the best outcome.

Contact the team at JBBA today and let a Buyer’s Agent be your secret weapon in finding the perfect home.

In the realm of real estate, the spotlight often shines on sellers and their agents, leaving buyers to navigate the process alone.

However, the significance of a buyer’s agent should not be underestimated. In this blog, I’ll delve into the primary responsibilities of a buyer’s advocate and explore how they differ from traditional real estate agents. I’ll also uncover the key factors the team at JBBA consider, when selecting a property for a client and highlight common mistakes buyers should avoid.

  1. Understanding the Role of a Buyer’s Agent: A buyer’s agent is a licensed professional who works exclusively on behalf of the buyer during a property transaction. Unlike traditional real estate agents who represent sellers, buyer’s agents provide support, guidance, and advocacy to ensure the buyer’s best interests are upheld. 
  2. Selecting the Perfect Property: To find the ideal property, we invest substantial time and effort in understanding our clients. Through in-depth discussions and a Discovery Workbook, we identify underlying fundamentals for the purchase, creating a tailored client brief. We consider factors such as location, budget, amenities, growth potential, and any renovation requirements.
  3. Avoiding Common Buyer Mistakes: Buyers can fall prey to several common pitfalls during the property buying process. Some of these include overpaying, not conducting thorough due diligence, making emotional decisions, feeling pressured by real estate agents, and being unprepared. Buyer’s agents work with clients to create a well-thought-out game plan, supporting them with professionals, educating them about the process, and encouraging evidence-based decision-making.
  4. Advocacy and Client Representation: As Buyer’s agents, we remain unbiased throughout the buying process and prioritize our clients’ best interests. With a collaborative approach, we ensure clients receive education and evidence at every stage, empowering them to make informed choices. Daily communication helps build a strong partnership and keeps clients informed and engaged.
  5. Navigating the Complexities for First-Time Homebuyers: First-time homebuyers often feel overwhelmed by the complexities of the property market. We provide reassurance, education, and unwavering support. By encouraging conservative spending and guiding buyers through mortgage and additional costs, we foster confidence and a sense of preparedness.

Buyers agents plays a crucial role in the property buying journey, acting as an emotional filter and a trusted advisor for their clients. By understanding the buyer’s needs and aspirations, providing sound guidance, and ensuring a well-informed decision-making process, we empower our clients to make successful property acquisitions. Whether you are a first-time homebuyer or a seasoned investor, enlisting our services can lead to a smoother and more rewarding real estate experience.

When it comes down to it, real estate agents want to sell properties and buyers want to purchase them, but what exactly does a buyer’s agent want?

REIQ Property Brief podcast host Rob Dorey sat down with REIQ’s Buyer’s Agent Chapter Chair, Joanna Boyd, a buyer’s agent who has years of experience working in the real estate industry with roles in recruitment, business development, franchise management, insurance, and training to learn more about the role of buyer’s agents in the industry.

HOW DO BUYER’S AGENTS OPERATE?

Boyd believes that “there are a lot of agents who are still very daunted by the prospect of working with a buyer’s agent”.

This probably comes down to a lack of overall knowledge on how exactly buyer’s agents work. So, who are buyer’s agents?

It is fair to say that all buyer’s agents are property-buying professionals. They are hired by home buyers to search, evaluate, and negotiate properties on the housing market for them.

“We represent the buyer through a transaction, whereas obviously a real estate agent represents a seller,” says Boyd.

Ultimately, it is still the buyer’s decision in the end, but buyer’s agents can allow for the buying process to run smoothly for all parties involved. It can also help alleviate some of the frustration and stress involved when buyers miss out on certain opportunities that could otherwise lead to negative implications for the brand and reputation of the selling agency involved.

HOW DO BUYER’S AGENTS GET PAID?

“We get remunerated through our buyers,” says Boyd. “The commission payable is based on the purchase price of the property,” alongside an engagement fee, but this can slightly differ between buyer’s agents.

“We’re not going to touch their [sales agents’] commission.”

Considering both the seller and buyer’s agent are rewarded through commission, Boyd says you can be assured that working with a buyer’s agent doesn’t mean you will be swindled into selling the property below its value, but rather more easily find the agreed selling value for the property that accommodates the buyer’s budget and the house’s property value.

Essentially, all expenses come from the buyer’s end, so there is nothing to worry about in terms of a seller’s commission.

CONFLICT OF INTERESTS

Boyd expresses her concerns about the clear conflict of interests involved with buyer’s agents and sellers working together and advises it is best practice too work with someone who is exclusively in a buyer’s agency.

“We are seeing an emergence of real estate offices having buyer’s agents and selling agents in the same office.”

It is illegal to be a buyer’s agent and a selling agent on the same property, but working in close proximity with one another can also lead to a grey area that is best to not be involved in.

Her final words on this topic was that, “the buyer’s agent’s got to be working for their client and the selling agents got to work for the vendor.”

SO, SHOULD YOU WORK WITH A BUYER’S AGENT?

In the end, Boyd says it is up to you which clients you take on. There is no harm in working with a buyer’s agent and often or not it might make the selling process much easier. If you haven’t already, it might be time to decide if they are worth working with or not.

Still unsure about buyer’s agents? Listen to the season two Property Brief full podcast with Rob Dorey and Joanna Boyd for further details on the subject here.

This is an article written by James Price from REIQ, which can be found here.