1. Make a list of your ten buying priorities. Price range is likely to be number one followed by number of bedrooms, suburb, etc. There will be some of these that are non negotiable but if you use this list to rank each property you see it will be very useful in making comparisons and also if you should find one with seven out of ten and it includes your non negotiable priorities then that could be the one.
2. Visit your bank or mortgage broker and become ‘pre-approved’ for a mortgage. This will mean you know exactly how much you can afford to spend and will shorten the amount of time you will need for your finance clause on your contract which will make an offer more appealing to a vendor. (important if you are competing for a property)
3. Research sales in those preferred suburbs. Inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes in the area.
4. Visit some Nidd Realty Limited open homes and find an agent with whom you feel comfortable and form a relationship.  You are able to view any of our listings with any salesperson so it is a good idea to call the agent you have selected or who has shown you property and they will then understand your buying needs and keep you in touch with new listings as they come to the market. A relationship with a good agent will help you feel confident in making your buying decision.
5. Don’t be afraid to express your interest in a property to the agent as you may miss out if the agent is not aware of your interest and another party comes along.
6. At this time it is important for you to undertake your own enquiries relating to the property. The sales consultant will be able to refer any specialists you may need to undertake inspections and reports such as a building report or valuation, or refer you to a legal advisor if you do not already have a solicitor. They will also be able to arrange the appointments for any inspections to take place.
7. If you wish to make an offer you will be required to sign a Sale and Purchase agreement which will be presented to the Vendor. This offer can become a binding contract if accepted by the Vendor. It can be conditional or unconditional depending on your circumstances. The less conditions contained the more appealing the offer will be to a Vendor so it is important for you to have prepared yourself before you make your offer.
   Once agreement has been reached and your contract has become unconditional you will be required to pay a 10% deposit. This will be held in trust until all necessary legal obligations have been satisfied.

Suggestions from Liz

• If you do get a building report  remember the perfect house has not yet been built. It is important to keep in mind the age of the property and the price range in which you are buying. Do however take seriously any major structural issues that may arise.
• If you like the property then make an offer close to what you are prepared to pay.
• If interest is called and you are competing with another offer you should be asked to sign a ‘multi offer’ form informing you of this and you should then make your best offer – that is an offer that if you are told you have missed out on the property you are able to be philosophical and say “well that was more than we were prepared to pay”.
• Beware of well meaning friends and colleagues. They will have your best interests at heart but they are not necessarily experts on the buying of property.
  

Methods of Sale

Sale with a price – Private Treaty

This is simply advertising your property with a price which you will have agreed with your consultant on the basis of recent sales in the area. If you choose to take this path it is important that your price is no more than 5% above the market value as this is the range within which properties usually sell. Your best enquiry will come in the first 3 weeks. If you get the price wrong these people will go and buy another property which they feel is priced appropriately. You will lose the opportunity to sell to these buyers and possibly have a competitive selling situation with multiple offers and subsequently to obtain the best price for your home.

By Negotiation

If there is any doubt about the right price to put on your property and you do not want to go with a Tender or Auction it can be a good idea to take your home to market for the first week or possibly two weeks ‘by negotiation’. This will allow you to obtain through your agent some market feedback prior to advertising with a price. It is not however a good idea to leave the property by negotiation for any longer period as the buyers see it as not really ‘on the market’. They understand there not being a price with an auction or tender but the enquiry will pull right back if it is ‘by negotiation’ for any period of time.

Auction

A very good method of sale where you will go through a marketing process taking usually 3 to 4 weeks with high profile advertising working towards an auction. This is best used where it is felt that your property will attract very good interest in the early stage of marketing. During the auction program you will receive feedback from the market which will put you in a position where you are able to decide on a ‘reserve price’ for the auction usually on the day of or the day before the auction.

You can decided to look at offers prior to the auction but this must be stated on all your marketing from the outset of the program.

You should note that we are fully licensed Auctioneers and work strictly within the Code of Ethics of the Real Estate Institute of New Zealand (REINZ).

Tender

This is a similar process to the auction with the marketing taking place without a price working towards a specific date on which the tenders close.No offers can be accepted prior to Tender closing.

All our Tenders fully comply with the Tender Code of Practice as prescribed by REINZ.

Deadline Sale

A Deadline sale is similar to a Tender in that there is a deadline date which all offers must be submitted by. Deadline Sale differs from a Tender as a Vendor can accept offers that come in prior to the Deadline Sale date.

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