Don’t Make An Offer: Sign & Use Cooling-Off Period
A few days ago a new home buyer called me wanting to know how they could stop anyone else making an offer on their first home?
Considering it has been such a hot market in the Newcastle & Maitland area, this is a question we’re fielding more and more lately and it’s a great one to ask if you’re trying to secure your first home.
So, I thought I’d share some of the most common tips I give to clients when they’re trying to stop other people buying the home they want.
Tip 1: THERE IS NO SUCH THING AS A HOLDING DEPOSIT!
Agents will NOT take the property off the market if you leave a deposit. Holding deposits are for lay-bys…not buying a house.
Tip 2: SIGNING A CONTRACT & EXCHANGING WITH THE AGENT IS SAFE & WILL STOP ANY OTHER BUYERS.
This is the ONLY way to get the property off the market!
Tip 3: YOU AUTOMATICALLY RECEIVE A MINIMUM 5 DAY COOLING-OFF PERIOD WHEN YOU EXCHANGE CONTRACTS WITH THE AGENT.
The video below explains a cooling-off period. Watch this video (under 2 minutes long) & see how you can use the cooling-off period to your advantage.
Tip 4: ASK THE AGENT TO SCAN THE FRONT PAGE OF THE SIGNED CONTRACT & EMAIL IT TO YOU, YOUR SOLICITOR & YOUR LENDER.
The sooner your solicitor/conveyancer knows about your purchase, the quicker they can start their processes.
Bonus Tip: save this article to your mobile phone & access it as soon as you find your new home.
There are several other steps that will help secure your new home. If you’d like to know what they are, send us a quick Facebook Message or give us a call & we’ll help you through the process.
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