House Buying Process

t0087669 on 22/07/2017 - 18:56
Last edited 24/07/2017 - 15:02 by 1 other user

Hi guys,

First home buyers here in Vic, I'm hoping to get educated here.
Let's say if I have got my loan pre-approved, and have found a house that I am interested in, what would be the process of buying a house?

Do people usually get a surveyor before giving an offer? At what stage do I need a conveyancer or a lawyer?

Thanks guys

Financial

Comments

  • [Deactivated] on 22/07/2017 - 19:06

    Is it for auction or private sale? Make an offer and go from there.

    • t0087669 on 22/07/2017 - 19:16

      It's set for auction but the seller will be entertained with the private offers

  • spackbace on 22/07/2017 - 19:14
    -2

    Pretty sure google has many guides for first home buyers, guiding you through the process…

    www.google.com.au

    Try it some time :)

  • djkelly69 on 22/07/2017 - 19:15

    I assume you are asking about the process in Victoria? It varies quite a bit from state to state.

    • t0087669 on 22/07/2017 - 19:17

      Yes victoria, thanks for pointing it out

  • retiredfeline on 22/07/2017 - 19:19
    +1

    You could do worse than read guides from here: http://www.realestate.com.au/advice/ and here: https://www.domain.com.au/advice/buying/

  • stevednj48 on 22/07/2017 - 21:19
    +5

    i am in vic

    our process went like this

    1. got our loan approved for the amount
    2. found the house
    3. done inspections( building and Pest)
    4. put in offer (was accepted)
    5. paid deposit
    6. went to Conveyancer she went over all the contracts and made sure everything was ok at the end of settlement (30 days) we gave her a bank cheque for the balance of the house.
      she met the bank and real estate they sorted out their paperwork and money.
    7. got a call for the real estate agent to pick up the keys and that was it.

    was a pretty easy process we didnt have to do much at all once the loan was approved

    • garetz on 22/07/2017 - 21:47

      This is pretty much the same in all states, except for cooling down periods, and settlement time required.

  • [Deactivated] on 22/07/2017 - 23:37
    -2

    I wouldn't bother with building inspections. If I did that for all the houses I looked at and bid on, I would have spent tens of thousands of dollars.

    • stevednj48 on 24/07/2017 - 11:34

      We only did the inspections once we decided it was the house we wanted to buy.

  • TheBilly on 24/07/2017 - 12:18
    +1

    Talk to a good conveyancer, a good one will guide you about the entire process.

    1. Pre approval of loan
    2. Find a good pest inspector
    3. Find a good conveyancer
    4. Find the house you like
    5. Get the conveyancer to run their eye over the sec 32 quickly and give you advice before placing an offer
    6. Put in an offer and negotiate conditions of sale (I.e. subject to finance, subject to pest inspection, settlement date, 10% deposit date)
    7. Once conditions and contract terms are accepted and signed for then;
    8. Organise a pest inspection - within 3 business days of the signing of the contract (3 days not necessary, but nice and safe)
    9. Note you have 3 business days cooling off period
  • TheBilly on 24/07/2017 - 12:24
    +1

    Pest/building inspection is highly recommended. DO NOT buy a house without this. A lot of people don't have the sense to either pre plan and have an inspector lined up to inspect within their statutory cooling off period or alternatively negotiate this as a condition of sale (which results in them having to spend money on a house that they may or may not buy, and then complain that they are wasting money - when in reality they're just stupid). All you need to say to a RE Agent is, "I know you want an unconditional offer, but keep in mind it is a lifetime purchase for me, I would appreciate it if that was accommodated for and then at least I have that peace of mind moving forward that I am making the right choice. No hassles for me ='s no hassles for you". If they don't accommodate it after this statement, then you need to think, what is being hidden from you. If it comes back with a termite infestation or structural damage or something, then you shouldn't consider this money wasted, you just dodged a bullet for $500-$700.

    • t0087669 on 24/07/2017 - 15:02

      thanks for the very educational info.
      do you have personal recommendation of inspector and conveyancer?

      • TheBilly on 24/07/2017 - 17:07

        Sent you a PM with details of both - they were both companies that I found via google, and just got lucky.

        • vonNeuman on 22/07/2018 - 20:04

          Can you also please send me the details of both? Thanks!

    • codinghelloworld on 25/07/2018 - 10:34

      Want to upvote your comment, but this post is more than 30 days ago.

      Want to buy a home and found this thread and your post, very valuable.

  • ElitePropertyFinance on 26/07/2017 - 09:56

    Make sure you negotiate a finance clause - this allows you to do the 2 major things which include:

    1. Progress your conditional finance application to formal approval (ordering valuations, etc)
    2. Order the building and pest inspection

    Your loan may be conditionally approved however the lender may order a valuation (depending on the lender) and the valuation may come back low or there may be issues with the property that the valuer has identified.

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