How much to Pay
The main rule is that don’t believe what your agent tells you about the
property. When you choose a property that is in auction, it is possible
that agent will offer you an underestimated range of
price. They do this because they want to get many people as possible.
Otherwise, if it is for private sale then sky is the limit. The agent
may offer you a much higher offer to play off what the other agents
offered you. There are some agents who wants to make friends with you
but the main reason is that they are just trying to sell you something.
It is important to check everything especially what your agent tells
you.
Real estate marketing is one of the most unregulated areas of our
economy. Estate agent or marketers can say a lot of thing about a
property and the purchaser will be the one who is responsible to check
if it’s true. The term 'let the buyer beware' is very common to real
estate business.
There are some ways to tighten real estate marketing and this could be
for the advantage of the consumers. You can compare your property with
other similar properties in the same area that are already sold. You can
also use a reputable real estate valuer with no other association with
other agency. But make sure that he/she has a good knowledge of the area
you are trying to buy.
The Australian Property Institute will help you find a valuer in your
area. They are the one that should produce a written comparable evidence
of sales. Having a valuer can be very useful provided that they have
more access to some important information.
With your valuation on hand, you can start negotiations and organise the
reports from the expert you will require either to suit the lending
authority or for your own peace of mind.
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