Hi All,
I am currently looking for my 1st residential apartment ($400K). Being a newbie in purchasing an apartment, would it be good to engage a Buyer Agent as i am not aware of the whole buying process.
What are the rates to engage a Buyer Agent?
Cheers
NitWhich state are you in?
Some of them charge per % of sale value but others charge set amount of fee.
Please choose the buyer agent carefully…
living in Brissie, looking at inner-west areas.
Met an agent today, and was quoted
1st $18K = 5%
Thereafter = 2.5%I have been reading Mortgages magazines for sometime, what i need from him is maybe some less hassles
1.) finding a good mortgage broker
2.) Solicitator
3.) negotiating with the seller, able to provide expertise by judging the property if it requires any pest-inspection and etc, as not to waste anytime in offering to the seller with any conditions, since apartments within this bracket is pretty in demand nowThinking to offer him $2k for his service, not sure if $2k is too low or ridiculous low. Dont wish to be unreasonable to him.
Cheers
NitFor 400k property at 2.5% that is $10k, so I imagine that would be an insult.
I could recommend Richard Taylor (regular forum poster) as a good mortgage broker and I am sure he could point you in the direction of a great solicitor there.
Personally I think it wouldn't be wise making unconditional offers.
Richard should be able to help you. I don't think he charges any commission up front.
Solicitor… I always go to property lawyer… a bit expensive..200 dollars more than dodgy solicitor.
I always asked for building and pest inspection… plus/minus ACCREDITED valuerYou might be best looking for an agent who will charge a fixed fee. If you consider that the selling agent is probably only charging 2-3% why would you be paying the buyers agent more than the sellers agent? After all, the selling agent has to do all of the marketing etc.
mattnz wrote:For 400k property at 2.5% that is $10k, so I imagine that would be an insult.I could recommend Richard Taylor (regular forum poster) as a good mortgage broker and I am sure he could point you in the direction of a great solicitor there.
Personally I think it wouldn't be wise making unconditional offers.
Thanks for ya reply.
Are you saying paying 2.5% is an insult to the buyer agent?
I will try looking for Richard
god_of_money wrote:Richard should be able to help you. I don't think he charges any commission up front.Solicitor… I always go to property lawyer… a bit expensive..200 dollars more than dodgy solicitor.
I always asked for building and pest inspection… plus/minus ACCREDITED valuerthanks for ya reply mate.
Being a newbie,
1.) can i ask why is a property lawyer always much preferred than a dodgy solicitor?
2.) And for my case, i will be going for an apartment, is it still wiser/safer to go for a property lawyer? i dont mind paying a little bit of premiums for better job, since this is big ticket item.
3.) Also, does the property lawyer throws in "building and pest inspection" package in his deal? and what does "plus/minus ACCREDITED valuer" means?
Sorrie for asking so many qns.
Ta
Solicitors never throw anything in (for free). They may organise pest/building inspections or recommend that you organise them.
call me completely naive…but is there not a big risk in engaging someone who charges a % of the sale price to 'negotiate the price down' for you????
Minimum fee structure (or a % of final price) then a % of the saving off the asking price or a fixed price are better however it is always an unknown as to how many properties that a buyer wants to look at before committing (if at all).
cheers mate,
(you can now change your screen name
)Hi Nitrodrops,
This will probably sound like a bit of a sell but maybe you should look into refund property. It is a branch of refund homeloans but is geared around 1st time investors and like the rest of their products it doesn't cost you a cent. They act like a buyers agent however they still make their money off the developer you buy from. They also will tell you what questions you need to ask your accountant and solicitor so you are going to get the best return for your investment.
They have seminars around Brisbane and if you go to one, let me know how you go.
Kim and Glen
kimandglen wrote:Hi Nitrodrops,This will probably sound like a bit of a sell but maybe you should look into refund property. It is a branch of refund homeloans but is geared around 1st time investors and like the rest of their products it doesn't cost you a cent. They act like a buyers agent however they still make their money off the developer you buy from. They also will tell you what questions you need to ask your accountant and solicitor so you are going to get the best return for your investment.
They have seminars around Brisbane and if you go to one, let me know how you go.
Kim and Glen
Thanks mate. Just a query, does this 'refund homeloans" only applicable to 'off the plan' (Brand New) properties?
Being a newbie,
1.) can i ask why is a property lawyer always much preferred than a dodgy solicitor?
==> some of the solicitors are useless… they don't have experienced at all… been involved with one of them before… so becareful to choose the solicitor… preferably someone with property law experience. They can advise u better….though come with premium price
3.) Also, does the property lawyer throws in "building and pest inspection" package in his deal? and what does "plus/minus ACCREDITED valuer" means?
==> It is wise to engage the valuer if necessary… but an optional
Hi,
I am a buyers agent working for clients around Australia. I find properties for time poor people in all Australian states. We Find Houses act as a mentoring service that assists buyers in all aspects of the property process. We have a 12 month subscription fee of $495 plus GST. When we purchase your dream property [assuming it's a house], and only when that property becomes unconditional our commission is $4500 plus GST, a duplex pair is slightly higher, a block of units higher again. If you would like the info pack with the price range emailed to you just ask: [email protected]
Hope this helps
KerrieKerrie,
I don't think it is slightly higher for duplex considering A$ 7500… (i.e. almost double)
The question was about a single property, a duplex WOULD be the same price as a house. However if god of money is talking about a duplex pair, now that being 2 properties would be $7900 plus GST.
2 x $4500 = $9000 however because the duplexs would be on one title and the one transaction a discount of $1100 would be applied. There is nothing like the facts to stand in the way of a god argument, is there?
Thanks for the endorcements guys and to confirm i DONT charge ANY commission upfront, during or post setlement and rely purely on what we receive from the panel of lenders with whom we deal.
Just on the buyers agent commission front the amount they have quoted you is standard for a Real Estate agent in Qld so is on par with what you can expect to pay. My only concern is that you actually save this amount at least off the purchase price otherwise you would be better of going through a Real Estate agent and paying nothing.
I can recommend a couple of good independant Real Agents who deal with units in the Brissie area if you want a name. I have personally purchased some of my portfolio through these guys and they manage a lot of my northside properties so can recommend them.
Shoot me an email if you want there details.
Richard Taylor | Australia's leading private lender
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