FOMO? Do your research.

Discussion in 'The Buying & Selling Process' started by Regurgitator, 15th Mar, 2021.

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  1. Regurgitator

    Regurgitator Member

    Joined:
    27th Jul, 2020
    Posts:
    7
    Location:
    Vegas
    In the FOMO phase of the moment I'd like to urge any buyers out there currently to do due diligence on a property before making an offer. At a minimum (in QLD/Brisbane):
    1. Title document - agent should provide
    2. Land value (Find your annual land valuation | Queensland Government)
    3. Comparables - look at the Sold tab with the Map view in the main web portals
    4. Flooding (Flood Awareness Map)
    5. Underground assets and utilities (Home - DBYD and ArcGIS Web Application)
    6. Final certificate (Form 21) if extended/built or new pool (Form 17) by seller, who should have a copy
    7. Pool safety certificate (if relevant) (Find a pool safety inspector, search a property and PSI Login)
    8. School catchment (EdMap - QLD school catchment maps)
    9. School profile (My School provides information that helps parents and the community in understanding the performance of schools over time.)

    10. Zoning and neighbouring DAs (Default - Home)
    And for goodness sake stop telling the agents what your budget is!

    Other members feel free to add to the list.
     
    Regurgitator, 15th Mar, 2021
    #1
    Noobieboy, George Smiley, boganfromlogan and 4 others like this.
  2. Younginvestor2

    Younginvestor2 Well-Known Member

    Joined:
    26th Dec, 2015
    Posts:
    100
    Location:
    Sydney
    While I agree with most points, I don’t agree with not telling what your budget is.

    You don’t have to tell them your max limit but you do need to tell them what roughly you’re willing to spend.

    Sometimes they’ll match up buyers and sellers off market and that’s based on your budget.
     
    Younginvestor2, 15th Mar, 2021
    #2
    QldGuy likes this.
  3. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

    Joined:
    1st Jul, 2015
    Posts:
    1,894
    Location:
    Australia
    Your budget is very different to what you're willing to pay for an individual property. When we have a client brief and go to our agent contacts with that brief to source off or pre market properties, we give them the budget so they know what to send us. There's no point in keeping a $1million budget confidential and being flooded with $400k apartments or $4mil water fronts.

    Each property is assessed on its merits and what we are willing to pay as a maximum for that property is kept confidential, but not the budget. Two different things.

    - Andrew
     
    MyPropertyPro, 19th Mar, 2021
    #3
  4. boganfromlogan

    boganfromlogan Well-Known Member

    Joined:
    10th Jan, 2017
    Posts:
    3,332
    Location:
    Brisbane
    Key information for the 'bait and switch' is your budget. Make 'em work for their information, don't give it out for free :)
     
    boganfromlogan, 19th Mar, 2021
    #4