Home Buying Course

Discussion in 'The Buying & Selling Process' started by getintentnick, 19th Sep, 2018.

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  1. getintentnick

    getintentnick Member

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    19th Sep, 2018
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    Location:
    sydney
    Hi, i'm wondering if anyone has taken an offline or online course to understand the home buying process from end to end. If so, what was the course and would you recommend it?
     
    getintentnick, 19th Sep, 2018
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    18th Jun, 2015
    Posts:
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    Location:
    Melbourne
    What exactly do you want to know? There's a mountain of material on broker sites, news site, re site....

    It varies from state to state too.

    In Victoria for existing properties (NOT off the plan), basically:
    1. Find out how much you can borrow - see broker or bank
    2. Look for a conveyancer/lawyer (I prefer lawyer)
    3. Using information from 1 above, start looking for properties
    4. Inspect properties, find one you are interested in
    5. Ask for a "section 32"
    6. Read section 32.
    7. If you are unsure about *anything* talk to your lawyer
    8. I usually shoot off an email to my broker at this point to get property reports to get a rough idea of price range
    9. (optional) Get Building and Pest inspection done
    10. Put in formal offer based on 6-9 above. A formal offer is made by signing the contract on the front of the section 32. The agent will take you through this.
    11. Make the offer "subject to obtaining finance by xx/xx/xx" and "satisfactory building and pest inspection" if step 9 was not done.
    12. Check the expiry date of your offer. If it is not stated, specify one .
    13. Write cheque for deposit (usually 10%)
    14. Once the offer is accepted, notify your lawyers, broker/bank
    15. Organise building inspection if you skipped step 9.
    16. Wait nervously for finance
    17. Once finance is approved and building and pest inspection looks ok, let agent know.
    18. Your lawyer will tell you details of settlement (i.e. when, and if any further money required)
    19. Organise for a pre-settlement inspection 3~1 day before settlement. The selling agent will organise this if you call them.
    20. Pick up keys when lawyer notifies you/selling agent the deal is settled.
    21. Celebrate, and then brace for buyer's remorse (usually sets in about 3 days later).

    I think I got everything.....:confused:

    The Y-man
     
    The Y-man, 19th Sep, 2018
    #2
    Allelockon, getintentnick, aving1001 and 5 others like this.
  3. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    31st May, 2016
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    2,738
    Location:
    Australia
    We have a Home buyer eBook we use for our own purposes, happy to share. Please reach out via email if you would like a copy.
     
    Property Twins, 19th Sep, 2018
    #3
  4. Trainee

    Trainee Well-Known Member

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    Every state is different.
     
    Trainee, 19th Sep, 2018
    #4
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Sydney
    Not quite sure what you want to learn ?

    Everyone has different reasons, issues and matters that influence their choice.
     
    Paul@PAS, 19th Sep, 2018
    #5
  6. getintentnick

    getintentnick Member

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    19th Sep, 2018
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    Location:
    sydney
    I'm a first home buyer in NSW. There is great generic content on Real Estate and Domain, but thought there might be an on of offline course out there that could provide more relevant info for my situation
     
    getintentnick, 19th Sep, 2018
    #6
  7. Propertunity

    Propertunity Well-Known Member

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    Location:
    NSW
    What's unique about your situation?
     
    Propertunity, 19th Sep, 2018
    #7
  8. getintentnick

    getintentnick Member

    Joined:
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    Location:
    sydney
    nothing unique, as far as i know, but is there no resource that can help me step through all the things i need to understand? the articles which have basic check lists seem too basic?
     
    getintentnick, 19th Sep, 2018
    #8
  9. balwoges

    balwoges Well-Known Member

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    Lake Macquarie
    This forum is the best source of info you could possibly have ... just read, read and read again.
     
    balwoges, 19th Sep, 2018
    #9
  10. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Location:
    03 9877 3000
    I'm sure you can find a course, but they'll try sell you something...

    Y-Man has outlined the general process quite thoroughly above. There's a lot of great brokers on this forum. Read some posts, get in touch with a broker you like and go from there.
     
    Peter_Tersteeg, 19th Sep, 2018
    #10
  11. The Y-man

    The Y-man Moderator Staff Member

    Joined:
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    Location:
    Melbourne
    I suspect what you're after then is no so much the process, but the black arts of
    1. negotiating a good price
    2. finding a good suburb/area
    3. finding a good deal
    4. What to do when things don't go to plan

    These are more "art" than "procedures" ~ "soft skills" for want of a better term.
    They are very contextual, and so difficult to articulate and formulate (i.e. easier to learn by watching/doing).

    It's like trying to write a manual on how ride a bicycle or drive a car - it's tacit knowledge.

    If that's the case, maybe you are after a "mentoring course"?

    The Y-man
     
    The Y-man, 19th Sep, 2018
    #11
  12. bashworth

    bashworth Well-Known Member

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    18th Jun, 2015
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    Location:
    Dandenong
    If you want to learn more about things like good design of a build the "Undercover architect" offers an on-line course.
     
    bashworth, 19th Sep, 2018
    #12
  13. jprops

    jprops Well-Known Member

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    24th Sep, 2015
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    Location:
    Sydney
    Yep. I learnt a lot from reading this forum religiously for a few months and just speaking to a few brokers I met on here.
     
    jprops, 19th Sep, 2018
    #13
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