With Scott Morrison’s announcement last night to suspend Open House Inspections and Auction gatherings, one would assume this would spell the end of property for a while.
The agents are grappling at their virtual tours and online auctions and of course, private inspections (for now), and given, many parts of a sale/purchase transaction can be done online or over the phone, but property inspections, well, these are a must for the majority of buyers.
82% in fact.
That’s right.
I ran a poll on my instagram stories last night, the moment the announcement was made to see if buyers likened to the idea of purchasing a home ONLY by viewing it virtually.
The votes came in fast and it was clear to see that the majority were not keen on the idea, which didn’t surprise me.
Agents were scrambling to implement online measures for continuing business as usual, as well as reinforcing that private inspections were still on the cards BUT… what if they shut us down altogether?
It’s likely.
What happens then to those 82% who want to physically view the house before they commit to buying it.
I’ll tell you what happens.
They put it all on hold. Too hard basket right now.
Or they might hire a Buyer’s Agent like myself to manage the process on their behalf.
If you’re someone who is not financially affected by all that is happening in the world right now and you see an opportunity to buy in Brisbane now, here’s how you can do it.
- View the property online first and see if you like the location on google maps.
- Do your preliminary searches, such as a flood and flight path search, as well as any council enquiries and any due diligence.
- If you’re out of town or too tied up with other commitments, Appoint a Buyer’s Agent or a trusted friend who lives in the area (hopefully one who knows a little about property) to arrange a private viewing of the house, and have that person take lots of videos of the inside, outside and the streetscape surrounding the property.
- Manage the offer process and all negotiations over the phone or via email / online. Remember, keep your Contract as “clean” as possible with limited conditions. Sellers will love this right now and their agents will push your Contract to the top of the pile immediately if you can go “cash unconditional”.
- Use docu-sign or a similar program to sign Contracts electronically, without the need for a witness.
- Get your building, pest and electrical inspectors onsite as quickly as you can.
- Manage the settlement process remotely with the help of your solicitor (who will likely be working from home).
- Have the agent post the keys to you when the property settles.
If you need a helping hand navigating your purchase during this time, my service menu is available online at www.wendyrussell.com.au, or key services as follows:
DUE DILIGENCE AND PRICING STRATEGY
Or download my complimentary House Hunters Checklist HERE.
