Real Estate – Quick Bites

Ever gone to a specialist in an industry and they use terms you really don’t understand? Or use acronyms like it is everyday day talk but leaves you scratching your head. “Hey mate, your overhead cam driver separator on the GNC has had it! Gonna need to order a new one” You nod your head out of fear of looking stupid but have no idea what they just said. We have all been guilty of it, but we need to understand exactly what is being said. So here are some quick bites on Real Estate industry speak you have probably heard but may not have understood correctly.

Offers versus Contract

An offer is just that, you the Buyer have made an offer to purchase the home under specific terms and conditions (eg: price, special clauses, deposit amounts, settlement period, etc). If the seller does not accept all your offer conditions but changes something (say the price) that is now a counteroffer and it is up to you the Buyer to either accept this, decline the counteroffer and withdraw or give a counteroffer of their own.

Remember it is only a contract if and when ALL parties agree to the terms and conditions, and until then it is only an offer and or counteroffer. (more about verbal and written offers here)

Real Estate Quick Bites

Multiple Offers

You may have seen marketing by Real Estate Agents noting the home sold with ‘Multiple Offers’. I never thought about this until a young lady said to me, would you not usually get multiple offers on a home over the course of the listing. Ah, good point. 

 Multiple offers are intended to mean the property received multiple offers to purchase at the same time. For example, after the first open home, three people submitted offers and so are in competition with each other – multiple offers. If a home received a single offer which didn’t succeed then received another offer three weeks later, this would not be considered multiple offers.

Contract Date

This one does have some people confused. Remember earlier we talked about offers, and once the offer is accepted by all parties, it becomes a Contract. The date this occurs is the Contract Date. Some people incorrectly believe it is when the home settles or when it goes unconditional.

Pre-approval.

I think the best way to view pre-approval is as an indication only. Yes, it is good to have a pre-approval as it shows you have taken steps to enquire as to how your finances fit. But pre-approval is not a guarantee whatsoever. The quality of the pre-approval can depend on many variables such as the questions the financier asked (did they have a good grasp of your situation), the information you supplied, changes in the financial climate etc. This is why we always suggest Buyers find a good Mortgage Broker as they should be able to give a good indication of the Buyer’s true position.

These are just a few quick real estate bites for now. If you have any terms you would like explained or even any you found to be misleading, please let us know. I am sure we will have another quick bites list very soon.   

Written by Shawn Kristofer

Contact us for a free appraisal!

Call: 0411 532 333
or click the button below to request a call

Other Resources for Sellers

Growth in the beautiful Bayside

Growth in the beautiful Bayside

It is impossible to turn the television on without seeing anxiety inducing news surrounding Covid-19. So, we thought we would share the good news for 2022! If you catch any information of a housing decline, rest assured that Regional Queensland and Brisbane remain...

read more
Welcome 2022: Renewed energy and positive outlooks!

Welcome 2022: Renewed energy and positive outlooks!

We hope you are feeling refreshed after the Christmas New Year break. We certainly kept busy putting homes under contract. We did get a chance to take a breath and enjoy time with friends and family. Our highlight over the break was a magnificent meal at local...

read more
2021 wrap up from Shawn & Kym

2021 wrap up from Shawn & Kym

WOW! What an incredible 2021. The Brisbane property market skyrocketed with growth of 23.3%*.  Locally we saw remarkable growth figures and incredible sales results. Brisbane won the 2032 Olympics bid. Our borders opened and we’ve seen an influx of people making...

read more
How do I know it’s time to downsize?

How do I know it’s time to downsize?

If you are one of the many homeowners who have been in your home over 10 years, it can be a little difficult to remember what life was like before you lived there!  But if you find yourself imagining what life could look like in another space, a new suburb or...

read more
How do I choose the right Real Estate agent?

How do I choose the right Real Estate agent?

What is the value of the right Real Estate Agent? Choosing the right agent for your home is vital as a wrong choice can cost you tens of thousands of dollars! Over our combined 20 years of Real Estate experience, we have met many homeowners all with different motives...

read more
Buying and Selling in a Hot Market

Buying and Selling in a Hot Market

If you’ve been searching for a property for a while, you would be well aware of the increasing property prices – excellent news for all property owners. There has been 2% growth in Brisbane house prices in August alone and 18.3% in the past 12 months^. While current...

read more

Half yearly update from Shawn and Kym!

Where has the year gone! Time for a quick recap on the crazy past six months of Real Estate in Wynnum-Manly! Property Market Outlook Wow, what a boom! Strength in the property market has remained despite Covid-19 continuing to create uncertainty across the...

read more

EOFY | Get your free property health check!

EOFY How time flies! We are swiftly approaching June 30 which means it's TAX TIME! As small business owners ourselves, we are all too familiar with the distinct nuances of being a property owner, business owner and busy parents preparing for June-July holidays! End of...

read more
Does Styling make a difference?

Does Styling make a difference?

Getting the best price for your home As we have discussed before an emotive home sells for more. (see here). Remember people’s base psychology is pretty much the same regardless of their specific demographics. A buyer in the market for a $350,000 townhouse will still...

read more
Pricing Apps & Websites

Pricing Apps & Websites

https://youtu.be/oMmN3w8zAGs You may have seen the adverts where a buyer is speaking with an Agent who says one thing, but then buyer smirks as they pull out their phone with a pricing app showing the ‘real’ price, in which they’re depicted to either have dodged a...

read more