PROLOGUE
INTRODUCTION
Buying property in Australia:
The history of home ownership in Oz
How to get yourself ready for auction: About this book
CHAPTER 1 – WHO IS BUYING
Buyer profiles
CHAPTER 2 – WHAT PROPERTY TO BUY
Golden principles of buying property
CHAPTER 3 – THE GROUNDWORK:
MASTER THE MONEY SIDE OF PROPERTY
The deposit
Lenders mortgage insurance (LMI)
Stamp duty
Bank fees
Due diligence costs: legal fees & building/pest inspections
Council and water rates
Buyer’s agents
Finance approval
Forming your A-team of property experts and specialists 49 Managing your expectations ahead of commencing your property search
Do your research to find a property
What are you committing to?
CHAPTER 4 – WHAT’S THE PROPERTY WORTH?
Demystifying real estate agent price guides
How to accurately calculate what the property is worth
How to set your maximum bid
CHAPTER 5 – DUE DILIGENCE
Buyer beware: Why you need to do due diligence and to have understood it
Avoid buying a lemon: What due diligence do you need to do?
CHAPTER 6 – BEFORE AUCTION:
BUYING BEFORE AUCTION DAY
Know your negotiation options
Pre-auction offers
Why, when and how real estate agents try to get you to make an offer before auction
CHAPTER 7 – AUCTION DAY:
BUYING PROPERTY AT AUCTION
Get prepared and give yourself a strategic advantage
The psychology of real estate auctions
The reserve price, vendor bids and when it is ‘on the market’
CHAPTER 8 – BIDDING AT AUCTION
Bidding tactics for a winning strategy
Understanding your opponents: The different types of bidders
Your gameplan: What do you do when …?
Sneaky tactics the auctioneer will use to get you to bid more
Bidder mistakes to avoid
CHAPTER 9 – AFTER THE AUCTION
Success! The property is yours
What happens if it passed in?
Buyers beware: The most vulnerable buyer is the one who just missed out at auction
Getting back on the horse
GLOSSARY
ABOUT THE AUTHOR
