Rich Harvey
speaker
1,863 appearances
17 recordings
1 series
first heard Jan 2022
last heard Oct 2022
Rich Harvey’s voice in public audio — every appearance, attributed to the second.
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Appearances
What are your other options if you get a low valve and you've got to decide whether to proceed?
Well, in New South Wales, if you sign a contract and you've got a cooling off period, you've got to decide whether you walk away and you forfeit 0.25% of the purchase price, that's your initial deposit, or whether you go through.
In Queensland, you
can sign a contract subject to finance.
And this is one of the beautiful things about buying in Queensland is that if your valuation doesn't stack up and you can't get finance, then you can walk away without a penalty.
That's a really safe way to do it.
So, if we get to a situation in a market where it's really difficult, then I'd be advising people to potentially put in a clause in a contract that says, you know, I'm buying this property subject to finance.
But bear in mind, not every vendor will accept that term.
So again, you've got to make a clear judgment as to whether that's a good strategy or not a good strategy, depending on where you're buying.
It's really important that buyers understand the market because values are changing on a weekly and monthly basis.
Data houses like CoreLogic are critical in providing that information for buyers to get educated.
Well, my experience with value is generally is that they're quite conservative.
Like during the property boom, it was fantastic.
It was so easy to get your property revalued at the number you wanted because there were comparable sales popping up every week higher than what you were expecting.
But in a declining market, it's a lot more difficult.
So when a valuer goes to a property, they typically got to put in four to five comparable sales.
So what I do in my own experience, I do the valuer's job for them.
I actually prepare a report because it's my day job.
And I actually give the value up my own appraisal of the property.
Now, whether they use it or not, it's up to them.
Showing 1141–1160 of 1,863 · page 58 of 94
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