MAP arranges a lot of pre-approved home loans for expat clients but many end up expiring as the task of finding the right property is too difficult when living overseas. This is whether a buyers agent can assist.
A Buyers Agent (or Buyers Advocate as they are sometimes known) are essentially real estate agents who represent the buyer rather than the seller. So a standard real estate agent representing the seller is trying to get the best price for the seller – the buyers agent is attempting to get the best price for the buyer.
The services offered by Buyers Agents does differ from agent to agent. Obviously all Buyers Agents will, on your behalf, locate suitable property for you and negotiate the purchase of that property. Some buyers agents though will also take care of or assist with;
1) Ongoing property management of the property if its an investment property (ie, find tenants and handle the ongoing management of the property),
2) Renovation and Development – some buyers agents will purchase property on your behalf with a view to renovate for profit. The Buyers Agent in this case will highlight the renovation plan and call for tenders from their panel of experts to determine cost of the renovations. The Agent will then project manage the renovation/development through to completion.
There are several reasons to use a buyers agent, here are just a few;
1) If you are an Expat or Non Resident living overseas the Buyers Agent is your eyes and ears on the ground keeping a look out for property on your behalf. They will also handle all the negotiations on your behalf so you save time and money by not having to make the trip back home,
2) Buyers Agents often get access to property before they are advertised to the general public. This is because Real Estate Agents selling property will have clients that require a quick sale so will offer the property first to a Buyers Agent who they know have buyers lining up to purchase.
3) Many Buyers Agents are qualified valuers so know what a property is worth. Many have also bought and sold 100’s of millions of dollars worth of property and therefore know a deal when they see one,
4) A limited number of Buyers Agents will also take care of renovations and will locate property with this idea in mind. So Expats and Non Residents living overseas can still take advantage of buying and renovating Australian property for profit.
Prices do vary between agents but generally they charge around the 2% mark. Most will require a deposit upfront (generally around $1500) which is non-refundable however it will come off the total fee payable upon purchase of a property.
If you would like to use a buyers Agent but are unsure where to start, MAP has access to a network of Buyers Agents Australia wide so contact us for a referral.
More information on Australian Citizens buying property in Australia from overseas here
DaniellaWorking with Michael was an absolute delight.
I was a first home buyer and couldn’t think going anywhere else. Highly recommend to go through MAP home loans.He was quick to respond to all my queries, managed to get the loan approved under a strict timeline and I was very impressed. Michael also followed up with me once I settled, I truly appreciate all his hard work to make this happen.
Adnan SharafatI am very thankful to Michael for my primary property construction loan. I approached many mortgage agents for the loan amount as desired, but they could not process because of my overseas profile.
I am an Australian PR holder, based in Dubai and after reading online reviews of MAP loans, I approached to Michael where he completed my construction loan process very confidently even, I did not feel that I am living in different time zone as he was always available for my queries.
Michael also helped for my investment property loan, and again he did awesome job and completed the loan approval process in less than a month. I would like to strongly recommend him for the home loan services with no hidden cost and surprises.
All the best Michael in your future success 😊
PeterMy wife is on a 820 visa and Michael helped us get a home loan. He was a great with communication and answered all of my questions. Recommended if you have if you have issue surrounding temporary visas or you just want a great mortgage broker.
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