On May 1st 2017, the state of Victoria introduced a new document that must be prepared by all real estate agents with the purpose of being viewed by all potential buyers when buying residential real estate. This document is called 'The Statement of Information' and is there to protect buyers from a situation of underquoting a property to get buyers in the door. Today, we are going to find out how to understand 'The Statement of Information', and how to read between the lines.
Ash Marton is the Director of Ash Marton Realty, a boutique agency servicing the Mornington Peninsula. Ash and his team are a breath of fresh air when it comes to estate agents. Their marketing style is unique and their approach to selling is highly focused on making things easy for the consumer. Their Frankston office is a notable landmark for passers-by after its new renovation.
1. Can you tell our listeners what is a statement of information?
a). What are the rules about the comparable properties that have sold?
b). How does the 2 kilometre rule work? For instance, I'm in Somerville and our median range is around $720,000. Moorooduc is less than 2 kilometres away from my house, yet their median range is $1,700,00. You'd find the same in different pockets of Frankston and it would be the same for many pockets out there, as different pockets demand different prices.
2. Where can we find it when we look for a property for sale?
3. Does a vendor have to accept a price within the price range of that shown on the Statement of Information?
4. If a buyer puts in an offer above the highest dollar part of the price range, and the vendor doesn't accept it, what is the real estate agent obliged to do?
5. Are there any tricks to 'The Statement of Information' that could put a buyer in a better, more confident position to get their offer accepted?
6. Currently, we are in a seller's market. How should buyers be looking at 'The Statement of Information' when the market just keeps moving so fast?
7. What should a buyer's strategy be in a seller's market?
8. What's your best tip for buyers entering a hot market?
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Contact Ash Marton on: 0437 754 372, by email at firstname.lastname@example.org
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