https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode, Dave, Cate and Pete take you through: Market insights 1. The number of vendors lifting their asking price mid-campaign has dropped New data from Domain reveals that the percentage of vendors who increase their asking price mid-campaign has lowered from March to April for Sydney, Melbourne, Brisbane and Canberra, which covers around 2 out of 3 property sales. This is likely occurring for a combination of reasons. Values are going up but not as fast as they were earlier this year, agents are more conscious of being busted for under-quoting, and vendor price expectations have risen since the rebound began in earnest. The locations with the highest proportion of vendors lifting their asking price is dominated by Sydney and Melbourne. 2. What are the clear signals that an agent is underquoting? This will normally be easy to spot if you've done your homework, know your market and are armed with your comparable sales. If an agent is saying that there are limited comparable sales or where sales provided are not actually comparable, they are probably trying to pull the wool over your eyes. Another factor for the lower quote could be because there is an issue with the property that the agent has factored in that you are not aware of! The important thing to remember is that you're highly unlikely to get lucky with an under-market purchase price on a good quality property. Conveyancing 101 1. What do conveyancers do? Conveyancing is the legal process of moving land or property from one owner to another and conducting the pre-purchase contract review and associated due diligence. The trio discuss the ins and outs of the conveyancing process, what are they responsible for and how you can engage either a solicitor or a licenced conveyancer to do the job. 2. What is the difference between a conveyancer and a solicitor? Either are sufficiently equipped to manage a property transfer and in the end, the most important factor is the quality of the service provider, not their official title. However, there are some key differences in the breadth of their advice that you should know before making your selection. 3. Can your conveyancing representative work Australia-wide? Property law and the conveyancing process differs state by state, which means a conveyancer must obtain a licence from the state in which they operate and cannot operate in states in which they are not licenced. This can be a huge positive, as you want your property conveyancing representative to be an absolute expert in the law relating to your property transaction. Having to be across one set of property laws and processes is hard enough, let alone seven. A solicitor on the other hand can work across all jurisdictions, although we would recommend working with local experts. 4. What are the limitations of your legal representatives due diligence? The trio discuss the elements of the property purchasing process that your conveyancer or solicitor will not do, which you must be on the look-out for! 5. What can go wrong? The Property Buyer takes you through the legal elements and deal-breakers that conveyancers can uncover during the conveyancing process, that buyers often miss. Tune in for the Property Planner's real-life examples where legal handy work has picked up illegal cladding, a vendor trying to slip through old body corporate minutes and incorrect fence lines, highlighting why it pays to have a great solicitor or conveyancer in your corner. 6. How do pre-purchase contract...