With so many questions and uncertainties around buying your first home, it's important to seek advice and ask as many questions as possible to ensure you're making informed decisions.

Today I’m answering some great questions I’ve received from listeners, to hopefully help you move through the first home buying process with much more confidence and knowledge.

The first question I address is around negotiating a purchase price, particularly if the property is found to have defects. I break it down into two parts, the first being around whether we can negotiate down on price or ask the vendor to repair those items. I dive into the two types of sale methods that determine how and when to approach these negotiations and the risks involved in the process.

Secondly, can the vendor pull out of the contract if they're unwilling to fix what's previously outlined in that contract? I discuss what the vendor can and can’t do and the importance of having a well-worded contract with specific conditions to mitigate the risk of things turning sour.

Lastly, I answer a question from a buyer who is seeking clarity on the two types of deposits involved in a purchase. I explain the difference between the deposit paid to the bank and the deposit the real estate agent receives under the contract. I run through how it all works with some examples to reduce the confusion that buyers commonly experience around this matter.

If you have any questions that you would like covered in the podcast, please reach out and remember that chances are, if you have that question, somebody else probably has it too!

LINKS:

Check out my FREE checklist 100 Things To Look Out For At Property Inspections here

Connect with Amy:

Website:www.thefirsthomeguidebook.com.au

Instagram: @the.first.home.guidebook