[Jameelka]

Well we are free to buy a house in NZ now,having completed on our UK house on Friday.
Just so happens!! that we have seen a house that we like, but not 100% sure on the procedures over here.
If we put in an offer on the house, and say certain conditions,at what stage do you need to put down a deposit? or don't you put a deposit down at all?
and how long generally do they take to say yes or no to the offer?
We have the money in the UK but exchange rate is n't very good at the min!
Any other advice very gratefully recieved!!
Also was going to put in a low offer, anyone any thoughts?
Many thanks
Mel
:raebanana
:cheers

[Brijan]

Hi Mel
its a bit differant to buying in the uk, you need to have a lawyer draw up a contract with any conditions you want added, ie subject to satisfactory building report or valuation, finance etc with the price you are offering and completion date, this is then given to the sellers agent and if they accept and countersign its a done deal, however they will probably amend some things and send it back to you to countersign again, this goes on until your all happy.
When you go unconditional, ie all conditions in the contract have been satisfied, you have bought a house,

When we purchased our house we did'nt give a deposit as our money was on its way from the uk, we did come under pressure to borrow from the bank to provide it but we stuck to our guns and just paid the full amount on settlement. :)
Please just be carfull as its very easy to buy a house here and very easy to buy a problem house
Good luck
Brian and Jan :)

[Jameelka]

When I asked the agent a couple of weeks ago,they said that they draw up the agreement?
I'm going to call them tomorrow anyway to see what's what.
Thanks for the info.
Mel
:raebanana

[jubjub]

Our agents drew up the agreement, but we had a lawyer check it over, and he had us add a couple of things, and take a couple of things out. We paid a deposit once we went unconditional, and the rest on move in day.

You need to get a LIM (land information memorandum) from the council, you can get them from the library yourself, or your sol can do it for triple the cost, if its simple, no alteration to the house etc, its OK, if not, get your sol to do it.

Get a builders report, they will spot things you dont, its well worth the $500 approx.

Dont panic, and dont offer more than you can afford, if you dont get this house then there will be another one...

You will get into a game of tennis too, you offer, the seller counter offers, just like haggling really.... until you both reach a figure you agree on, or when its your turn to offer, you can walk away at that point if you feel you cant afford it.

I am sure Av will be along soon with some more info, if she is about... she is a bit of a whizz at this stuff

[Jameelka]

Thanks for that.
We will put in an offer and if it's not accepted walk away.
The house as it is neads extending, so would have to budget for that.
I know they want rid as they are divorcing! depends on how desperate they are!
Still we are in a good position now, so they'll either say yes or no! but your right, if this does n't turn out there will be another along the way!
:raebanana

[Ana&Steve]

I am sure Av will be along soon with some more info, if she is about... she is a bit of a whizz at this stuff
Ya, and I'm sure she'll want to make a step by step NZ house-buying outline, out of the kindness of her heart? :o (trying to look innocent and cute)
Ana
/Appreciates Avalon's grasp of NZ budgets :)

[jubjub]

Ya, and I'm sure she'll want to make a step by step NZ house-buying outline, out of the kindness of her heart? :o (trying to look innocent and cute)
Ana
/Appreciates Avalon's grasp of NZ budgets :)

Not sure if you are getting at me or not with that comment, I was being tongue in cheek myself as Av has previously posted some great info, and is as thorough at houses as she is at budgets!:nice1

Have found a few of the previous threads on buying houses....

http://www.emigratenz.org/forum/showthread.php?t=8555&highlight=house
http://www.emigratenz.org/forum/showthread.php?t=8187&highlight=house
http://www.emigratenz.org/forum/showthread.php?t=6420&highlight=house
http://www.emigratenz.org/forum/showthread.php?t=7149&highlight=house

[Jameelka]

Thanks for that Sal, some good info in those links.
:raebanana

[Avalon]

Sorry - didnt see this before - I was Toast Martinborough all day yesterday :cheers

Theres really probably not much more I can add, you already have the attitude of wanting to walk away if it doesnt go your way - and I think thats a great position to be in.

I know ive said it before - but as Sal says - get builders reports. ANd valutaions. ANd dont use anyone that the agent recommends to do this for you. They really may not be working in your best interests.

And ALWAYS get a solicitor to check the sale & purchase aggreement before you sign it. The sellers agent draws up the contract - and they are less than trustworth most of the time. If you dont understand something - ask your SOLICITOR and not the agent. The solicitor works for you, adn will give you the advise that works in your interest.

Deposits are usually 10%, but you can organise a lesser one if you want. That would go in the S&P aggreement as well. We gave a 5% deposit becasue this was a big house and 10% was a fair whack of money.

Please just be carfull as its very easy to buy a house here and very easy to buy a problem house
Good luck
Brian and Jan

I think this is a class bit of advise. It IS very easy here, and some of the agents will bend over backwards to have you signing away your life savings before you have a chance to breath.

If you take your time, and dont sign anything without YOUR solicitor telling you that you can - you will avoid potentially expensive mistakes.

Have you got some idea of Mortgages? When you have the S&P drawn up - its fairly standard to have a condition in there that says "Subject to finance" - basically it means if you cant get a mortgae - you dont have to go through with the purchase. But just be aware that it should actuallt read "Subject to finace satisfactory to ourselves". This can avoid you being forced to take a mortgage out that is going to cost you more than it should.

So - where is this house? What is it like? Details, details....

Hxxx

[Jameelka]

Thanks for that.
We have had Kiwi Bank come around and offer us a mortgage, rate at the min with them seems to be the best, and looking back at threads about mortgages think we have chosen ok for that one!
Agent drawing up some sort of contract, but I have said about the things you have all said about putting on there, re finanace to suit us, survey, reports,LIM all have to be ok as well, as have said we want our solicitor to look over this contract too.
Offering a lower than asking price, so will see, but have told agent if they don't accept we will look else where.The couple are divorcing so we may get a good deal,will see.
Will give more details out if it comes off! but would be nice to be in for Xmas!
Thanks again for everyones input, greatly appreciated!
Mel
:raebanana

[Ana&Steve]

Not sure if you are getting at me or not with that comment

Oh no, meant every word! I often see someone else's post and say, "Ooh, I want the answer, too!
Thanks for the links, jubjub, and to Avalon for her wisdom!
Ana

[Jameelka]

We had our offer accepted on the house!!! move in 15th Dec if all is well on all the reports etc...! can't wait.
Will put some pictures on soon!
Thanks for everyones advice.
:raebanana

[jubjub]

OMG that is fabby news, good luck!! :raebanana :raebanana Does that mean we get piccies :yes now???

[Jameelka]

Will hopefully take some at the week-end!
:raebanana

[kiwidebs]

How exciting Mel. Fingers crossed all the reports etc come back ok. I assume it is out your way (I thought of you guys when we drove past on our way down to Tauranga/Te Puke to pick up our kittens last week). Can't wait to hear details/see pics etc.


Debs

[Jameelka]

can't seem to put photo on, will try again soon!

[Avalon]

How are you trying to do it?

Smiler has given me a foolproof way of doing it (as in I can do it so its pretty good and easy!) if it helps!

Get an Imageshack account (its free)
http://www.imageshack.us/

Use the browse button to look through your pictures and hit "Host it"

Then copy and paste the URL it gives you for the image into your reply. You get 3-4 choices - and you want to copy the one that says its for forums.

This has the [img] tags already attached - so it really is just a copy & paste

Then preview just to check the piccy didnt come out the size of a house.

Hope that helps. It really is easy :raebanana

[Jameelka]

Thanks, will let James have a go tomorrow, i'm pretty useless!
:raebanana