Skilled Migrant Professionals February 2015 | Page 22

Business

NEGOTIATING THE BEST
Real Estate Transaction
W
hen looking to buy a home you should start with securing
a finance pre-approval from your bank, which is a letter
showing you qualify for a certain amount of money. It is
important for vendors to know that an offer has been made with secure finance in place.
The last thing a vendor/seller wants is to sell their property only to
find that the purchaser’s bank has declined their loan application a
few weeks down the track. Thinking they have secured a sale, they
take their property off the market, and out of reach from other potential buyers.
To secure a finance pre-approval, most buyers go to a mortgage
broker who will identify which banks are offering the best terms and
which loan will save you the most amount of money in both the long
and short term. The brokers are paid by the successful bank so taking
advantage of this free service is well worth the time.
Armed with a pre-approval in hand, you can then shop around
knowing exactly how much money you h