Loan pre-approvals by banks can be confusing. They aren't a rubber stamp to buy whatever you want, but some buyers are being a little too cautious.
Buying blind or enlightened property advisory?
Channel Nine has just announced its 2018 season of shows. Amongst a bunch of returning and new shows is Buying Blind, a show which, apparently, will help desperate buyers secure a property sight-unseen based on an initial brief. The gameshow - because that is what it is - will be spending buyers' hard earned savings and borrowings, and it will be the buyers who will take financial responsibility, according to news reports.
Would you do such a thing? I think not. And what lender is going to commit to financing a property on these terms?
The art of helping buyers find and secure a home or a residential investment has already been perfected. It's called property advisory delivered by professional buyer's advocates or buyer's agents. And it's not buying blind. It's a partnership where the customer is kept informed throughout the process and, of course, gives informed consent to the final purchase. Done right and the buyer will be happy with the house or apartment they acquire, and there will be no buyer's remorse.
Buy with your eyes open and with professionals who can help you see further.