Step Three [hidden]

HOMEFINDER

We locate and purchase your first home on your behalf.

Using HomeFinder gives you the benefits of our property sourcing experience and system:

• peace of mind - you get a first home that meets your Property Specification

• you will get a first home that is affordable

• you will have access to properties that are not available to the general public

• you will save time – you won’t have to spend hours looking at dozens of properties

• you will avoid dealing with real estate agents - we negotiate the property purchase on your behalf

• you are always in control – our system manages the property purchase and settlement process for you, but at every step you have the final say.

There is a fee of $8,500 (including GST) per property sourced and settled.

We will discuss with you how this fee can be structured as part of the property settlement at the Initial Meeting.

Click on a link below to find out more:

Locating a Property  - we look for a first home that fits your Property Specification.

Analysing a Property - we do financial due diligence on the property to ensure it meets your criteria for affordability.

Buying the Property - we negotiate a conditional offer, assist you with the physical due diligence, and project manage the property purchase process to settlement.

Settlement - you own the property and have your flatmates & tax refunds in place.

Locating a Property

Find out about:

• Property - where do we find?

• Property - what do we look for?

• Property - how many do we look at?

Property - where do we find?

• Real Estate companies – we have long-standing relationships with key agents in most companies.

• Vantage NZ Ltd investors/clients who are selling.

• Property managers whose clients are selling.

• Property referrals from clients and others who know Vantage NZ Ltd has potential purchasers.

 

Approximately 80% of the properties we buy on behalf of clients are “off market”. These properties are not publicly advertised and we avoid tenders and bidding wars.

 

Property - what do we look for?

There are many options including:

• free-standing houses

• terraced townhouses

• apartments – purpose built or converted

• multi-income houses.

Property - how many do we look at?

We analyse in excess of 60 properties monthly. On average we inspect 10 properties and submit offers on 7. Of these 7 properties, 3 offers are successful.

Analysing a Property

We do a physical and thorough financial assessment of the property based on “qualified numbers” without emotion - this ensures we buy the right property that is affordable.

Once we have identified a property that potentially fits your Property Specification [location, type, no of bedrooms, physical attributes and affordability] we do the following:

 

•	contact the Council to confirm the rates and potential earthquake status
•	call the Body Corp Manager [if appropriate] to confirm the Body Corp Fees. [This contact is also a good source for other information ie the percentage of owner-occupiers that live in the complex, outstanding repairs etc.
•	get an estimated apportionment for the land, building and chattels from a Depreciation Valuer to assess the depreciation
•	review various outlets [trade me, NZ Flatmates etc.] to assess the average room rent for the property
•	look at other queries/actions required to get all the relevant background information
•	determine the maximum purchase price this property justifies.

 

If the property falls short in any area of your Property Specification, we leave it and move on to find another one.

If the property meets your Property Specification, we negotiate to buy it on your behalf.

Buying the Property

We negotiate to conditionally purchase the property on your behalf.

 

1.	Before submitting an offer, we take a lot of care in constructing the Sale and Purchase Agreement, including:

	•	identifying the purchaser as a nominee company owned by Vantage NZ Ltd which can transfer ownership of the property to you by Deed of Assignment
	•	starting negotiations well below the asking price with the expectation of purchasing the property below market value
	•	nominating a possession date 4-6 weeks after the contract becomes unconditional, to allow time for you to find suitable flatmates before settlement, and for your accountant to arrange immediate tax refunds prior to settlement [if applicable]
	•	specifying what chattels are included in the purchase
	•	any special conditions.

 

2.	If our offer is not accepted, we let the property go and move on to locate another property for you.
3.	If our offer is accepted we call you to confirm we have a property under offer and email you a Property Report.
4.	You, or your nominated agent, view the property.
5.	You do further due diligence on the property – your lawyer searches the title, a building report, valuation etc.
6.	If your due diligence reveals anything that is unacceptable to you we let the sale and purchase agreement lapse and move on to locate another property.
7.	If your due diligence is acceptable and you want to purchase the property we [you and Vantage NZ Ltd] sign the Deed of Assignment transferring ownership of the property from us to you.
8.	You notify your lawyer that you wish to go unconditional.
9.	Your lawyer confirms the contract with the vendor’s lawyer.
10.	You give the estate agent/vendor a cheque for the deposit [using funds confirmed at the finance meeting].

  
The Sale & Purchase Agreement is now unconditional.

Settlement

After you are unconditional on the property, we project manage everything on your behalf to settlement including :

 

•	Loan and lender – we discuss mortgage interest rate and loan terms with you and then confirm these with your lender.
•	Depreciation Valuation – we instruct this on your behalf.
•	Accountant – we finalise the cash flow report of the property and email it to your accountant with a request that they apply for your immediate tax refund [if applicable].
•	We meet with you two weeks before settlement to go through a final checklist and go over any outstanding matters you will need to attend to.
•	You will meet with your lawyer to sign mortgage documents and the lender’s representative to open a bank account [if required].
•	We contact you 3 days before settlement to suggest you arrange a pre-settlement inspection of the property. If you notice anything problematic then you notify your lawyer.

 

Your home settles – with flatmates and tax refunds in place.

 

Click here to arrange your First Home Property Service Initial Meeting.