ATM :: Get smart with your home search

SONAL SACHDEV | Updated: February 12, 2016 18:16 IST | Hindu Business Line


There was a time, when finding a house without the help of a broker was next to impossible. Times have changed. Today, home owners frequently advertise their own properties for sale in print and on online real estate portals with a clear message to those from the fraternity: ‘Brokers Excuse’.

It isn’t helping that developers are pulling out all stops to directly market new properties. At times, you might get a better deal negotiating directly with a builder rather than through a broker. What’s more, everyone saves on the brokerage fee.

But do we understand all the nuances of a realty transaction? Isn’t a seasoned broker of great service there? Yes, of course. But so is your neighbourhood home loan financier. All you need to do is to walk into a well-respected home loan provider’s office to get a thorough diligence done of your prospective home. They’ll start with the developer and the specific property/project (approved or not). Next comes the essential paperwork required for them to process a loan.

In this exercise, a lot of the issues regarding your prospective home will be uncovered and revealed, which will help you decide. In case you are buying a property on the secondary market, the previous owner’s loan details and an NOC from her/his lender will be required. This is to ensure the property is free of any other charge. Only then will a lender offer a fresh loan against the property.

In essence, much of what the traditional broker assisted you with earlier, is now being taken care of by the home loan provider. And whether you like it or not, the loan provider will charge a fee/interest for services. Since this is a non-negotiable cost and an available service, buyers and sellers are increasingly opting for transacting directly.

The sale of properties online via large shopping portals is also gathering pace. With so many options to choose from online and shared messages on community platforms on offers for sale of homes, it makes sense for thrifty buyers to exhaust these avenues before approaching a real estate agent.

It’s time to get smart on your home search!

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