wtf is a statement of info
Buying Established Homes Vlog

WTF is a statement of information?

Vlog

Notes + breakdown

For those that cbf watching a video

Topics

What is a statement of info?

  • A legal document that consumer affairs brought out in 2017 to try and stop real estate agents from overvaluing/undervaluing properties.
  • Agents are required to justify the value of their listed properties by providing the median sale price according so CoreLogic, price finder or another resource they use. As well as, 3 similar properties that sold in a similar price range within 5km of the listed property address. In metro areas 2kms.
  • Although this hasn’t fully stopped agents from embellishing some of the details, consumer affairs conduct yearly audits on all sold properties, and statements of information.

Where do you find it?

  • Browser:
    Click on the listing so you can see the full property description.
  • Next to the property images on the left, there will be an attachment named “statement of information” or “view agent price guide”.
  • Mobile:
    Click on the listing so you can see the full property description.
  • Scroll down towards the bottom, below the property description and there will be an attachment named “statement of information” or “view agent price guide”.

Comparisons + Research

  • When you find a home, you like or want to visit there are a few things you need to keep in mind before you go.
  • Setting a budget for yourself so you don’t overpay in a heat of the moment purchase.
  • Conducting your own research into the value of the home, will guide you on a potential offer price if you find yourself in that situation.
  • Running through this exercise we’re doing now. Opening up the statement of info, finding the 3 comparable properties.
  • Look at the land size, the number of bedrooms, bathrooms, living spaces, additional extras (pool, spa, sheds etc.) and overall condition of the home.
  • Look at what you like and don’t like, also look at what you can or can’t change. E.g., “I like the layout but I hate the green walls” – you can always paint over them if you’re up to it if you think the layout is exactly what you want.

Why will this help you?

  • Helps guide you on setting a budget.
  • Gives you confidence in negotiations and can help you combat agents’ swindling tactics.
  • Understand what you like or don’t like about properties and what your “non-negotiables” are.
  • If anything, now you know what the document is and how to use it as a tool to help you understand property valuations completed by real estate agents.

Summary

  • Finding a home is fun and stressful all at once.
  • Take it at your own pace if you can and have no external pressures.
  • Take your time doing the research, it could save you lots of money on making emotionally charged purchases.
  • Drop a comment below for what other content you want to see or other vlogs/topics you want to be covered. I do one every week!
  • Thanks for watching!

Resources

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