NEW research has found that Baby Boomers were the worst offenders when it came to making offers on property before inspection.
A survey by online lender Tic:Toc has found that 47 per cent of Baby Boomers did not get a building inspection, strata report or pest report before they made an offer on a property.
The results were surprising given Baby Boomers were the least likely of three generations of buyers to make an offer the same day they inspected the property.
It found 38 per cent of Boomers made an offer the same day they saw a property, compared to 45 per cent of Millennial and 49 per cent of Gen X.
It seems Boomers were also least likely to feel pressured to exchange contracts immediately after their offer (15 per cent compared to 22 per cent Gen X and 27 per cent Millennial).
But they know what they like and won’t even wait for a lawyer to check over a contract if they want a particular location.
The survey found Boomers were most like to make an offer before auction or before their lawyer checked the contract (43 per cent).
Tic:Toc found 73 per cent of buyers believed quicker decisions were needed when buying property today than five years ago.
Company chief executive Anthony Baum, whose firm was looking at putting in place 22-minute loan approvals as a result of the research — said the surge in the last few years had changed vendor expectations and impacted the buyer experience.
“I can’t see the accelerated pace between choosing a property, making an offer, having it accepted, and exchanging contracts slowing down anytime soon,” he said.
“Australians need faster home loans to keep up with the market. Now more than ever, buyers can’t afford to wait 22 days to have their home loan approved; they are expected to act immediately to avoid missing out to the next person in line.”