The new rules came into effect on June 15, 2018 this past week. Not only will this affect real estate agents, it will also affect you as a buyer and seller. The largest change you will see other than the new mandatory forms is the ban on Limited Dual Agency.

 

 

REBGV States “The move to single agency is a significant change from the practice over the years when Realtors could represent both sellers and buyers in a transaction. BC is the first Canadian province to implement rules that require Realtors to act only for one party.”


Real Estate Board of Greater Vancouver President Phil Moore issued the following statement on these changes:


“Today’s changes mean that real estate licensees across our province can now only represent one party in a real estate transaction and must provide their clients more detailed information about how they’re compensated. One of the biggest impacts of these changes is that there may be times when your Realtor is unable to represent you because they’re representing another client in the transaction. As well, listing agents won’t be able to bring their own buyers, which has always been a key reason for the existence of limited dual agency.”

 

A look at the new forms:

 

To learn more about the real estate rule changes Click here.

 

Have some more questions? Let’s grab a coffee and chat.

Barbara.hutniak@remax.net

778.988.7487

 

 

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After 2018 started off with a bang, buyers are becoming weary of dealing with multiple offers and are now hanging back. In turn, properties are sitting on the market for a few more weeks instead of selling in a few days for way over asking price.

 

 

The Real Estate Board of Greater Vancouver (REBGV) reports that:

 

 “Residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.


There were 6,375 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2018. This represents a 5.5 per cent increase compared to the 6,044 homes listed in May 2017 and a 9.5 per cent increase compared to April 2018 when 5,820 homes were listed.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,292, a 38.2 per cent increase compared to May 2017 (8,168) and a 15 per cent increase compared to April 2018 (9,822).


The total number of listings available today is 17.2 per cent below the 10-year May average.”


Pricing your home in today’s market has to be done with a strategy. Many people are pricing their home with yesterday’s prices and it’s important to get ahead of the market and make your property stand out.

 

Did you know that even in a busy market only 85% of properties sell? Today the average of properties selling is at 60%.

If you’re thinking of buying, why wait for the market to pick up. If you’re ready now I suggest you start looking while you have less competition.

 

If you’re thinking of selling as I mentioned before, price your home right and get ahead of the market.

 

Have any questions? Give me a call. 778.988.7487

 

Stats Centre Report for Metro Vancouver is now available. To view it, click here.

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Whether you’re already a landlord, thinking of buying an investment property, or currently a tenant, it’s important to know the newest changes to the Residential Tenancy Act. Knowing your rights are vital in avoiding any hardship or disputes down the road.

Here’s what has changed in the Residential Tenancy Act, as of May 17 2018:

  1. Landlords must give four months' notice to end tenancy for demolition, renovation or repair, or conversion, and tenants have 30 days to dispute the notice,
  2. A landlord or purchaser if applicable must compensate a tenant 12 months’ rent (unless excused by an arbitrator in extenuating circumstances) if a landlord or purchaser ends a tenancy under section 49 (landlord use) and they don't:
    1. take steps to accomplish the stated purpose for ending the tenancy under section 49 within a reasonable period after the effective date of the notice, or
    2. use the rental unit for that stated purpose for at least 6 months beginning within a reasonable period after the effective date of the notice.
  3. A tenant has a right of first refusal to enter into a new tenancy agreement at a rent determined by the landlord if the landlord ends their tenancy to renovate or repair the rental unit. This right of first refusal applies only to a rental unit in a residential property containing 5 or more units.
  4. A landlord must compensate a tenant 12 months’ rent (unless excused by an arbitrator in extenuating circumstances) if the tenant exercises a right of first refusal and the landlord does not give the tenant:
    1. 45 day notice of availability 
    2. a tenancy agreement to sign.
  5. If a landlord is ending a tenancy on behalf of a purchaser, the notice must contain the purchaser’s name and address.

For more info Click Here

 

 

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Have you heard the news? As many of you know there are quite a few changes happening in the real estate industry coming in to effect June 15, 2018. Not only will it affect real estate agents, it will also change the buying and selling process for clients. The changes will impact agency rules and disclosure statements and with less than a month to go the Greater Vancouver Real Estate Board is releasing more concrete information giving us a better understanding of what to expect.

 

I am hoping this blog post will help educate and prepare you for the changes as a buyer or seller.

Here is a look at the mandatory forms required as of June 15, 2018.

 

Disclosure of Representation in Trading Services

Disclosure to Seller of Expected Remuneration

Disclosure of Risks to Unrepresented Parties

Disclosure of Risks Associated with Dual Agency

 

We will most likely see some more variations to the rules and disclosure requirements in the coming weeks, for up to date information Click Here.

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Do you own, or are thinking of buying or selling a recreational property? Most people don’t use their cottage or cabin year-round and decide to rent it out during the vacant months.  

 

Want the biggest bang for your buck? Here are 6 trends to make your vacation property stand out for potential buyers or renters.

 

Solar Flares

Pizza Party

Let There Be Light

Espresso Bar

Hot Seat

Colour Me Beautiful

 

Full Blog Click Here

 

 

Thinking of Buying or Selling a recreational property? I’m connected with trusted real estate agents across Canada that I am happy to refer to you.

 

Call me for more information 778.988.7487

 

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Spring market is the busiest time of year in real estate. Now that the market has kicked into full gear, I thought it would be interesting for you to see the variations from the past two months in the Tri-Cities.

 

Like I mentioned before all markets across the Greater Vancouver Area have fluctuations when it comes to price, inventory and days on market.

 

Let’s compare March and April 2018 statistics.

 

Port Moody – Coquitlam – Port Coquitlam

Attached & Detached Homes

 

Average Sales Price

Attached: 

 

 

Detached

 

 

Total Inventory

Attached: 

 

 

Detached: 

 

 

 

Average Days on Market

 Attached: 

 

 

Detached: 

 

 

Tri-Cities from April 17, 2018 to Present.

 

Port Moody


Attached

Active: Click Here to View Listings

Sold: Click Here to View Listings

Detached

Active: Click Here to View Listings

Sold: Click Here to View Listings

 

Coquitlam 


Attached

Active: Click Here to View Listings

Sold: Click Here to View Listings

Detached

Active: Click Here to View Listings

Sold: Click Here to View Listings

 

Port Coquitlam


Attached

Active: Click Here to View Listings

Sold: Click Here to View Listings

Detached

Active: Click Here to View Listings

Sold: Click Here to View Listings

 

 

Would you like some more information about a specific area? Email, Call or Text me.

barbara.hutniak@remax.net or 778.988.7487

 

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Painting the exterior and interior of your home will refresh its look and is one of the more affordable options when preparing your home for the market. Knowing what paint colours to choose is just as important. Who hasn’t walked into an Open House and just thought… “What was the owner thinking when they painted the dining room hot pink!” Some people can look past the paint colour but the majority loses what’s really important when walking through the home and all they can think and talk about is the paint colour.

 

Here are the top 5 paint colours to attract potential buyers and hopefully receive multiple offers.

 

Mellow Yellow

Grey Stoke

Black Out

Seaside Getaway

Green Giant

 

For Full Article Click Here

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Port Moody is attracting more and more people especially during the warmer months, because who doesn't enjoy going for a walk and having an ice cold beer afterwards.  With more people visiting our beautiful city it's nearly impossible to find parking  especially around Rocky Point. Mike Clay, the Major of Port Moody proposed a trolley in October to help with the congestion and have a free alternative to driving. Translink approved this pilot project at a meeting last month and will be funded by our municipal government.

The Trolley will run 4pm to midnight on Fridays, and 2pm to midnight Saturday & Sunday from June to August.  The route will take approximately 20-30 minutes and stop at Rocky Point, Brewer's Row, Suter Brook, Newport Village, Skytrain Stations, Eagle Ridge Hospital, Port Moody Library, St Johns Street and Clarke Street.

Here is a photo of the proposed route. 

 

I am personally very excited to take advantage of the Trolley this Summer, are you?

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Have you seen a lot more properties hitting the market this past week? More For Sale signs on lawns? Because I definitely have! More inventory means a less likely chance of competing in multiple offers. Keep in mind the properties that are very desirable are still selling quickly.  

Here is what’s happening in the Tri-Cities and all the current inventory that has hit the market and sold in the month of April.

 

Like all markets across the Greater Vancouver Area there is fluctuation when it comes to price, inventory and days on market. Click on the links below to see the real estate market trends in the Tri-Cities for the past year. It will be interesting to see the stats for April and compare them, stay tuned for another market update in May.

 

Port Moody – Coquitlam – Port Coquitlam

January 2017 to March 2018 – Attached/Detached Homes Averages.

 

Average Sales Price

Attached: https://statscentre.rebgv.org/infoserv/s-v1/jdlW-fKO

Detached: https://statscentre.rebgv.org/infoserv/s-v1/jdlL-0mh

 

Total Inventory

Attached: https://statscentre.rebgv.org/infoserv/s-v1/jdle-S4s

Detached: https://statscentre.rebgv.org/infoserv/s-v1/jdZB-dHS

 

Days on Market

 Attached: https://statscentre.rebgv.org/infoserv/s-v1/jdZj-Jfc

Detached: https://statscentre.rebgv.org/infoserv/s-v1/jdZC-89e

 

Port Moody

Attached: Click Here to View Listings

Detached: Click Here to View Listings

 

Coquitlam – Blows Port Moody and Port Coquitlam out of the water with most inventory listed and sold in April 2018 thus far. 198 properties to be exact!

Attached: Click Here to View Listings

Detached: Click Here to View Listings

 

Port Coquitlam

Attached: Click Here to View Listings

Detached: Click Here to View Listings

 

Would you like some more information about a specific area? Shoot me an email or text.

Barbara.hutniak@remax.net or 778.988.7487

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Warmer weather is just around the corner which also means patio weather! Here are some DIY and low cost outdoor living ideas for your home. Whether you have a small balcony or a large backyard here are some ideas that work for everyone.

 

Pallet Patio

Easily create a sectional and table. Paint the pallet and make cushions.

 

 

Refurbish

Have patio furniture that looks drab? It might just need a good clean. If not, refinish with a stain or paint.

 

Wood & Cement Blocks

Create a long bench or side table with two components. The hardest part will be transporting the materials home.

 

Vertical Garden

Great if you don’t have a lot of space and it can also double as a privacy screen.

 

Little extras to make it pop!

Brighten up your patio with an outdoor rug, flower pots, flowers and outdoor pillows.

 

Let's spring into action and get our patios prepped for patio weather!

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I hope everyone has enjoyed their Easter Long Weekend. Now that the buds are blooming and the weather is warming up it’s that time of year again, Spring Cleaning! 

 

 

Here are some helpful cleaning tips.

  1. To clean your fridge, combine salt and soda water for the best results.
  2. How to get rid of lime buildup around fixtures; soak paper towel in vinegar and let sit for one hour.
  3. Use a scrap of carpet to clean window screens.
  4. Clean windows with two rags; first a rag with soapy water and then a dry rag.
  5. Bring your drapes to their original glory; remove hooks and put into the dryer on air-fluff cycle along with a wet towel.
  6. Use a furniture polish to clean the blades of a ceiling fan.
  7. Hang your comforters, blankets and pillows on a clothesline for a day, to air them out after a long winter.

Full Article Click Here

 

 Do you have any cleaning tips? Please share them below.

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Everyone knows that the Spring Market is the busiest time in real estate. It’s when you start to see more inventory and buyers. Most people want to move in the Summer which makes Spring the most logical time to sell or start looking.

 

 

Here are some benefits of listing your home in Spring.

 

Moving Day: Nobody wants to move when it’s raining and especially not when it’s snowing! Most people want to move when it’s warmer out. Plus, your curb appeal looks better in the warmer seasons.

 

Spring Has Sprung: After winter you may feel unmotivated and a little down, but once it’s starts warming up and we have more sunshine in the forecast it kicks everyone into gear. The likelihood of selling your home is higher in the spring time, since it’s the most active real estate market of the year.

 

Ahead of the Crowd: With a long weekend coming up many sellers would rather wait to list their home. But why wait? If buyers are serious they are looking now! If your listing your home wouldn’t you rather be ahead of the competition. Less competition and more buyers mean a higher chance of selling fast.

 

Summer Break: If you are a parent, summer is the ideal time to move since the kids will be out of school. So, if you want to move in the Summer the perfect time to start looking is now.

 

Thinking of selling you’re home this Spring? Give me a call today. 778.988.7487

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With rising prices many First-Time Home buyers are looking to continue to rent in their ideal location and buy an investment property in more affordable cities across the lower mainland. An important side note, 20% down is needed to buy an investment property. Since the buyer will not be living in the property they save their First-Time Home Buyer property tax exemption for when they buy their primary residence down the road and after they have built equity on their investment property.

Thinking of buying an investment property? If the condo has a tenant that would like to stay, this is what you need to know as the landlord. Becoming a Landlord can be a rewarding experience if done correctly, for more information on how to protect yourself as a landlord visit Landlordbc.ca and Landlordregistry.ca.

 

Tenancy issues to consider before purchasing a condo:

  1. Is there a written tenancy agreement?
  2. What rules – such as smoking and pets prohibitions – are in place?
  3. Did the seller take a security deposit from the tenant?
  4. Was a move-in inspection report completed by the seller and the tenant at the beginning of the tenancy?
  5. Did the seller increase the tenant’s rent at any point in time during the tenancy?
  6. If the property is sublet or the tenancy is assigned, did the seller provide their written consent to this sublet or assignment?
  7. Is there history of disputes between the seller and the tenant?

 

 

Questions? Comment below.

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With all the developments appearing across the lower mainland people are lining up for Pre-Sales. With the rising prices this is a great alternative for people as long as they are willing to wait, most often for years! If you have been one of those people lining up for a Pre-Sale, you know that it’s not easy to just give your money and lock in a unit. That’s why assignments have also become popular, the Seller makes a profit and the Buyer gets into a brand new building. It can be risky or a win-win situation as long as everything is done properly.

 

Here’s what you need to know about being the Assignor (Seller):

  • If the Buyer is unable to complete, the Assignor responsible for completing the transaction.
  • Is Assignment of a pre-sale contract permitted under the purchase contract?
  • Does the Developer have an Assignment Fee?

 

Here’s what you need to know about being the Assignee (Buyer):  

  • Review the Disclosure Statement and associated documents in great detail.
  • Will the deposit and “lift” be paid by the assignor?
  • If possible, release the money to the assignor only after the building is complete and the title has been transferred.
  • If there is a breach in the assignment agreement or pre-sale contract, what happens?
  • Did you know most lenders will not hold a rate especially on long completion dates or they will revaluate and potential not reapprove you. RBC is the only bank that will hold your rate until completion.

 

I recommend you have your real estate agent and lawyer review all the documents thoroughly.

 

 

 

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When starting your home search, it’s important to choose your ideal location and check if it’s financially possible. There’s many things you can change about your home but location is not one of them! Staying in your ideal location may lead to sacrifice of square footage but in the long run you will be happier. Vancouverites normally move around quite a bit so paying off a home is not very common, instead people equity shift. Once your home goes up in value you sell and upsize. Another option if your ideal location is not an option financially is buying an investment property in the Fraser Valley and continue renting in your ideal location.

 

 

What to think about when pin pointing your ideal location.

  • Urban Vs Suburban
  • Explore Potential Neighbourhoods
  • Research Proximity to Work & Schools
  • Think About Family & Friends
  • Look into Crime Rates

Full Article: Click Here

 

Where is your ideal location? Comment Below.

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The Spring market is fast approaching and more properties will be hitting the market. Are you thinking about listing your home? Renovations can be costly and time consuming. If your home is looking outdated here are some simple and cost-effective tips to help you make your home market ready.

 

 

Repaint – A fresh coat of paint can do wonders. Make sure to do it properly because nothing is worse than wall paint on the ceiling or baseboards. Be sure to use painter’s tape or hire a professional.

 

Power Wash Exterior – Getting rid of the mildew and dirt and leaving a sparkly clean home will attract buyers. Everyone knows first impressions matter!

 

New Hardware – Update your faucets & knobs and keep the same style throughout.

 

Flooring – Worn down flooring instantly puts dollar signs in a prospective buyer’s eyes. Ease their stress by putting in new uniform flooring throughout.

 

Light it Up – Replace light fixtures to modernize your space.

 

Front Door – Add some character to your home by painting or completely replacing your front door.

 

Clean up – Nothing is worse than walking into a home and all you call see is clutter. Once you leave it’s hard to remember what the home even looked like.

 

Thinking of selling? Call me today and I can help you make your home market ready.

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Have you ever felt overwhelmed looking through strata documents? In my opinion when buying into a strata property the most daunting task for a buyer is reading the strata documents and understanding them.  There's usually hundreds of pages to go through including the Form B, Meeting Minutes, Annual General Meeting (AGM) Minutes, Special General Meeting (SGM) Minutes, Strata Plan, Depreciation Report, Financial Statements, Bylaws/Rules, and don't forget about the Title Search and Property Disclosure Statement. 

 

I'm hoping this blog post will give you some clarity and guidance next time you are reviewing strata documents.

 

First you need to block off at least a couple hours, and a glass of wine usually helps!

 

 

Title Search:

 If you haven't seen a Title Search before it is common for the property to have covenants and easements, they can be from the city, hydro, air space, etc. It's important to cross reference and confirm that the P.I.D. number is the same on the Title Search and listing sheet. I always verify that the sellers are actually the owners of the strata lot and if there are any charges or liens against the property. 

 

Property Disclosure Statement:

The Seller fills out this document to the best of their knowledge. It's important to review in case, for example, the seller discloses that they did an upgrade in their unit without the proper permits and without strata’s approval. 

 

Form B:

It's important to check the Form B for up to date information regarding Strata Fees, amount in the Contingency Reserve Fund, total rented units, Parking/Storage Locker allocated to Strata Lot and most importantly if the Strata lot owes any money to the Strata Corporation. Check if they strata corporation is currently involved in any court proceedings or arbitration. If yes, that property could be flagged by CMHC and require 20% down.

  

Bylaws/Rules:

Make a list of what's important to you:

Pet Restrictions?

Barbeques on the patio?

Etc...

 

Strata Minutes: 

Confirmed that there are no Minutes missing and check if the strata council is proactive if a problem arises. There is normally 2 years of minutes for review and it's important to check from meeting to meeting how long it takes them to resolve any new business. Check if there's been any special levies or strata fee raises. Another important one for those rule breakers out there is how easily they fine owners for infractions, do they give you a couple warnings or just give you a fine.

 

Depreciation/Financial Report:

The Depreciation Report gives you an idea of any maintenance or repairs forecasted in the years to come. The Financial Report breaks down the strata’s operating cost, contingency reserve fund, insurance and year to date surplus. 

 

Have a question? Give me a call 778.988.7487

 

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I hope everyone had a chance to enjoyed family day yesterday! This past weekend was absolutely beautiful but it was definitely chilly. All the patios on Brewer’s Row were full as if it was summer. Only in BC is it patio weather in February! I worked all weekend but I still took time to do what I love, hiking. Living in the Tri-Cities there are a ton of great hiking trails.

Photo Taken February 11, 2018

 

Here is a list of my favourites:

 

Port Moody

 

Buntzen Lake: If you look online it says 8km around the lake but my fitness app says 10 k and it takes just over 2 hours. For the more adventurous people out there, there is Diez Vista with breathtaking views.

 

White Pine Beach: Short walk around the lake and once it’s warm enough you can jump off the docks to cool off.

 

Shoreline Trail: Great walk around the inlet and finish it off with Rocky Point Ice Cream or a pint from one of the Breweries; Parkside, Moody Ales, Yellow Dog or Twin Sails.

 

Coquitlam


Coquitlam Crunch: Get your booty in shape with about 500 steps and walk to the top along the powerlines.

 

Crystal Falls: The trail head is among houses at the north end of Shaughnessy and finishes at a beautiful waterfall that drains into the Coquitlam River.  

 

Minnekhada Regional Park: Beautiful park with trails to Minnekhada and High Knoll Lookout.

 

Port Coquitlam

 

Colony Farms Provincial Park: Great park for walking, running and mountain biking. Nice and flat so it is easy on the little ones.

 

Traboulay PoCo Trail: 25.3km trail that loops around Port Coquitlam. The trail goes along the dykes, parks, river and Downtown PoCo.

 

What’s your favourite hike in the Tri-Cities?

Comment Below.

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Have you ever lived through a major home renovation? If you have, you know it usually takes longer than expected and it can be a stressful experience. When starting your home search, it's important to sit down and discuss your “Must Haves” and budget. Even though a Fixer Upper may be daunting it’s normally the more affordable option but it’s very important to do an inspection and confirm the home has good bones. When buying a move in ready home, I recommend doing an inspection, to confirm the work was done properly and that you won’t have any surprises down the road. If you are paying more for a move in ready home it’s nice to know that it’s financially worth it.

 

 

Let’s see if a Move in Ready or a Fixer Upper is the right choice for you.


Make Your Mark

Fixer Upper: Make your dream home a reality. You choose the finishes, floors, counters tops and colours.

Move in Ready: All the design choices are already made.

Location, Location, Location

Fixer Upper: Picking the ugliest house in your ideal location is beneficial when you don’t want to break the bank.

Move in Ready: You might have to leave your desired location but new and shiny means less problems you would run into with an older home.

High Roller

Fixer Upper: Expected and unexpected renovation cost can really add up.

Move in Ready: It might cost more up front but you won’t be surprised with a leaky roof or sinking foundation.

Living Arrangements

Fixer Upper: Will you live in the home during renovations? Renting while renovating can be an extra expense that you just can’t afford.

Move in Ready: Move right in and start enjoying your life in your new home.

Back Up Plan

Fixer Upper: Did you budget for the renovations? Life happens and sometimes financially you can’t finish what you started. Selling a partially renovated home is much harder.

Move in Ready: Much like buying a brand-new car, a brand-new home will have significantly lower maintenance costs for years to come. As older water heaters, roofs, etc. start to wear out in older homes, those costs can add up.

 

What would you prefer a Move In Ready or Fixer Upper?

 

 

 

 

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Buying a condo or townhouse in today's hot market can be intimidating. Here are some helpful tips to have the best odds of winning and owning your dream home. Having been in many multiple offer situations myself, I recommend putting your strongest offer forward and if you don’t win, at least you know you tried your best.

 

 

Preparing for Your Offer:

  • Ask your real estate agent or personally talk to your Mortgage Broker and confirm your pre-approval and ask them what you can do to strengthen your offer.
  • Read all the Strata Documents, Property Disclosure and Title Search, if available.

How to Strengthen Your Offer:

  • Bank Draft in hand and ready for the deposit.
  • If possible, I will present the offer in person – I recommend writing a letter telling the Sellers about yourselves and how you feel about the property.
  • Give the Seller their preferred closing dates.
  • Write a subject free offer. If you need subject to financing, ask your Mortgage Broker if short subject removal dates are possible.
  • If the property is tenanted (take over existing tenancy) or vacant, quick closing dates will be appealing to the Seller.
  • For offer presentations hand in your offer at the last minute, see how many offers you are competing against and decide on price then.
  • If they are taking offers as they come, the sooner you submit your offer the better. There’s no tomorrow in real estate!

Have any questions about multiple offers? Let’s grab a coffee and talk about today's real estate market.

778.988.7487

 

 

 

 

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