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.