In our current real estate market where inventory is low, prices are high and competition is fierce, the seller holds a great deal more power than the buyer.
Mulitple offers have become the new normal in the Metro Vancouver market, with many properties selling for hundreds of thousands of dollars over the asking price.
Those bidding wars have buyers going to extra lengths to get a change a getting into a market that is really out of control.
Some tips that may help you get the property you want are as follows:
1) If at all possible write an unconditional offer. The key to winning a bid now is going in with zero conditions attached. This means having your financing in place well ahead of even going to see properties. It also means having a your bank draft deposit in hand to present to the listing realtor and homeowner. It may even be beneficial to have a deposit higher than the standard 5%
2) Do you home inspection early. If possible take your home inspector with you to the open house. You will likely see dozens of other buyers doing exactly the same thing.
3) Write a personal letter. Not always, but in enough cases it will be worth your while to make an effort to make a pesonal connection with the seller. Explain why you want the home, and what the home and location mean to you. This just may appeal to the seller and make sure your offer stands out over the others.
4) Appeal to the seller's timeline. Try and find out the sellers preferred timeline and try to make things work in the timeline they want. Your needs unfortunately should come last when it comes to the real estate sale. Home sellers don't want to be bogged down with the interested parties priorities in regards to completion and possession dates. Those with the most flexible dates stand a huge edge of winning out.
But be warned. Prior to writing an offer that works solely around the sellers interest, seek legal advice before writing a 'no conditions' offer. You need to be aware of the risks. Happy house hunting and good luck!!
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