Ready To Write An Offer?

With Paul Marsch, of Royal LePage Riverbend Realty

Ready To Write An Offer?

In today's market, preparation and strategy for writing an offer has never been more crucial. With the lack of inventory and surplus of buyers, the competition has forced agents and buyers to adapt in order to successfully get you in your dream home. Here are a few things we feel important to be on the winning end of a competing offer scenario.

1. Getting pre approved with a very thorough lender or broker is very important. You want to ensure that a FULL pre approval is done and you communicate with them how strong your file is. This will help you with deciding what conditions to include or not include.

2. As a buyer, you will need to decide what conditions you want or don’t want to include. These will be circumstantial for different buyers and different property conditions. Sometimes something as simple as removing your conditions may put you on the winning side without necessarily being the highest bidder. There is risk involved in this and you should have a thorough discussion before deciding this.

3. Discuss with your agent a price point that makes the most sense for you. Ask good questions before deciding a final number; Do I need to account for reno’s? How long do I plan to be in this home? What is the highest rate of return for this house/neighbourhood? Is there any intangible value for me on this house/neighbourhood?

These are some of the strategic steps we like to coach our clients through to do our best to help you be successful in one of Real Estate's most challenging markets. We are happy to sit down for a more in depth planning session if you are getting ready to start house hunting this spring!

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