The market remains brisk in the Toronto and Greater Toronto area due to a lack of inventorY. This is creating multiple offers on many listings. This id due to the lack of houses on the market to accommodate the number of buyers. That, along with the low interest rates, makes it a Seller’s market right now. Great situation for Sellers but if you are not selling a property and are a first time home buyer, you must be careful not to overpay on a home.
DON’T GIVE UP
I have had many buyers who refuse to even participate when this occurs, but they could be missing out on an opportunity to buy the home they want. Just because there are multiple offers doesn’t mean you have to over spend…I advise my Buyers to put forth their best offer that falls within their budget and comfort level. Since the other offers remain confidential, everyone is on an even playing field.. so no one knows what the other offers are.
If you find yourself in that situation, you have to try and submit the cleanest offer possible. This means an offer with the least amount of Conditions possible. If you have already been pre-approved for financing you may consider removing the financing condition to make your offer more appealing to the Seller.
MAKE IT APPEALING
Try to make your offer as appealing as you can to the Seller… give them the closing date they are asking for. Let them know you are serious by submitting a substantial deposit with the offer. Stay within the boundaries of inclusions and exclusions listed on the MLS Listing. Do not ask for anything that is excluded.
Normally I would recommend a house inspection in every instance. However, when in a multiple offer situation you may have to consider removing this condition. If you are not comfortable doing that, you can have a home inspection yourself prior to the offer submission date. Sometimes, the Seller will have a pre-list inspection for Buyers to review. Ultimately it is the Buyer’s sole decision whether or not to include an inspection condition.
PLANNING IS KEY
When buying a Condominium one Condition that is must is the Status Certificate. This document has a wealth of information in it your lawyer will review. It identifies the amount in the reserve fund, and the monthly maintenance fees. This document should also sow when they may increase, and if are there any special assessments being levied in the near future. Another important piece of information is where there are there any lawsuits pending against the corporation. You need to know if there is sufficient insurance on the exterior of the buildings and common elements… These are all important things your lawyer will review for you.
In summary, if you find there is another offer in addition to yours… submit your very best offer the first time. You may not get a second chance.
Stay within your budget and what you can comfortably afford…
Make your offer as attractive as you can for the Sellers. Your offer could be the one that is ultimately accepted! Don’t be afraid to try submitting an offer. Just put your best foot forward and stay within budget.
I live and work in STREETSVILLE and have a vested interest in property values here. Are you considering buying or selling or know anyone who is? Give me a call for a complimentary evaluation of your home in this changing market. (416) 717-6331.
When you choose me to handle your real estate needs, you are choosing a real estate professional who cares about you and your family. One who will listen to your needs, work together with you, and protecting your interests to achieve your objectives.
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