This year particularly, the Outaouais is experiencing a higher real estate buyer demand than what is currently on offer in terms of properties for sale.
It is therefore likely that as a buyer, you are in a situation of multiple offers. In light of this, Here are some tips to help you succeed in acquiring the right property for you.
Buying a house is a process that generates a lot of emotions and stress. The tension usually reaches its peak when you submit a bid: between the frenzy of becoming buyers of the coveted property, the pressure to find a new home as quickly as possible and the sale of their own home, buyers have something to worry about!
After so much effort, nothing more disappointing than seeing his offer to purchase refused.
Have you ever been in competition with other buyers to submit an offer on a property?
Do sellers tend to refuse your offers?
Do you feel at a disadvantage because of your budget when submitting an offer?
If you recognize yourself in one of these situations or want to prepare for a tempting purchase offer, we have some tips for you.
The price offered
We will not be secretive: the price you offer weighs heavily in the balance of sales. After all, they expect to recover a return on their investment.
But do not think that the most generous buyer will win the auction. Other clauses negotiated in the offer to purchase could have undesirable financial consequences for the sellers. For example, the buyer’s proposed deadlines may not be consistent with the sellers’ plans or constraints.
Do:
- Study the comparables, that is, the similar properties that sold in the area in recent years. month.
- Compare the asking price (market value) with the municipal assessment. Municipal evaluation is a minimum price. It is better to offer a price closer to the market value.
- Make your best offer the first time.
Avoid:
- Exceed your maximum budget. Do not put yourself in a compromising financial situation to win an overbid! Just present your best offer; you will be sure to have done your best.
Financing conditions
Your offer will be more interesting if you submit an unconditional offer.
To do:
- Get a mortgage pre-approval before submitting your offer. This will reassure sellers about your ability to pay for the property and speed up the sales process.
- You have found the perfect property and you absolutely want to buy it? Demonstrate that you are making a serious offer by giving sellers a certified check.
The condition of the inspection
Another tactic is to withdraw the inspection as a condition of sale. Attention, the idea is not to give up the inspection (we do not recommend it!)
To do:
- Order the inspection before submitting an offer rather than after.
- Act quickly to compete with other interested buyers.
Charm operation
Small budget, small chances to win bidding? Not necessarily … because trust can not be bought!
Establishing a positive rapport with the sellers may well work in your favour even if your bid is not the highest of the lot. Indeed, some sellers attach a lot of importance to the people who will live in the house they have cherished for several years.
Do not forget to make yourself sympathetic to the vendors during the visits!
Do’s:
- Make the conversation and get to know the sellers.
- Find points of common interest. Do you notice that there is a magnificent backyard? Talk about gardening and mention that you would be delighted to have such a project!
- If you really like the house, say it! Say you feel a special connection with the property.
- Be courteous at all costs.
- Stretch your ear more than you speak! Salespeople will feel listened to and trust you more.
The goal is to create a memorable interaction with the sellers. When they compare the offers to buy, they must say to themselves, “I am comfortable with the idea that this person lives in the house we have taken so much care of.”
