You’ve viewed many properties and spent months searching for your dream home. Finally it happens - you walk in and know that this is the home you’ve been waiting for! It’s time to start thinking about an offer...
When making an offer it is important to remember that the purchase price is not the only ‘piece of the puzzle’ that matters. In fact, the market is constantly changing and offering a higher price may not always win you the sale.
The combination of elements listed below can equally please the seller:
Closing Date - Agreeing with the closing date that the seller wants can make a huge difference. If a seller wants to have a possession date mid to end of the month, try to comply with this timeline. The seller is more likely to chose an offer that fits with their needs rather than an offer that is at a slightly higher price point.
Firm Offer - Going in with a firm offer rather than a conditional offer (ex. financing/inspection) is a great advantage for the seller. The seller is usually more likely to pick an offer that is firm at a slightly lower price point than a conditional offer at a higher price point. A firm offer provides the seller with confidence in the sale.
Deposit - Having a higher deposit can also make a large difference. Deposits are typically due to the listing brokerage 24 hours after the acceptance of the offer. A large deposit guarantees that the seller will have (more) cash sooner - which can immediately direct the seller’s attention to your offer.
Number of Offers - The number of offers is also important. In a normal situation, the listing agent will provide the co-operating brokerage with the number of offers they have received thus far. It is important to base your offer on this knowledge while staying within the property’s market value. This is a crucial aspect of winning.
*Working with your agent to choose an offer price that falls within a similar range to other homes on the market is important too*
The perfect mixture of these elements will win you your dream home! Dealing with a Sales Representative with knowledge in all of these areas is just a small advantage of working with a GREAT Buyer Agent!