Are you thinking about buying a house this summer? Know this, you’re not alone. House sales and prices in the GTA are at record highs and homes are flying off the market within hours, well above listing price. Navigating through this hectic seller’s market can be challenging and takes a lot of flexibility and patience. But once you’ve found the perfect house you need to be ready to move. So if you are ready to make an offer here are some tips to get yours accepted.
#1 Make A Crystal Clear Offer
The easier your offer is the more appealing it will be to sellers. An attractive offer is more than just a good price -- it can be about as few contingencies as possible (such as an inspection or appraisal) and a closing day that works better for the sellers. Right now it’s very important to appeal to the seller's interests.
#2 Escalate Your Offer
To make your offer even more compelling to sellers you could have your lawyer draw up an escalation clause. An escalation clause states that you’re making an offer but will outbid other offers up to a specific price. There are a number of variations of this type of clause and rules and regulations that must be followed.
#3 Put More Money Down
The best way to show a seller how serious you are is to offer more money in your down payment. A larger down payment gives the seller more confidence that you are more financially secure and that the whole transaction will be smooth. This might also be the easiest way to stand out amongst the rest of the offers.
If you are ready to purchase a new home this summer, but you need help making the first move, please get in touch with me. Or if you know someone in that position, please send them this blog. I’m ready to help wherever I can.
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