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How do you stand out from the crowd in a situation of multiple purchase offers?

Since the start of the pandemic, the real estate market has exploded, unheard of. As a result, multiple purchase offers and overbids are increasingly popular. In this situation, how can you distinguish yourself as a buyer?

Make your purchase offer shine to stand out from the crowd

Generally, the most common strategy is to offer a high price. But in recent months, offers to buy above asking price have become common practice. There are other tactics that can make your offer stand out:

  •  Write as few clauses and conditions as possible. This could suggest that your funding is a problem.
  • Make sure you already have a prequalification letter from your mortgage broker. It guarantees your solvency. Get one now. Faites-le maintenant.
  • Provide proof of possession of the money required for the down payment.
  • Attach to your offer a letter explaining your motivations for wanting this property. Sometimes the affective factor can tip the scales in favor of one buyer over another.
  • If you want to acquire an income property and you already have one or more, show your seriousness by sending an overview of your possessions. 

Advices

  • The pre-purchase inspection clause is a must. This will revealthe state of health of the building. Otherwise, your dream home could turn into a financial nightmare.
  • First of all, get pre-approved for your financing. This will attest your seriousness to the seller.
  • Watch out for impulsive decisions. Emotion can take over. Make sure you read the listing for the house and tour it before making an offer. Avoid taking unnecessary risks.

Despite the sometimes fierce competition between buyers, it is always important to keep in mind that a promise to purchase is a contract. This should not be taken lightly.

Fom: Gagner la bataille de la contre-offre pour acheter une maison de Ghislain Larochelle, Le Journal de Montréal, le 17 décembre 2018

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