Here are 5 ways to ready ourselves for the offer process.
It’s hard to tell what is going to happen when you begin a search for your home. Whether you are a seasoned vet or a first time Ottawa real estate home buyer, each experience will be unique. Some homes sit on the market for months waiting for offers, while others will sell very shortly after it is listed. “Every deal is different” says Peter Bastedo of Team Hamre at RE/MAX metro city in Ottawa. You need to be prepared for every type of situation. Experience really matters in all aspects of negotiating an offer.
- Know Your Budget - This is the most important first step, whether expecting a multiple offer or not. Get a firm pre-approval from your bank or lending institution. From there you can set your budget and know exactly where your comfort zones lies.
- Be prepared - Make sure you are set up to receive properties as soon as they hit the market. Make room in your schedule and be ready for a quick turn around for viewings. Having a head start on listing before they roll onto the public web sites can be a real advantage. Having potential properties e-mailed directly to you as soon as they hit the market.
- Be as clean as possible – Make your offer easy to say “yes” to. Know as much information about the Sellers situation as possible ahead of time. Price is just one of the criteria that the Seller is going to look at when reviewing offers. Being flexible on closing dates can be an added value to your offer presentation.
- Come in strong - Show the seller you are serious with a strong deposit. Each city has their own ‘norm’ for what the deposit should be. A good recommendation would be to offer as much of a deposit as you can handle. It all goes towards your down payment and closing costs, plus if the deal does not come to term you will receive your full deposit back. A strong deposit shows you have put thought and effort into saving and are serious about buying a home.
- Know when to stop - Buying and selling a home is an emotional time. You have to set goals and limits for yourself, know when to say yes but also know when to hold your ground and say no. A realtor should understand your budget, after all it is your money. Make sure you think of all expenses before saying yes to something that is above what you originally planned for.
There are many nuances and great ideas that go into the making of a well received offer in the hopes of winning your dream home. Here at the TEAM Hamre Ottawa realtors we can help with them all. We pride ourselves on excellent negotiation skills that stem from unparalleled Ottawa real estate market knowledge. You may not run into a multiple offer situation, but if you do, be prepared and have the right professionals in your corner.
Written by Peter Bastedo