By: Matt Busch

FAQ's Buying a home

Tags: buying a home

All regular residential real estate offers are comprised of 4 main components: 
1. Offer amount - Make sure you are competitive with the offering price. The items below wont matter much if the price isnt right, or within the ball park of other competing offers. 

2. Deposit - A deposit herewith is preferred when competing in a bid, this means on the day of the offer you already have a cheque in your hands, and dont need to go get it from the bank after your offer is accepted. 

3. Conditions - When competing in a bid, ideally you do not want to have conditions. Put yourself in the seller's / their agent's shoes. They've just done 40-70 showings over the course of a week and now they are looking at 5-10 offers. An offer with conditions would almost immediately be dismissed as a seller and their agent would not want to risk the deal not firming up. The risk usually isn't worth the reward unless that offer is substantially better $ wise. 

4. Closing date - In a competitive offer situation it is most ideal that your offer aligns with the closing date that the seller requires as this is likely a date they have planned around with regards to where they will be moving. If you own a home already it is likely that your purchaser will need approx 45-60 days to close, we would need about 1 week to prepare your home + the marketing materials, and it would take about 1 week to sell your home in a hot seller's market, so it's important to consider these timelines when deciding whether or not you can accommodate the sellers requested closing date. You will want to talk to your bank about the idea of bridge financing. (
ask this:
Would we be eligible for bridge financing if we can't get the date to line up for our purchase/ sale? Also what is the approximate cost?) I always like to recommend closing the sale of your current home 3-4 days after closing on your purchase. It allows for the process to be much less stressful. 

There is of course other fundemental parts of the offer, inclusions/ exclusions. 

We build into your offer two revisits. 

Once your offer is firm and accepted (meaning the conditions have been removed) then we will send the deal to your lawyer 
 

 

 

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