Making An Offer
The scariest & must crucial point of your home-buying process is without a doubt the offer presentation
Knowing what to expect can help ease some of those fears & put you in a better mindset for negotiations!
Here are some of the top things that you need to keep in mind when making an offer:
1.) You will need a 5% deposit with your offer, so make sure you have easy access to funds for a Bank Draft
2.) Do you have a current pre-approval?
If not, it might be best to review Step #3 on How to Get a Mortgage Pre-Approval & why it's so important for your offer
3.) Has your agent provided you with up to date data on comparable sales in the area or building?
Have a discussion with your agent on what the value of the property is based on the recent comparable sales
4.) What is the strategy?
This can vary drastically depending on whether or not you are in a multiple offer scenario
Have a game-plan & a good backup so that you are prepared for any potential outcome
5.) Know your numbers!!
What is the price you feel comfortable paying for that property? The worst thing you can do is overpay & not feel comfortable with the decision!
Make sure that you have done your research so you have this number in your head prior to entering the offer presentation
6.) Do you understand the offer documents?
Are there any terms you don't understand? If so, clarify these with your Real Estate professional
Do you have conditions in your offer to protect you?
Review Of Condo Docs?