How To Compete in a Multiple Offer Situation

Competing in a multiple offer situation when buying a home can be challenging, but there are several strategies you can employ to increase your chances of success. Here are several ways you can compete effectively:

  1. Offer a higher price: In a competitive market, offering a higher price than the listing price or the competing offers can make your offer more attractive to the seller. However, be sure to consider your budget and the value of the property to avoid overpaying.

  2. Get a pre-approval letter from a reputable lender demonstrates to the seller that you are a serious buyer who is financially capable of purchasing the condo. This can give you an edge over other buyers who may not have secured financing. It can also allow you to leave out that condition in your offer. Allow your realtor to communicate with your mortage broker to confirm your budget.

  3. Write a subject free offer. If the listing agent has all the property documents up front, you can read them before offer presentation time. You can also have a home inspection done prior to offer time as well.

  4. Make a larger earnest money deposit: Increasing the earnest money deposit shows the seller that you are committed to the purchase and willing to put down a significant amount of money upfront. A larger deposit can make your offer more appealing and reassure the seller of your sincerity.

  5. Write a personal letter to the seller: Sometimes, sellers are emotionally attached to their property and may be swayed by a heartfelt letter from a prospective buyer. Use the letter to introduce yourself, explain why you love the condo, and convey your excitement about the possibility of living there. Personalizing your offer in this way can help you stand out from other buyers.

  6. If possible, give the seller the Completion and Possession dates they need to move on to their next property.

My job is to craft a contract that legally protects you as the Buyer, and negotiate on your behalf so that you have the opportunity to put your best offer possible in the multiple offer situation.


Should You Co-sign your Child's Mortgage?

In Canada, a co-signer on a mortgage is someone who agrees to be legally responsible for the mortgage payments if the primary borrower defaults. Mortgage with a co-signer can help a borrower qualify for a loan if they have insufficient credit history or income on their own. However, it's a significant financial commitment and carries risks for the co-signer.

A bare trust agreement, on the other hand, is a legal arrangement where a trustee holds property or assets on behalf of a beneficiary. In the context of real estate, a bare trust may be used for various purposes, such as holding property for the benefit of a minor child or managing property on behalf of someone who is unable to do so themselves.

If a parent co-signs their child's mortgage and the property is held in a bare trust, it means that the parent may have legal responsibility for the mortgage payments, but the property is legally owned by the child and held in trust by the parent as trustee. This arrangement can have implications for taxation, estate planning, and asset protection.

It's essential to consult with a legal and financial advisor to understand the implications of co-signing a mortgage and entering into a bare trust agreement, as these arrangements can have complex legal and financial consequences.


How Do You Choose a Realtor?

How to Choose a Real Estate Agent (For Buyers and Sellers)

When taking the first step on the path of buying or selling property, selecting the right realtor is a pivotal decision that can elevate your experience and outcome. Going above and beyond facilitating transactions, a top-performing realtor raises the bar in client-care, ensuring a smooth and successful journey. Here’s how to choose a realtor that’s a cut above the rest.

Tip 1: Look for a Relationship-Driven Approach

The heart of real estate isn’t just brick and mortar; it’s people. A relationship-driven realtor prioritizes your needs, preferences, and family and financial goals. They invest time in understanding your unique situation and are committed to building a lasting partnership. This is the kind of agent who will be by your side every step of the way, offering personalized advice and support. To find them, seek out testimonials that highlight the realtor’s dedication to fostering strong client relationships and delivering tailored service.

Tip 2: Evaluate Their Local Market Knowledge

A realtor with unparalleled local market knowledge provides an invaluable edge. They bring a market-leading understanding of the nuances of your specific area of interest, which is crucial whether you’re buying or selling. This insight can be the difference between an average deal and a great one. Inquire about their grasp of local trends, property values, and community dynamics. A top-performing realtor will demonstrate a depth of knowledge in local market trends, property laws, and the ability to accurately assess the value of properties in a particular neighbourhood.

Tip 3: Assess Their Communication Style

Communication is key in the real estate process. Your realtor should be readily available and willing to communicate in your preferred method, whether it be via phone, email, or text. They should keep you informed throughout the entire process and be proactive in addressing your concerns. A good realtor listens to your needs and communicates clearly and promptly.

Tip 4: Understand Their Niche Experience and Expertise

Experience in real estate can make a significant difference. An experienced realtor will have navigated their niche market conditions and dealt with many types of transactions. They bring a wealth of knowledge and a network of contacts in their real estate expertise, including potential buyers, sellers, and other industry professionals. However, don’t dismiss a newer realtor outright; they often bring enthusiasm and innovative approaches to their work. The key is to find someone who exhibits a strong understanding of the real estate process and demonstrates the skill to handle your specific needs.

Tip 5: Request a Strategy-Led Marketing Plan

In today’s fast-paced market, a strategic, well-executed marketing plan is essential. A top-performing realtor employs a strategy-led approach to marketing, ensuring that your property reaches the right audience. They utilize innovative tools and techniques, from virtual tours to social media marketing, to showcase your property effectively and make it stand out in the market. For buyers, a strategic plan means a more efficient search for the perfect home.

Closing Thoughts

Choosing a realtor who embodies these qualities can significantly raise the bar for your real estate experience. A top-performing, relationship-driven, and results-focused agent with unparalleled local insight and full-service capabilities will unquestionably exceed your expectations. The right realtor is more than an agent; they are your strategic partner in one of the most significant transactions of your life. Choose wisely, and the effort you put into selecting the best realtor for you will serve you well during your real estate journey and beyond.

Article courtesy of Stilhavn Real Estate Services

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.