Every month Jamie gives us a video breakdown on what is happening in the Vancouver Real Estate Market. This week learn the key elements of Vancouver Real Estate Winning Offer – Everytime
A Guide to Writing a Vancouver Real Estate Winning Offer
Below is a transcription of the video
Today we’re going to talk about how to write a winning offer every time. I’m sure we all know somebody in Greater Vancouver who’s been looking to purchase a home over the last few years, that’s become frustrated because every time they go to write an offer there’s another 5-10 competing ones. Today we’re going to show you how to fix that and how to write the winning offer every single time.
So when writing an offer to purchase a property when you’re in a competitive situation with other offers, you need to know some basic things. The first thing you need to do is put yourself in the seller’s shoes and make the most attractive offer you can. You want to be the prettiest girl at the dance when you have 4 or 5 other competitors there. The first thing you need to do is to make the highest cash offer that you are prepared to pay for the home. What do I mean by that? You are probably only going to get one opportunity when you’re in a multiple offer situation. When there are no competing offers you can go back and forth and haggle with the seller but it’s a completely different situation when you’re in competition. What you need to do is make the highest dollar offer that you are prepared to pay for the home – so if someone offers them more than that you can say “That’s fine, I wasn’t prepared to pay that for that property”. If a property is listed for $800,000 and it winds up selling for $845,000 and you only offered $825,000 but you were willing to pay $850,000, well then, you’ve left money on the table. Make sure you can walk away from the situation, if you don’t get the home, feeling good about it.
The second thing that is really helpful is having your deposit ready upon offer presentation. I myself have gone with one offer that was the same as the other one only for the simple reason that those people have their cheque right there and the sellers do not have to wait 24-48 hours to get their deposit cheque.
The next thing you want to do is make sure your offer is as clean as possible. What I mean by clean is limited amount of conditions and subject clauses. The three most common subjects that you will usually see on a property is subject to financing clause, subject to inspection clause and subject to reviewing all the strata documentation. Well there are ways that you can prepare ahead of time so that you do not need to include those subjects in your offer. For starters with a subject to finance clause if you have a sufficient down payment you can usually check with your mortgage broker or lender ahead of time to find out if you are able to go in without a financing condition. Number two if you want to do an inspection on the property you are purchasing you can usually line it up ahead of time to get an inspector in there before you make your offer. Now your downside is that you may pay $500 for inspection and not get the house but it will give you the advantage over people that may have included that clause. The strata document clause is make sure they are all reviewed ahead of time and make sure any questions are concerns you may have are answered ahead of time before you write your offer. The last one is to find out what closing dates are most appealing to the seller. Find out what dates they want and do your best to accommodate those dates.
If you need any help writing an offer on a property let me know, we’ll be glad to do it and we’ll show you how to win every time.