If you have been watching the market lately, then you probably know multiple offers are pretty much happening on every single listing virtually across the board. And if you have been in the market for a home then you may even be fed up of losing out on homes and getting outbid, so what can you do to differentiate your offer from others in a multiple offer situation:
- Conditions; get rid of them. This does NOT mean don’t do your due diligence. Financing, inspection and status certificate review (if condo) of a condo property are the most common conditions. This can be easily circumvented by: Getting pre-approved for a loan, asking the seller if they have an inspection report beforehand to review, if not then of course it’s best to include the condition and you MUST understand the risks of not including this clause if you do end up choosing to forgo the condition of inspection. And if it’s a condo property, many seller’s expecting multiple offers would already have a copy of the status certificate, have your lawyer review before submitting an offer, if they don’t then you’re going to have to include that condition.
FLEXIBLE CLOSING DATE
- Maintain a flexibility with the closing date: There is value in a closing date that suits the seller’s needs. It’s in your best interest to ask the sellers what they would prefer, if they don’t disclose or are open anytime then pay attention to clues and details such as: vacant because that means sooner the most likely better it is for the seller.
- Have deposit ready: Traditionally, deposits are submitted after an offer has been accepted. That being said if you have your bank draft in hand for the deposit ready to go, this shows a sign of good faith to the sellers and sets you apart from other offers