Without a doubt and it is no secret, Montreal has been seeing a very healthy real estate market. In fact, multiple offers and homes sold within less of a week are now becoming a common thing! The lack of inventory and what people can afford, narrows down the selection and people are now finding themselves in a competitive game. A bidding war is what is now expected in hot areas and before embarking on the buying process, be well informed of what you can possibly be confronted with.
ARE YOU READY?
If you find yourself in a scenario where multiple offers are involved, are you willing to play the game or walk away? You must decide first and foremost that if you are to encounter this situation, are you willing to move up the ladder? Being pre-qualified for your mortgage also helps in validating that you are ready to purchase and most likely to get approved for the purchase price. This reassures the sellers that they are not wasting their time if they are to accept your offer. Also, are you ready to give up conditions, such as a condition of the sale of your home? Sellers do not want to be dependent on this.
DO YOU KNOW HOW IT WORKS?
When you are advised that multiple offers will be presented or that there are currently offers on the property, you must know that you have to put your absolute final and best foot forward. Are you willing to change some of the offer conditions to make the offer more enticing, such as offering a higher price, waving the sale of your home, a more flexible occupation date, etc? You also may be in something we call “2nd Rank”, which means if the first offer is to be accepted but falls through, yours comes into play. Are you willing to embark on the waiting game?
Being well prepared, ready for any outcome and have the ability to move quickly will help in keeping you in this type of market. For more information on how multiple offers work, please visit my social media to view content or contact me for some tips!
