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It's Time To Make An Offer

If you have any question or would like more information about making an offer please Contact Us or view our Buyers Page or Sellers Page for more about buying and selling a home or property.

Put yourself in the sellers shoes and imagine how they will react to everything you're about to put in your offer. Oral promises are not legally enforceable when it comes to the sale of real estate. Please be sure you have communicated everything you want in the offer to your REALTOR®.

Price

Have your REALTOR® do a comparative market analysis for you. That will show you the fair market value of the property. The following factors could affect your offer price:

  • Property condition
  • New home improvements
    Market conditions (that old supply and demand again)
  • Seller's motivation
  • Multiple Offers - expect to pay more if there are multiple bidders on a property

Deposit Money

You will be putting up some money to show the seller you are sincere about purchasing his home. Your REALTOR® can give you guidelines for how much this should be.

Financing Contingency

You will probably need to get a mortgage. Even if you have been pre-approved the lender will still need time to have the appraisal done, etc. Your REALTOR® can advise you as to how much time you need.

Home Inspection

Don't skip this, whether it's because you think you can check out the house yourself or you want to save the money a professional inspector charges - it's money well spent in the long run. But remember, no home is perfect and small maintenance-type things found by the home inspector should not be part of any renegotiations with the seller. And don't skip your final walk-through just because you had a home inspection.

Disclosures

Make sure you received all the proper seller disclosures. Sellers may have completed a Seller Property Information Statement. Have your REALTOR® request a copy for your review. Further, material defects MUST be disclosed if known by the seller. Look over these documents carefully - the laws that govern them limit your recourse once you've signed them.

Multiple Offers

It doesn't have to be a 'hot' market for a seller to have the luxury of choosing between multiple offers on their property. If you find yourself in a multiple offer situation don't panic and don't withdraw your offer - you may be the highest bidder and won't even know it if you pull out. Go through at least one round of negotiations before you decide to withdraw. Have a price in your mind of where you want to go and stay in the game until that price has been reached. Too many buyers lose the property by pulling out too soon. Having a well-seasoned REALTOR® familiar with the process can be instrumental in Multiple Offers. Taking the time to hire the right REALTOR® will find you a REALTOR® with a good reputation among their colleagues and peers; this too will aid in your efforts to attain a property in the event of multiple offers.

If you have any question or would like more information about anything please Contact Us or view our Buyers Page or Sellers Page.

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.


RE/MAX Hallmark Realty Ltd., Brokerage.
723 MT.PLEASANT ROAD
Toronto ON  M4S-2N4
(416) 486-5588
Real Estate License # 1832007