5 Things To Tilt Things Your Way

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So you've decided to change neighborhoods or move to a bigger house for the growing family.
Here's a few things to think about:

 

1) Use an Agent - As a buyer looking at purchasing a new home why would you not use a realtor?  The commission is almost always paid for on the Seller's side unless the listing is a For Sale By Owner.  Take advantage of someone's experience within your desired neighborhood, who has seen the housing stock, has access to comparables and can represent you fully through the buying experience.  If you are going through the listing agent on a home, remember that they are working for the Seller and not for you.

2) Clean Up Your Offer - If you are able to sell your house before buying, do it.  Yes, we are seeing more Conditional Sales based on the Buyer selling their home but you lose your negotiating power if you are asking the Sellers to tie up their home while you sell yours.  Get that Mortgage approval you need going forward but never buy a home without a Home Inspection clause.  It's too important and expensive an investment to gamble on not having a professional go over what you are about to purchase.

3) Negotiate For A Deal - Have a look at how long a house has been on the market.  If an agent (or homeowner) has overpriced their house and it has gone stale you might have an opportunity to strike a deal.  The owners could be tired of house showings, open houses and not being able to move on with their life that they could be open to a deal that is undervalue.  Tough on them but good for you.  That doesn't mean go lowball on them, you'll usually end up upsetting them and in a fight rather than a good negotiation.

4) A Decent Deposit - Sometimes bigger really is better.  Putting down a deposit of $20 000 will impress the sellers, show that you are serious about purchasing their home and have the necessary cash to close the deal.  It can help sway your offer your way versus others if there's competition.  Also, the deposit doesn't have to be paid until such a time as the offer is accepted by both parties.

5) Play By The Rules That Favour You - Depending on how the listing is set up and how long it has been on the market, setting a shorter irrevocable time can be in your favour.  Now, I'm not talking about a 2 hour window, chances are that will upset people but there's usually no need for a 48 irrevocable unless specified by the agent (and even that isn't written in stone).  Let me present the offer in person, potentially have you waiting in the car, and set an irrevocable of 6 hrs.  Put some pressure on them but not uncomfortably so.


These aren't the only rules by any means but a few things to keep in mind.

If you have any questions feel free to be in touch.

 

 

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