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You and your partner have been looking for months and are getting tired. You
finally see a home that both of you can agree on and you make an offer only to
find out that there are multiple offers on the property. What do you do?
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Try to find out what is the seller’s key
motivators are. They are usually price and/or possession date.
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If you know what you can afford beforehand, it
will help in determining your maximum price.
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Bid an odd amount like $295,300 instead of
$295,000. It will make your offer stand out from the rest and may beat out
another offer by $300!
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Make you best offer up front, based on your
research and your agent’s recommendation, not emotion. Don’t count on getting a
sign back.
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Don’t over extend yourself, you may regret it
later. Stick to your affordability estimates in chapter 1.
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Never make an unconditional offer to make your
offer stand out in case you change your mind or find something very wrong later
on.
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Important: You are frustrated, so be prepared to
walk away and take a break from your search for a couple of weeks.
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In
Ontario, the seller's real estate agent is required to
disclose the number of competing offers to all buyers who have submitted a
written offer. However, the terms and conditions of each offer are confidential
to the seller and their agent.
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