With short Real Estate inventory in Victoria specially in prime locations, it certainly is daunting to enter the madness of multiple offers in this Seller’s market. Although most Victoria is now under the Buyers watch, but the most actions are in Saanich East, Oak Bay, Victoria downtown and Fairfield.
Here are few ideas to keep you ready and upbeat.
After weeks of search and visiting many open houses in Victoria, taking time off work and arranging with your Realtor, you finally found a property that matches most of your wish-list.
You’re ready to make a good offer, but your Realtor tells you that you have to wait until such date and time to present your offer.
“But I want to buy this house now” you say to yourself.
You wonder why it’s becoming a trend to have the offer reviewed on certain date.
“with shortage of inventory, Sellers prefer to showcase their home to as much potential buyers as possible and instead of having anyone presenting an offer, they assign a date where few potential buyers can present their best offer on table and compete”
Although clever for the Sellers to get the top value for their property, what about you. You really want this house and are willing to even pay more than ask to get it. you ask yourself:
“Am I ready?” This question is very important as it indicates different angles involved;
Emotional and Transactional.
Are you emotionally ready for multiple-offer scenario? What if you don’t win, how do you handle your emotion?
The second part is the transaction itself. There are many good Realtors in Victoria. but a handful know how to handle a multiple-offer for their client to assure a winning strategy.
Some Realtors, give in to their client’s fear and forget about their main responsibility of due diligence. When making an offer, other than the dollar amount, you also negotiating over conditions.
What are conditions/Subjects?
There are many, but the most relevant and popular ones are:
- Inspection of the property
- Buyers to seek Financing
- Reviewing the Title
- Reviewing further documents such as Strata documents or Property disclosure statements.
Is the property insurable? (Oil-tank? Asbestos? Pool? Wood fire-place, Septic? …)
When presenting an offer, in a regular settle market, it is one-on-one negotiation and Buyer’s and Seller’s Realtor/agent negotiate all the terms. In multiple offer case, which is popular in current Victoria Real Estate market, Sellers compare which offer provide them with the most secure benefit. There are cases that property Sellers chose an offer with no condition even with lower dollar amount offered in comparison to another conditional offer with higher dollar amount. Sellers prefer no condition offer to avoid any pending wait on subject (conditional) removal date. To them, they are concern about what if the Buyer doesn’t remove the subject and they lose on the sale.
How do you present an offer with minimal condition or no condition at all? What if after all is accepted, you found your pre-approval from the bank was a verbal one and now they require further documents to ever get you approved for a mortgage. Or there was a leak in the roof and the estimate cost is hefty? What if there are asbestos and oil tank in the house. How do you get a mortgage approved without insurance?
I’m experience in multiple offer cases and have helped most my clients to securely purchase their dream home without risking any conditions. How do I do that?
Contact me today to discuss my valuable and extreme strategy that is the best route to secure your desire property in Victoria.
250-885-8908 or click here to contact me