In Vancouver we have a ton of speculation, uncertainty and a lot of bad press on Vancouver Real Estate and especially on Vancouver Realtor’s!
However, despite all this, multiple offers are still occurring on many homes and condos in Vancouver.
The good news, not every home is in a multiple offer situation. And even if you are competing on a Vancouver Real Estate transaction you have less competing people to go against!
This is a great time to sharpen your pencil and be even more prepared when competing as a lot of other Vancouver buyers are not prepared.
Tip#1: Subjects
- Continue to do your subjects in advance. Do a pre-inspection, read all the strata documents well in advance of the offer date, get your mortgage broker or bank signed off on the offer price you are going in at (need a great mortgage broker? Go here for a suggestion – http://www.leowilkrealestate.com/vancouver-resources/ ) P.S – I have never and will never allow a buyer to go in blind with no subjects if the documents have not been looked over, inspection done, bank signed off or anything else. If you have a Vancouver Realtor suggesting you do so…. Call me instead and I can protect you and get you the home you seek at the same time. You are allowed to fire who you are working with if they are not looking out for your best interests.
Tip#2: Deposit
- GET your deposit ready!!! This is so easy but yet so many Vancouver Realtors do not have their clients do this. It literally takes 5 minutes at the Bank. Go in, get your 5% deposit (or more) to attach to your offer. All you need is a scanned copy of it. Why do this? When I have a listing with multiple offers and I have 2 offers that are competitive with no subjects, dates are great, terms are great, price is the same but…. one offer has the deposit attached while the other one does not – guess who wins?
- The other great part about doing this is that you can keep that deposit for other offers if you still did not win – giving a better chance at the next one of course.
Tip #3: Price
- Put your best foot forward! Always. Don’t expect to get a call back.
- check the market comparable sales in advance and make sure that you know what the actual market value is of the home your are offering on.
Sound easy?! It actually is. Yet, so many Vancouver Agents do not have this all ready for their clients making their chances much more slim. My last listing with multiple offers at 209 – 4550 Fraser Street had 3 offers. 2 were subject free, 1 was not. Out of the 2 that were subject free, 1 had the deposit attached… guess who won?!
If you need any help buying or selling your home, I am here to help! As one of Vancouver’s top Realtor’s Real Estate Specialists put my 10 years experience to work for you!
The proof? Check out my G+ reviews at https://plus.google.com/u/0/+LeoWilkRealEstateVancouver/about and see!
For more information on real estate market in Vancouver, current trends, buying a home or selling a home, contact Leo Wilk – Your Top Vancouver Realtor.
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