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Tips on Competing in Multiple Offers

Are you stressing over multiple offers? Don’t want to pay over sticker price? Here’s why you shouldn’t be concerned about it and how to approach it to improve your odds of success. In Ontario, the seller’s real estate agent must disclose the number of offers to any buyers who have submitted a written offer. However, the specific details, terms, and conditions are confidential. —Although this is likely to change, or at least new options become available through open bidding. First of all, don’t get caught up on the mindset of paying over the “Sticker Price.” This is simply one person’s opinion of value –the seller or their Realtor, or a strategic number selected to solicit more interest in the home. When faced with multiple offers from potential buyers, there are typically four key areas that sellers will look at to help them decide which offer to choose. They include the deposit, the closing date, the conditions, and of course, the price. Understanding these factors will make your offer more competitive. How Much Deposit is Required When Buying Real Estate Deposits: The seller will typically ask for 5% of the purchase price. However, the deposit is negotiable, you can sometimes get away with less, but, in a multiple-offer situation, a larger deposit can demonstrate that you’re a serious buyer and financially capable. Pro Tip: The amount is due within 24 hours of an accepted Agreement of Purchase and Sale (APS). If you cannot provide it within 24 hours, specify due date in Schedule A; otherwise, you’ll be in breach of contract. What’s the Average Closing Date Closing Dates: Another way to get a leg up is by accommodating the seller’s preferred closing date. If you’re able to find out the preferred closing date, accommodating it could win you the bid. If the seller wants a May 1 closing, and you can accommodate that, while one of the competing offers asks to close in the middle of June, the convenience for the seller can make your offer more attractive. Can I Include Conditions With my Offer? Conditions When it comes to conditions: The fewer conditions, the better; while mortgage financing and home inspection are common conditions, removing one or both can make your offer much more attractive. The media will tell you this is crazy, but it is often the ONLY way you’ll buy a house in a hot seller’s market. If you’re adverse, perhaps try shortening them to one or two days, but even this can be a turn-off when competing against firm offers (those with no conditions.) Do your due diligence, try to complete a home inspection in advance, gauge your risk tolerance, and lean on your Realtor for advice. Price You may not know what price other offers came in at, so you must do your homework. The best way to do this is to have your real estate agent complete a Comparative Market Analysis (CMA). This is the process of estimating the market value of a property by looking at comparable sold properties based on size, neighbourhood, and comparable features. Remember, when you’re in a multiple-offer scenario, you may not get a chance to revise your offer, so be strategic and thoughtful when deciding what to offer. Keeping these four things in mind should put you on the winning end. But if it doesn’t, don’t be disappointed. Use this valuable experience and keep searching for that dream home. If you’re looking for a great realtor in the GTA, call or text KT Realty at 1 (800) 617-0090.

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Open House Terms & Privacy Agreement

for KT Open Houses

  1.  

1. Visitor Etiquette: All visitors are required to maintain a respectful and safe environment in our client’s property by adhering to the following etiquette guidelines unless otherwise directed by a representative of The KT Team:

  • Footwear: Please remove footwear upon entry to help preserve the property’s cleanliness.
  • Washroom Facilities: Visitors are kindly asked to refrain from using washroom facilities.
  • Personal Belongings and Furniture: For privacy and safety, please avoid touching personal belongings or opening furniture not part of the sale. Examples include dressers, media consoles, and most free-standing furniture.
  • Food and Beverages: Outside food and beverages are prohibited while touring the property.
  • Furniture: To respect our client’s space, please avoid sitting or lying on any furniture.
  • Pets: Pets are not allowed within the property.
  • Children: Parents and guardians are responsible for ensuring children follow these guidelines.

2. Visitor Tracking and Safety: To ensure the safety of our clients’ property and personal belongings and the security of our real estate agents, all visitors are required to provide accurate and complete contact information. This information is used to track attendees and ensure accountability.

3. Digital Communications and Follow-Up: By providing your contact information, you consent to receive digital communications from our real estate team, including information about this property, future open houses, and other relevant real estate opportunities. These communications may include marketing or promotional messages, and we aim to keep them relevant to your interests.

4. Opting Out: You may opt out of receiving digital communications at any time by contacting us directly at the contact points below or following the unsubscribe link provided in messages. Opting out will remove you from future marketing communications, although we may retain your contact information for internal records related to visitor tracking.

KT Realty
229 – 336 Bronte Street South
Milton ON L9T 7W6
info@kormendytrott.com
1 (800) 617-0090

4. Prospecting and Sales Activity: Our real estate team may use your information for prospecting and follow-up purposes. We ensure these communications are conducted respectfully and aim to provide opportunities aligned with your interests.

5. Privacy and Data Protection: We respect your privacy and are committed to protecting your personal information. Your details will not be shared with third parties, except as required by law or for purposes directly related to the safety of open house events.

6. Acknowledgment: By submitting this form, you acknowledge that you have read, understood, and agreed to these terms and conditions. You agree to adhere to any additional requests or instructions the real estate agents provide to maintain a safe and secure environment during your visit.