Paying to Buy a House – What is your best offer?
Posted on April 23, 2010
Filed Under Buying Your New Home, Valerie Zinger
Ottawa is experiencing a real estate sales rush. Many houses are on the market for as little as a few hours to a few days. Many are set up for bidding wars. Buyers, afraid to never find a house, are entering into this market with some anxiety. In a bidding war there are a few ways in increase your chances of getting the house:
- Only include those conditions that are absolutely essential.
- Try to get a home inspection done before putting in the offer. You may have to spend $300 just to increase your chances of getting the house.
- Contact the bank to ensure that financing is in place.
- Call your insurance agent to see if there are any issues with insuring the property.
- Enclose a substantial deposit to ensure that the Sellers know that you are serious.
- Align your possession date with the date most appropriate for the Seller.
Finally, decide on what you want to offer for the house. Ask your agent for information on comparable sales. Think that you may have to pay above the most recent sales in the area. Ask yourself the key question – “What is my highest and best offer. If I have to go $100 above that price I will not want to pay that price to own the house.” If you love the house, your best offer will be higher than if you like the house and it “will do”. The right price is what an informed Buyer is willing to pay. If you are willing to pay above recent sales and you have comparison shopped, then you are setting the new market price.
Sometimes it is necessary to hold your breathe and dive in to a bidding war.
Photo credit: Dive @ http://www.flickr.com/photos/joeshlabotnik/516341295/
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Welcome
My name is Valerie Zinger. I am a Realtor in Ottawa. I look forward to listing your property or helping you find your home.
Phone: 613-723-5300 Click here to contact Valerie by Email at:
vzinger@royallepage.ca-
