Courtier Immobilier Montréal Yanick E Sarrazin

How to write a competitive offer to purchase?

How to write a competitive offer to purchase?

You’ve been looking for a property for several months and, despite several offers, you’re having trouble standing out from the crowd? Our team of Montreal real estate brokers has a few tips to help you formulate a more competitive offer to purchase and increase your chances of success in today’s real estate market, where multiple offers are common.

Learn more about the current market

Use an experienced real estate broker

It’s essential to work with a qualified real estate broker when looking for a property. Thanks to their expertise in the current real estate market, they’ll be able to guide you effectively and help you make the best decisions when making your purchase offers.

Analyze the real estate market

By working with a real estate broker, you’ll benefit from his or her expertise in in-depth analysis of the current market. For example, he can study recent sales of comparable properties in the area you’re interested in, giving you a clear picture of prices in the area. This data will enable you to formulate a more competitive offer, adapted to the realities of the market.

Research on the property

Before making an offer, it’s essential to do your research on the property in question. You can check publicly available data. Having a thorough knowledge of the property will enable you to submit a more solid offer.

Make sure you have a solid financial position

Get pre-approved for a mortgage

Our team of real estate brokers strongly recommends that you obtain a mortgage pre-approval before making an offer to purchase. This document inspires confidence in the seller, as it demonstrates the buyer‘s seriousness and financial capabilities.

Offer a down payment

Although the down payment is not a common practice in today’s real estate market, our real estate brokers strongly suggest that you consider it when submitting your offer to purchase. It shows you’re serious about finalizing the transaction, and strengthens your position vis-à-vis other potential buyers.

Make a clear and precise offer to purchase

Offer a competitive price

Based on your research, offer a competitive price. If the real estate market is very competitive, we suggest that you make a promise to purchase that is higher than the advertised price, in order to have a better chance of standing out from the crowd, especially in the case of multiple offers.

Be precise in your conditions and clauses

Our real estate team suggests that you be clear and concise in the conditions of your promise to purchase, avoiding superfluous clauses that could be perceived as an obstacle by the seller. However, certain conditions, such as inspection, should be mentioned in the promise to purchase, as they protect the buyer‘s interests.

Be flexible with the closing date

We recommend you be flexible about the closing date, and offer a date that also suits the seller. For example, if the seller needs to relocate quickly, we recommend that you propose an early closing date to facilitate the process for all stakeholders.

Add a personal touch to your offer to purchase

Present a letter to the seller

Our team of real estate brokers strongly recommends that buyers write a letter to the seller, expressing their interest in the property and why they have chosen it. This letter is then reviewed by your real estate broker to ensure that it contains all the necessary information.

In some cases, your real estate broker could also present your promise to purchase directly to the sellers. This approach would personalize the transaction and add a more human dimension, which could reinforce the impression of seriousness and foster a better connection with the seller.

Be available and flexible

Be responsive

In a competitive real estate market, speed is of the essence. For example, it’s crucial to react quickly when sellers approach you for information or when you have to respond to a counter-offer. A quick response not only demonstrates your interest in the property, but also strengthens your position with sellers.

Be ready to negotiate

It’s important to be flexible and open during negotiations. Sellers sometimes ask for minor adjustments, and buyers shouldn’t be inflexible in the face of these requests. On the contrary, they must be ready to discuss with the sellers in order to find common ground that satisfies both parties.

In short, a successful offer to purchase requires good preparation, thorough research and a certain amount of flexibility. By working with one of our Montreal real estate brokers, you’ll be guided every step of the way, including the drafting of your promise to purchase.

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