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
Analyze the real estate market
Research on the property
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
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.
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.