Multiple offers are back on the rise!

It's important to know how to stand out in this market. We're going to cover tips and tricks that can help you out!

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✅ Get a proper pre-approval for a competitive market

• Provide around 10 documents for a true pre-approval.
• Consider property taxes and strata fees to adjust maximum qualification.
• Be cautious of going over asking price and work with a trusted realtor.

✅ Boost your down payment to qualify for more options

• Consider using extra funds to increase your down payment
• Qualification ratios and lender options improve at 20% down

💡 Increase deposit to show seriousness of offer

• Deposit is due at time of making offer firm
• Average deposit in market is 5-10% of purchase price
• Larger deposit makes offer more appealing and may result in smaller purchase price
• Consider deposit financing options if cash is not readily available

✅ Flexibility with closing dates and financing timeline is crucial in real estate transactions

• First-time homebuyers have more flexibility with closing dates.
• Lenders typically require at least three weeks for completion due to human involvement in the process.

⛔️ Avoid subject to sale clause in competitive markets

• Buyers without subject to sale clause have an advantage
• Sellers should be aware of net sale proceeds and other costs

➡️ Due diligence is crucial before making an offer

• Home inspection and appraisal are important for financing
• Consider other inspections like well water or septic field testing

✍🏼 Writing a letter to the seller can be a successful tool in a competitive market

• Include personal details about yourself and your family to create an emotional connection with the seller
• A well-written letter can make you stand out and potentially win a bidding war