Multiple offers and Conditions

 

Buying real estate has always been a good investment.

 

The challenging part about a seller’s market is that you are often competing for the home of you dreams. What happens?

MULTIPLE OFFERS! 

 

WHATS OUR ADVICE?  How can you avoid some of the pit falls and disappointments of working in a strong sellers market ? 

 

1. Work closely with a realtor you trust and have full confidence in. They will be working on your behalf. It’s called AGENCY  and agency has responsibilities. So find someone you are comfortable with-someone who has the skills and experience you need to help you make the best decisions.

Because realtors have the best MLS system in the world we can provide you with all the information you need. We understand the market and we have the technology to help keep you informed and updated in real time about the latest developments in the real estate market which can affect your decisions. For more information on agency review our video on agency.

 

2. Make sure that you have your finances in place and realistically set your parameters. Don’t get trapped by looking at homes that are outside your affordability and comfort level.

With many homes selling over the asking price you need to take this into consideration when you set the guidelines of what price range of homes you can look at.

 

 3. Learn everything you can before hand about the home, do your due diligence so you can make your best offer with confidence. 

 

And if you don’t succeed –don’t be discouraged-you did the best you could and next time it will be your turn.

 

Keeping up to date with this emerging market has been challenging and the guidelines of what to offer and the ACCEPTABLE CONDITIONS that you can include in your offer have often become blurred.

 

It is important to remember that when you are buying in a sellers market you need to understand that you are ultimately responsible for the decisions you make. “Caveat emptor” or “Buyer beware” is included in every offer to purchase and because of this you need to take the time to do your due diligence.

 Your Realtor has a responsibility to discuss the pros and cons of including or not including conditions in your offer. If you choose to “WAIVE” any inspections or conditions and you must understand the consequences.You may be asked to sign a standard form of  ”disclosure of condition options”  to acknowledge that you are aware of your choices. The conditions that you include in an offer are for your protection and for your benefit.

 

Common conditions that can be included are called conditions precedents and you should be aware that any conditions you include in your offer must be satisfied or removed in writing by a specified date on a form that your realtor will provide.

 If you do not remove your conditions in a timely manner your offer is considered null and void. You can request an extension in writing if you need a little more time to complete the task.

 

1. subject to certain inspections like home and

or-structural engineers

2. subject to lawyers approval

3. subject to financing

4. subject to a Sellers Property Condition Statement acceptable to you as the buyer

5.subject to  the seller supplying the existing Survey certificate, and zoning memorandum if available

6. if you are buying a rural property then include subject to obtaining an acceptable water sample of the existing well

 

In any case your realtor must and should explain all the consequences if you decide

Not to include any conditions