Mortgage Blog
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Make A Competitive Offer
November 1, 2021 | Posted by: Marc Crossman
If you’re interested in purchasing a new home, but struggling to make a competitive offer, you’re not alone. Due to the current market conditions, it’s critical that you know how to make a competitive offer.
1. Discover the Seller's Motivations
The highest offer isn’t always the best offer. After all, every seller has different needs.
By discovering the seller’s motivation, you gain a huge competitive advantage when structuring your offer. Speak with your agent to help you discover these motivations and adjust your approach accordingly.
2. Offer More Earnest Money
Earnest money, also known as a good faith deposit, is put down prior to closing and can show the seller that you are a serious buyer. Earnest money protects the seller in case the buyer backs out of the agreement, and is typically around 1-3% of the sale price.
3. Be Prepared to Move Quickly
In today’s market, homes are typically sold within 17 days and receive an average of more than 4 offers. So act fast! When you’re in the market for a new home, you need to be able to move quickly and at short notice.
Once you find the home you want, you don’t have time to waste! We are here to help and can also direct you to a reliable real estate agent, call us today at 780 701 3888 or email marc@albertamortgagepros.ca
