Are you tired of making ANOTHER offer on a property and getting beat-out by YET ANOTHER BUYER?

I know. It’s frustrating. Especially when you have an established career that pays well and your down payment is saved up in your bank account already. More frustrating is prices seem to continue to increase and eligible properties seem few and far between. 

Below are some pointers on how to up-your-chances of winning on your next offer, as early as this week!

1) Make sure your employment information is up-to-date with your mortgage broker (if you haven’t done so recently, please send your mortgage broker an up-to-date employment letter and your two most recent pay statements). This needs to be done monthly so your mortgage broker will have your employment information in-hand when you present them with your accepted offer. When your broker has your employment info in-hand along with your accepted offer, they get you approved faster (and typically before your subject removal date).

2) Are you worried other competing offers may be “condition free” so your offer won’t get accepted? There is a work-around for this. Most sellers want top-dollar! Make an offer conditional-to-finance that is higher than everybody else’s. Your realtor can help you strategize with this. Chances are the seller will accept your “conditional offer” (conditional to finance), since waiting a week or two, for thousands of dollars more is typically worth most seller’s while!

3) Are you buying within your means? Did you know a strategy used by sellers right now is to price a home super-low in order to create a bidding war? In some cases these homes sell for 100’s of thousands of dollars over the asking price. If you are making offers on homes that are already at the top of your maximum affordable price range, you don’t stand a chance of winning in a bidding war. Chances are, sticking to this strategy will guarantee that you will still be renting a year from now and property prices will be even further out of reach for you. The solution is to buy a property well below what you can afford. Perhaps it’s not your “perfect-forever-home” but owning equity in any kind of home will get you one step closer to owning your “perfect-forever-home” sooner. Within a short period of time you will have paid thousands of dollars off your mortgage and likely built further equity by seeing your property value increase (perhaps you have friends who have already seen their personal net worth increase exponentially over the past few years and perhaps it’s your turn to do the same). This is YOUR OPPORTUNITY to be the buyer who CRUSHES YOUR COMPETITION in the bidding war and WINS!

Please contact me directly if you want to discuss your mortgage pre-approval strategy in more detail.