Bully Bully Bully Offers in the Toronto Real Estate Market
There is the school yard bully. Remember those taunts in school?
The same thing is happening in Toronto real estate. Some homes in desireable neighbourhoods are resulting in multiple offers. People would like to jump the que and pay above the asking price with what they call Bully Offers. Take my Offer Now! You may not have a chance later.
The reality is; in real estate there is always going to be another house or condo coming along. There are very much demand neighbourhoods, and demand houses, don't get caught up in the jump of the property. Take your time and buy prudently. It is a long term investment.
Your property needs to appraise for the purchase price or you are not going to get a mortgage. If you have 20% down, you cannot offer 25% over market value. Banks are doing strict appraisals based on what has sold. In my 23 years of real estate I have only had two that purchased for cash.
If you're going to be buying a property, you need to avoid these situations by shopping carefully, present a strategy, do a CMA (Comparative Market Analysis) on the property you would like to negotiate for. Sometimes, when the appointed offer date comes, there are no multiple offers at all. You might want to prepare one or two offers, just for that event, One if we are alone, Another if we are competing. Then you tell me what to do, or you might like to prepare an offer that says I'll pay you $500 more than the top offer. Then we get to see them all that are on the table.
If you would like to deal with someone with experience, panache, creativity and a bit of patience to work with you to find you that perfect property, in west Toronto, then give me a call at 647 218 2414