Coming Soon - Pre Marketing BUZZ

Toronto - RECENT PHENOM is the hype of a New Business advertising their arrival into a local community.   Building HYPE. OPENING SOON!  Creating a BUZZ.  Future Anticipation. It's Different for a house.

Our Toronto MLS  **forbids** us from talking about listings in advance, in that, to be valid a listing it  must be available to show.  [and Not JUST by the Seller's Agent]

The Listing Agreement (MLS contract) prohibits sellers from chatting about things too. Because doing so is NOT in [YOUR] the best interest of THE SELLER!

We have a couple listings coming soon (that will remain undisclosed until loaded onto the MLS system and OPEN HOUSE invitations are circulated). It's a challenging situation because of Fence Chatter.  Neighbours hanging over the fence and talking about how Bill and Arlene  will be Selling Soon! Despite our best efforts, the neighbours are SHARE THE SECRET with their friends and family about a house in their 'hood!

So, Now what happen's? Guess?  They already have someone "begging" to talk with them in advance.

Why is that? What's the motivation? Well of course, to pay LESS. But why? Because they KNOW there is no inventory!! And what might this mean? That the seller could expect multiple offers and the BUYERS  want avoid a BIDDING WAR thus the end run!

Multiple Offers mean you could have MORE MONEY!!

 "Supply & Demand" is a basic concept.   Buyers are willing to may more when there is less for sale.

Are you selling?
I am all about the numbers without the drama.
Call today.
647 218 2414

Back Up Offers

The house you went to see was sold in multiple offers.  The frenzy of the Bidding War created an atmosphere of an auction. The momentum overtook a few buyers and they over stepped their capacity to conclude the transaction.  This did not come up until a few days or weeks later.

An experienced and wise REALTOR® would solicit BACK UP OFFERS for his sellers in the event that the transaction was in jeopardy.

This very event occurred on a recent listing, where competing offers were made. The WINNING offer was better and with a stronger deposit. After the deposit was received and deposited the Purchaser upon reflection backed away from the sale.


Other PURCHASER's had expressed their interest and dismay that they had missed the opportunity to bid and would be pleased to step in should that situation arise.

With a short list of 10 names and numbers, they were individually contacted to ascertain their ability and capacity to purchase the home.

Quickly ( within one day ) a suitor had been found.

A new contract was drafted and concluded. (A Mutual Release was in hand)

Bank Appraisals and Status Certificates are causing many challenges for the uninformed or inexperienced buyers to react at the speed of the market.

I strive to make it easier and seamless for you. Ultimately it's the results that matter.

Call me. 

Was there really another offer? Lies and Toronto Real Estate

Toronto - Etobicoke   You have found THE perfect house and you love it!  Now you are pondering an offer and the agent says:

"There are other offers registered."

How do you know?  Who can you trust?

I would include a clause that indicates;

This offer is being submitted on the basis that it is part of multiple offers. If the seller receives no other offer by 9 pm on {INSERT DATE}, the seller or the seller's salesperson will notify the buyer or the buyer's salesperson and the buyer will have one hour to revise or revoke their offer. If the seller accepts the buyer's offer, the seller shall provide, within 24 hours, the name, address and phone number of the salesperson and brokerage company that submitted the competing offer(s).

It has happened (to me) that in the heat of the moment, agents will register an offer [this means that its printed and signed, ready to present] only to not attend the presentation or neglect to email or fax the contents.   Their Buyers have simply grown cold feet and withdrawn.

New Guidelines from Bill 55 from RECO are very specific about what you are entitled to.

Q: What are the requirements for the summary document? A: The summary document can only be used for offers that did not result in a transaction. The summary document must include:
• The name and signature of the buyer.
• The name and contact information of the seller.
• The name of the buyer’s brokerage and their representative.
• The name of the seller’s brokerage and their representative.
• The address, legal description or other identifier of the property.
• The date and time the offer was made.
• The date and time the offer was received by the brokerage, and how the offer was received, such as in person or by fax.
• The date of presentation, if the brokerage presented the offer to the seller.
• The date and time, if any, until which the offer was irrevocable.
http://www.reco.on.ca/UserFiles/Bill%2055%20Fact%20Sheet.pdf

Best course of ACTION?

Be there with me!

I'm available in West Toronto at 647 218 2414
Call me

Presentation Techniques in Multiple Offers

What are the top tips on winning multiple offer battles for that detached house in Toronto?

Sure   we can all say have the highest bid, Or make sure there are no conditions.

Baking a Pie? 

Maybe a Video about yourself and your family?  Hand written letters?

In the heat of the moment are you prepared and ready?

Present in person if possible. Avoid the trap of having your offer SENT IN BY EMAIL.  That makes it impersonal, and you are not there to advocate for acceptance. Provide a certified bank draft for 5-10% of the purchase price with the offer; this validates your capacity and intention to Close the transaction. Remove all conditions if possible (pre-inspect if necessary, push your mortgage lender for a commitment) 

Clearly Advise Seller that if the property doesn't appraise at the price paid, the BUYER may need to fund the difference from savings.

If you have an opportunity to introduce your buyers; face to face, with the Sellers, this is the time to do it.  Ask the Sellers [since your buyers are outside] if the buyers can come in and have a second look around the home.   Use this opportunity to have them befriend each other and discuss neighbours.

Are you ready?

Let's get started 

We don't meet people by accident; you were meant to cross my path

David Pylyp  647 218 2414

Bully Offers in Toronto Real Estate Market

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

You must convey Acceptance!

If you don't tell the Sellers that your Buyers have accepted their counter proposal within the deal timeline, Do you still have a deal?

No. That Acceptance needs to be clearly relayed to all parties.

However, an offer is not completed unless it is communicated to the seller or seller’s agent, either by personal delivery, fax or email. Therefore, a buyer can still cancel their offer at any time before it is communicated. That is why an offer might be registered but never delivered. The buyer changed his or her mind.

Mark Weisleder is a lawyer, author and speaker to the real estate industry. Contact Mark at mark@markweisleder.com

It is imperative that the Acceptance be communicated clearly. The Agreement of Purchase and Sale contains a clause that clearly indicates and the person (Buyer or Seller) that is doing the accepting.

I recently had this exact issue; whereby the Buyer Accepted the sign back from the Sellers but the Selling Agents neglected to advise us in writing that they bought the house. We waited past the deadline of timeline in the sign back. "The Team" had delegated someone to respond who went home at 5 PM.

In a different situation we may have moved on to Buyer B and then accepted their offer. This would have placed Buyer A with a signed contract without conveyance of acceptance in jeopardy. Who would be responsible for not delivering the house you bought? Did we sell it twice? or just Once? What do you think?

Hurry before we change our minds

Is that next months advertising caption? As house prices are increasing in the regional Toronto GTA market (Etobicoke, Mississauga, Oakville) Buyers are continuing to chase the available listing inventory and prices are being pushed ever farther upwards.

• There will be interest rate increases in 2k10 that are related to income tax and RRSP savings accounts.
• US borrowing has been unabated.
• We are in the Firm GRIP of a Seller's Market.
• Investors are still coming to Canada because we are a safe haven.
• CMHC may be phasing out the 5% downpayment program.
• CMHC and the banks may be cutting back amortizations on mortgages making it harder to qualify.

So here we are; You looked at the house; You hesitated, and they... took it off the market because by waiting 30 - 45 days they may very well get an extra 3 - 5%. All seem to be holding back offers until a few date and time.

Lets look at that in plain numbers ~ with an entry level detached starter home now starting at $400 thousand; multiple offers and demand are pushing up an average of $12 - 15,000 over asking. Of course, you could buy a private, but I have rarely seen private sell above last sale and never in multiple offers. I doubt FSBO's would be equipped to create a bidding war with actual bonafide bidders.

Be prudent that what you are bidding on is within your means to live in comfortably, when that mortgage renewal happens in a few years. Hurry before its gone takes on a whole new meaning.