Today’s real estate market is a fast-paced, competitive one. If you are buying a home in Victoria in 2021 you need to be ready to move quickly and compete. There can be more than one offer submitted on properties that you are interested in. When this happens, it’s known as a “Multiple Offer”, and there are very specific ways of dealing with these offers. Here’s our tips on how to be prepared!
Probably the most significant step when submitting for a Multiple Offer is putting your best foot forward. There is usually no opportunity to negotiate back and forth with sellers. Your Realtor will NOT be told what the other offers are, which means we need to go in with an offer that you, as a buyer, will be happy to get the home for. That said, it should also be a number with which you feel that you did your best even if someone put in a higher offer you couldn’t compete with.
Additionally, with multiple offers, you’ll need to be prepared to jump some other hurdles.
To start out:
- Read our buyer's guide, in which we go over the process of putting together a competitive offer.
Be ready to go see a home as soon as it gets listed! For many homes listed these days, sellers are holding off offers with a set date and time, while other sellers may not. If you are able to view a home right away, and the owners are holding off offers for a few days, it will give you the time to:
- See the home a second time
- Review Title and any charges on the title
- Go over property reports from the city and any associated permits
- Do a pre-home inspection
- Get your financing started
- Review strata documents (if applicable)
- If you’ll need to take on a mortgage, get pre-approved for a mortgage and be sure to communicate with your broker when you are about to submit an offer.
If you are considering submitting an unconditional offer, keep in mind you must have cash at the ready to ensure you can close on the home (that is, if you cannot get financing).
- Give yourself time to review and sign a contract you plan to submit.
On the day you submit, you need to be ready, willing, and truly able to sign that contract making an offer on that home. It's important for your Realtor to be able to reach you at any point, and for you to be able to review and sign off on your offer. Sometimes, last minute updates or unexpected changes arise, so this flexibility is very important!
- Review offers with your Realtor beforehand; so you can go over the terms and conditions of each contract.
All required documents should have been submitted to your mortgage broker ahead of time, as there won't be time to waste! Though it really depends on your particular situation, these required documents can often include:
- Proof of employment
- Tax reports and/or pay stubs
- Proof of downpayment
- Credit Check
Our very own Sophia made this clip to give you her best advice for tackling MO's. With the help of an expert team that’s always a phone call away, you’re off to the races!