{"id":4313,"date":"2019-09-09T10:48:09","date_gmt":"2019-09-09T14:48:09","guid":{"rendered":"https:\/\/www.bardagi.com\/?p=4313"},"modified":"2021-06-01T10:54:09","modified_gmt":"2021-06-01T14:54:09","slug":"multiple-offers-standing-out-from-the-crowd","status":"publish","type":"post","link":"https:\/\/www.bardagi.com\/en\/multiple-offers-standing-out-from-the-crowd\/","title":{"rendered":"Multiple Offers: Standing Out from the Crowd"},"content":{"rendered":"<section>\n<div class=\"container\">\n<article id=\"post-5564\" class=\"post-5564 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate-market category-tips tag-immobilier-en tag-montreal tag-mortgage tag-multiple-offers tag-promises-to-purchase tag-real-estate tag-real-estate-agent\">\n<div class=\"row\">\n<div class=\"col-xs-12\">\n<div class=\"blog-post\">\n<p>Montreal these days is a seller\u2019s market. That means there are far more buyers on the market than there are properties. This can give rise to bidding wars for certain types of real estate.<\/p>\n<p style=\"text-align: left;\">If you\u2019re a buyer or may be looking to buy real estate in the coming months, here are a few tips that should help you adopt the best strategy when facing down multiple offers.<\/p>\n<h3>What does \u201cmultiple offers\u201d mean?<\/h3>\n<p>It\u2019s what happens when a seller receives more than one offer to buy their property\u2014usually because the price is right or the property has what people are looking for (location, condition, materials, etc.).<\/p>\n<p>All of the market surveys for 2018 have shown that it was a record year for sales in Montreal and the trajectory for 2019 is much the same (<a href=\"https:\/\/www.bardagi.com\/en\/the-real-estate-market-in-2019\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"see our real estate forecast for 2019 (opens in a new tab)\">see our real estate forecast for 2019<\/a>). The market is running hot due to strong economic growth, consumer confidence in the economy, very low unemployment, and Montreal\u2019s growing popularity among foreign buyers (Chinese, European, and American). In such conditions, sellers have the upper hand and buyers can find it hard to stand out from the crowd.<\/p>\n<h3>Tip 1: Work with the right people<\/h3>\n<p>It\u2019s normal to feel a certain amount of stress as a buyer, particularly if the property you\u2019re after receives multiple offers. If you\u2019re working with a professional real estate agent, they will no doubt advise you to keep cool and stay within your budget. If there\u2019s a bidding war, work out the maximum amount you\u2019d be willing to spend on the property and stick to your guns. That way, if your offer isn\u2019t accepted, at least you\u2019ll know you did everything you could.<\/p>\n<h3>Tip 2: Get pre\u2011approved for your mortgage<\/h3>\n<p>When there are multiple promises to purchase on the table, the receiving broker has an obligation to present them in a neutral manner, according to the date received\u00a0, as per the\u00a0<em>Regulation respecting brokerage requirements, professional conduct of brokers and advertising<\/em>.<\/p>\n<p>In such situations, you\u2019ll never be informed of the purchase amounts or conditions of the other buyers. Under the\u00a0<em>Real Estate Brokerage Act<\/em>, the selling broker must tell all the parties how many promises to purchase were received, without revealing their contents.<\/p>\n<p>To show the seller you\u2019re serious, the right strategy is to get a mortgage pre\u2011approval from a financial institution. That way, when the seller reads your offer, they\u2019ll know financing won\u2019t be an issue. To dive a little deeper into that topic,\u00a0<a href=\"https:\/\/www.bardagi.com\/en\/mortgage-pre-approval\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"see our article on mortgage pre\u2011approvals (opens in a new tab)\">see our article on mortgage pre\u2011approvals<\/a>.<\/p>\n<h3>Tip 3: Massage the other conditions<\/h3>\n<p>The price isn\u2019t the only ticket in a promise to purchase. You could be flexible on the move\u2011in date or waive the homebuyer\u2019s inspection\u2014something that could pique the seller\u2019s interest but is still very risky, especially if you\u2019re a first\u2011time buyer. When in doubt, ask your real estate broker for advice.<\/p>\n<h3>Tip 4 : Put your best foot forward<\/h3>\n<p>It might surprise you, but a video, a letter, pictures, descriptions of your plans or the family you\u2019d like to build\u2014all this can show the seller that you\u2019re the right buyer. After all, sellers have an emotional attachment to their home, which means they\u2019ll want to know more about the people looking to move into it.<\/p>\n<h3>Tip 5: Improve your offer or put in a second position offer<\/h3>\n<p>If you know that you\u2019re competing with other buyers and the seller hasn\u2019t accepted or rejected your promise to purchase yet, you can improve your offer to try to sway the seller, by raising the price or relaxing your conditions, for example. For that, your broker will have you fill out an enhancements prior to acceptance (EA) form.<\/p>\n<p>If the seller decides to go with someone else\u2019s promise to purchase, you can ask your broker to submit a second position offer. That way, if the conditions for the chosen offer aren\u2019t met (for example if the seller fails to secure financing or the offer is withdrawn after the homebuyer\u2019s inspection), you\u2019ll have a second chance to buy the property. A word of caution: you won\u2019t have the right to make offers on other properties in the interim.<\/p>\n<p>In closing, the best advice we can give you in a situation where there are multiple offers is to be patient, keep calm, and bring any concerns or questions you may have to your broker. Since every case is different, your broker will be in the best position to assess the situation with you and decide on the strategies most likely to get your offer accepted.<\/p>\n<hr class=\"wp-block-separator is-style-dots\" \/>\n<p>If you\u2019re unsure or aren\u2019t working with an agent or broker,\u00a0<a href=\"https:\/\/www.oaciq.com\/en\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"OACIQ (opens in a new tab)\">OACIQ<\/a>\u00a0(Organisme d\u2019autor\u00e9glementation du courtage immobilier du Qu\u00e9bec) is there to protect and assist home buyers and sellers and make sure any brokers involved are acting in accordance with the law.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/section>\n<section>\n<div class=\"container\">\n<hr class=\"spacer-clear\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Montreal these days is a seller\u2019s market. That means there are far more buyers on the market than there are properties. This can give rise to bidding wars for certain types of real estate. If you\u2019re a buyer or may be looking to buy real estate in the coming months, &hellip;<\/p>\n","protected":false},"author":4,"featured_media":4314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[18,17],"tags":[35,80,36,30,31,32,33,34],"class_list":["post-4313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips-and-tricks","category-real-estate-market","tag-immobilier-en","tag-immobilier-en-2","tag-montreal-en","tag-mortgage","tag-multiple-offers","tag-promises-to-purchase","tag-real-estate","tag-real-estate-agent"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Multiple Offers: Standing Out from the Crowd | Bardagi \u2013 RE\/MAX du Cartier GB<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bardagi.com\/en\/multiple-offers-standing-out-from-the-crowd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multiple Offers: Standing Out from the Crowd | Bardagi \u2013 RE\/MAX du Cartier GB\" \/>\n<meta property=\"og:description\" content=\"Montreal these days is a seller\u2019s market. 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