North Vancouver Real Estate on Fire
Many houses, like the home currently featured on our main page, are selling within hours of being listed for sale. Others, are selling in under a week. The demand for inventory is very high right now, and buyers are having to make condition-free offers to stay competitive.
The best way to position yourself to make an offer is to ensure ahead of time that you're financing is in place and ready to go. The number one reason that offers fall apart is financing. Many Buyers think that they're in a position to afford a mortgage, but then when it comes time the Bank disagrees.
Getting a solid pre-approval in place and a signed letter from the Bank is a surefire way to instill confidence in the Seller that you are a very serious buyer with a very strong offer. Furthermore, being able to leave out the subject to financing, means you're in the most favorable position.
Just because you have the highest offer on a property, does not mean that you will win in a multiple bid situation. As Listing Realtors, we know that offers can collapse, and to protect our sellers it is imperative to accept an offer which not only has a good price, but also has good terms that give us the confidence that this buyer will close the deal.
If you spend time entertaining an offer with more subjects, simply based on its offer price, only to find out they cannot afford their optimistic offer price, you may also find that the other buyers have moved on to other homes. Furthermore, it's important to note that a buyer might come back at you 2 weeks later, after losing out on a deal, and now feel like they have room to "beat you up on the price" and make a lower offer.
You want to move forward with your best foot forward as the buyer, and you want to accept an offer that is strong in price, and terms.
If you have any questions about the North Vancouver Real Estate market, I would be happy to talk. I offer complimentary buyer consultations and complimentary seller evaluations.