It's back folks. It's Spring. It's buying season in the GTA. Interest rates are low with a push for the next little while with the new mortgage rules.
So you're looking in a hot neighborhood for your next or first house. You're out their hitting the pavement (hopefully scouting the inventory as early as you can with a competent and effective value adding agent).
I once wrote a blog and refer to this on my website http://www.TheSmithsBuyAHouse.com---those using MLS.ca are almost sure to be out of contention. You're just not buyers. You're lacing up your skates in the 3rd period frankly.
It's happening more then some would like whereby an offer date is set and then somebody swoops in and steals the house from right under you and its off the market. In most cases, you had a fair shot at it...so don't complain to me.
Get in and see homes early. If you're interested your agent should know how to make sure your in contention from the beginning. 2 homes this week decided to change the offer date because a "bully offer" (typically a verbal offer to listing agent giving the sellers the price they'd be willing to not wait around for the dogfight to get and the closing they require). In some cases, the listing agent ammends the listing an hour before and has no interest in calling the other agents to see if their interested buyers can mobilize. That's not good form.
Most other agents will call around to find out if any other interested parties would bring an offer in advance of the posted offer date (sorta in the best interest of their sellers to collect as many as they can). Sellers get antsy and if a number is dangled infront of them that makes sense and excites them, they realize it may not be their in a few days and so they oblige to look at the offer prematurely.
Voila...the house is sold! How you doing on MLS.ca. It's day 2 of this listing and guess what...chances are it didn't hit MLS.ca but it's already sold!
Not every seller or agent subscribes to bully offers. Infact most don't. But it's worthy of knowing about and taking precautionary steps.
How you ask??? I'm giving free (and pretty good) advice too often I'm told. I need to keep some competitive advantages for my clients!
If you're looking towards the market these days; new mtg rules; multiple offers; pricing and valuations have made the landscape a little tricky to navigate.
Call or email anytime. Be happy to speak.
Cheers-
Michael Gruenstein MBA CSC
http://www.TheSmithsBuyAHouse.com
mgruenstein@trebnet.com
416.271.2066
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