Buying or selling a home? FAQ #3

This time I'll try to answer questions on bidding wars, conditional offer, closing time and more. As always, let me know if you have any suggestions on more frequently asked questions I could answer here.

1. Can you tell me more about bidding wars?

   Bidding wars, known in our industry as multiple offers, occur when there is more than one offer on a property. We can often advise you in advance whether a property is likely to have multiple offers. If you're interested in putting in an offer, we will let you know of any competing offers so that we can adjust our offer strategy.

    

2. Should I buy new or re-sale?

   While we work primarily with residential re-sale properties we do occasionally assist our clients with purchasing newly constructed properties. When we meet we can discuss whether your needs are best served by re-sale or brand new properties!

    

3. When should I make my offer conditional?

   A condition inserted into the offer means that the contract will not be firm and binding until certain things are fulfilled or waived (i.e. you getting financing from the bank, or your lawyer reviewing status certificate documents in the case of a condo) Conditional offers are considered weaker than firm offers, and may harm your chances of getting your dream property - we will discuss your best options with you.

    

4. Do you know any mortgage brokers or financing specialists?

   Yes! As referrals are the backbone of our business, we would be happy to refer you to several trusted colleagues in mortgage financing. Please contact me for this information.

    

5. How long should a closing take - how soon before I can move in?

   Most closings are from 30-60 days from the date of acceptance of the offer, however this can vary based on buyer & seller needs and other practical concerns. Our systems help ensure a smooth closing for you whether it's a leisurely wait to move in or a quick closing!

    

6. I saw a great house on MLS.ca but when I drove by, it was already sold?

   MLS.ca imports its information from the Toronto Real Estate Board, and there can be a time lag of up to 3 days. In addition, it often takes a brokerage a couple of days to report a property as sold, depending on administration. For the inside scoop on whether a property is really still on the market, please contact us.

    

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