Are You Ready to Buy? Essential Steps for Finding Your Property

When your group has identified a property and is ready to make an offer, it's crucial to have a strategy in place. Here are the key points to discuss with your real estate agent to ensure a successful purchase.

Price to Offer

Determining the right price involves a strategic discussion with your real estate agent. Consider the following factors:

Competing Offers: Understand the current market dynamics and the number of offers on the table.
Conditions: Decide on any conditions you want to include in your offer.
Comparables: Review the sale history of similar properties in the neighbourhood.
Group Desirability: Assess how well the property meets your group's needs and preferences.

Conditions on Your Offer

In a competitive market, offers often need to be as free of conditions as possible to stand out. Here are the common types of conditions and how to manage them:

Offer Conditional on Inspection: Some properties may provide a home inspection report available at the showing. If this report is from a reputable firm, it might give your group the confidence to make a condition-free offer. However, if you plan on making renovations, it's wise to have a vetted home inspector ready to conduct a pre-offer inspection.
Offer Conditional on Financing: To avoid losing in a multiple-bid situation, ensure your financing is pre-approved. Agree on the maximum purchase price within your group before making any offers. If a higher price is needed, be prepared for a reassessment of your finances.

Closing Date

Flexibility with the closing date can make your offer more attractive. Some sellers may prefer a quicker closing than the typical 30-60 days. If your group can accommodate this, it might give you an edge over higher bids that can't offer the same terms.

Congratulations! You've completed our Five Steps to a Co-Ownership Purchase. We hope this guide has expanded your knowledge and helped navigate the complexities of co-ownership. Remember, preparedness and cooperation within your group are key to making your dream home a reality. Happy house hunting!