The Windsor/Essex Market
In today’s crazy seller’s market there is extremely low supply and high demand. This is why you are seeing multiple buyers on every home you like. When you’re competing, buyers are doing anything and everything they can to have an edge on you.
The Risks
This competition is causing Buyers to make emotional decisions and it’s putting them at risk. As Buyers get emotional they start taking out items in their offer that were once there to protect them, just to have a competitive advantage. Some of these items include, condition of financing and home inspection. When competing against offers who continue to take these conditions out, it makes it very difficult for you to win without taking a risk.
Window of Opportunity
In the current market we are in now, most houses are using an under priced strategy to gain attention on the property. Typically, for this strategy to work effectively, the Seller’s agent will hold a set offer date. This gap of time from when the house is listed to when they review offers is crucial.
The Solution
During this period, you would have an opportunity to discuss the property with your mortgage institution and have an inspection done. As long as everything goes well when talking with your mortgage lender and inspector, this would allow you to remove those conditions from your offer without taking any additional risk.
So instead of the traditional offer having conditions for a week or so, you are satisfying your conditions a week or so prior, to stay competitive and safe!
Contact us if you want any more advice or have any other questions :)
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