You have found the right home for you, maybe a Lawrence park condo or a house for sale in Rosedale and had it inspected, and now you are ready to make an offer. It is one of the most delicate parts of the entire home buying process; you don't want to overpay, but you don't want the opportunity to slip through your fingers because you offered too low either.
The first thing to keep in mind as you put together that offer is that openness can sometimes be your most effective tool. If you have had an inspection done on any Oakville homes for sale and found that there is some work that needs to be done in some areas, offer less than list price and explain exactly why. If the roof needs to be repaired on a Mississauga home for sale, deduct the estimated costs and again, explain why. It's easier for a seller to accept a lower offer if there are solid reasons behind it. If you talk to the realtor at Remax in Brampton or anywhere, they will tell you that honesty usually gets the sale.
You should also check the market conditions on homes that are similar in age, structure, and location. What kind of prices are similar homes being sold at? This can be as simple as stopping by the Scarborough realty office near your potential new home to see the properties on display nearby. This will give you a good framework when it comes to determining the difference between a list price and the offer you want to make.
You should also consider items beyond the house itself. Most often, this will mean valuing appliances that are in the home. If they are old and not in good working order, you don't want them. On the other hand, having the seller leave major appliances can be good compensation for an offer you might otherwise feel is too high.
Finally, make sure that there is some kind of timeline attached to your final offer. You don't want to sit around in limbo while the seller waits for a few more offers to come in so she can make the most profit possible, especially if you need to be out of your Toronto condo rental on a certain date. As the buyer, you want that seller to have a sense of urgency about the decision to sell, so make sure that everyone involved knows the offer will be retracted after a couple of days.
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