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Does a Quick Close Help my Offer to Purchase a Vancouver Home?
by Maggie Chandler on April 13, 2011
in Buyers Tips
It certainly does! My client , who is a Vancouver first time buyer, is in competition with two other offers and asked me how he could strengthen his offer over the competition, as he is not able to pay above the List Price.
There are a couple of ways I told him. Firstly ask your lender to approve the condo building and the amount you wish to pay – that way you can write the offer without a subject to financing clause. What some buyers don’t understand is that when they have a pre-approved mortgage they are approved by the Bank but the condo building also needs to be approved.
Secondly, give the seller a fast closing, as in two weeks. It may mean you have to pay an additional month’s rent but this is cheaper than paying thousands more on the property you wish to purchase.
Thirdly, if there is sufficient time, ask for the strata documents and approve them prior to writing the offer. That way you can eliminate the subject to approving strata documents clause as well.
The bottom end of the market is still attracting multiple offers.
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