REEF – Tips For Buying In A Hot Market (without overpaying) Part #1
REEF- Tips for Buying In A Hot Market (without overpaying) Part 1
The market is really hot right now and typically homes are sold within a week. Here in Ontario we operate by using blind offers. Meaning if you are in an offer situation only the realtor and the sellers see the offers coming in. No other agents have access to the offer values.
Here are tips 1 & 2 to ensure you aren’t overpaying for your home.
1. Get pre-approved. Before starting to look at properties, meet with a mortgage broker or specialist to ensure you know what you can afford.
2. Do your research. Pay particular attention to the finance clauses. Know what the bank or lender is appraising the house at. They use recent sales in the area to compare to the cost of the home. Ie bedrooms, bathrooms , etc. Know this number before going in firm, otherwise you will have to make up the difference between what the home is worth vs what you paid.