Burlington, ON is a great place to buy or sell a home. With its thriving downtown area, numerous amenities, and countless activities, it’s not a surprise that Burlington has become a top choice for many households.
Nevertheless, making an offer on a home is still a lengthy process, and one that requires the help of a certified real estate agent. A real estate agent can guide home buyers and sellers through the process with their knowledge and experience. If you are looking to buy or sell a home in Burlington, ON this year, here are 2023 tips to help you make the offer with the help of your realtor.
Research Before You Buy
Before you make an offer on any home, do as much research as possible on the area, the listing price, and the neighborhood. It’s important to consider what you need for a home, so that you can assess if the home and the price is worth investing in. Furthermore, a real estate agent can also help home buyers conduct a market analysis so that you can make an informed offer on the home.
Get Pre-Approved for a Mortgage
Making an offer without being pre-approved for a mortgage can delay the process. To make an offer confidently, it’s essential to get a first mortgage in order before you start looking at listings. This way you can also enter any bidding wars with confidence, knowing that you have the funding to back-up your offer. The best real estate agents will bring their financial advisors along to your appraisal, to further ensure you have considered all the costs.
Discuss the Offer With Your Agent
Every contract is different, and the best real estate agents will ensure that the contract meets the needs of their clients. Before agreeing to any contract, it’s important to discuss the terms and conditions with your real estate agent, to make sure that the offer is as favorable as possible for you. Ensure that any conditions, responsibilities, or close dates are all discussed and agreed upon, before making the offer.
Think About Negotiating Terms
Once the offer is made, the home seller (or buyer) will have the right to negotiate terms, conditions, and/or prices. When negotiating, be sure to take into consideration the length of the process, legal costs, inclusions, and the method of payment. If you are not sure about how to negotiate the terms, let your real estate agent guide you, with their expertise and experience.
Be Prepared for Counter-Offers
It’s not uncommon for a home seller to counter-offer a buyer. Before making an offer, be sure to think about how much you are willing to pay for the home, and how much flexibility you are willing to offer. A good agent will provide buyers with the necessary information, and educate them on potential risks or benefits that may come with a counter-offer.
Check the Documentations
After an offer is accepted, double check all official documents. This includes making sure that the title, the legal description of the property, the purchase price and the deposit amount are all correct. Some real estate agents will offer a full-service package, which can include ensuring that all documents are complete and accurate.
Use a Disclosure Statement
A Disclosure Statement is a contract signed by the buyer and seller that outlines any known defects or issues that the seller must disclose to the buyer. Before making an offer, be sure to ask the real estate agent about any potential disclosures, to make sure that the offer is legally binding.
Understand the Closing Costs
Buyers are responsible for the majority of closing costs. Before signing a contract, be sure that you understand what these costs are, and if you are able to cover them. Closing costs vary depending on the property and the terms of the sale, but most include a lawyer’s fee, land transfer taxes, and application fees.
Gather Your Documents
To make the process as seamless as possible, it is essential to have all necessary documents gather together. This includes proof of identification, income statements, certified cheques, pay stubs, and proof of insurance. All documents should be kept in an organized file.
Put It in Writing
Once an offer is accepted and all the documents have been signed, it is critical to ensure that the agreement is in writing. This way, all parties are held to the terms of the sale and any potential disputes can be resolved in a timely manner.
Conclusion
Making an offer on a home in Burlington, ON can be a lengthy process. With the help of a reliable and experienced real estate agent, the process can be made much easier and smoother. From getting pre-approved for a mortgage, to discussing the offer, to getting the documents in order, these 2023 Tips can guide buyers and sellers through the offer-making process and ensure that all parties are held accountable.
FAQs
What should I consider before making an offer on a home in Burlington?
When making an offer on a home in Burlington, it’s important to consider what you need for a home, so that you can assess if the home and the price is worth investing in. Research the market, get pre-approved for a mortgage, and talk to a real estate agent about the offer.
What should I know when entering a bidding war?
Entering a bidding war requires a lot of confidence. To make an offer confidently, it’s essential to get a first mortgage in order before you start looking at listings. This way you can also enter any bidding wars with confidence, knowing that you have the funding to back-up your offer.
What should be included in the contract?
Before agreeing to any contract, it’s important to discuss the terms and conditions with your real estate agent, to make sure that the offer is as favorable as possible for you. Ensure that any conditions, responsibilities, or close dates are all discussed and agreed upon, before making the offer.
What should I do if I receive a counter offer?
If you receive a counter offer from the seller, be sure to think about how much you are willing to pay for the home, and how much flexibility you are willing to offer. It’s important to consult with the real estate agent to ensure that the negotiated terms are best for the buyers.
What documents should I have ready before making an offer?
In order to make the process as seamless as possible, it is essential to have all necessary documents gather together. This includes proof of identification, income statements, certified cheques, pay stubs, and proof of insurance. All documents should be kept in an organized file.
