How to get a great deal when buying real estate.

How to get a great deal when buying real estate.

I was going through my client list and I realized how many great deals I’ve gotten recently and I thought that maybe there are some lesson learned that I could share that might help you.

Toronto is a strong sellers market. I want to set you up for success but I don’t want to give you false hope. If you fall in love with a property that has been properly marketed, priced with a good realtor that knows the area: this will help you get the property but it will be difficult to get a “great deal”.

There are three main ways that we have gotten “great deals”

1. Be Prepared and Be Patient

You have a pre-approved mortgage
You are probably working with a mortgage broker
You have your deposit ready
You have seen enough properties to know a “diamond in the rough”
You have lost a bidding war
You have done an inspection or have a good understanding of construction
All of this is to help you be comfortable waiving conditions so you can present a strong offer

2. The selling team makes a mistake
Property wasn’t properly prepared and marketed – a “diamond in the rough”
Pricing strategy was wrong
Selling team makes a tactical mistake
Estate Sale

3. Great Negotiation

Preparation
Building Rapport
Understanding the seller’s motivation
Build consensus – find agreement on the small details
Listening – relentlessly looking for tactical advantage

In Summary to get a great deal you need to:
1. Be prepared and be patient
2. Look for a selling team to make a mistake
3. Have a great negotiator on your team

Loading Facebook Comments ...
No Comments

Post A Comment

Sign up for automatic property updates.

 

Join thousands of Torontonians who receive our automatic updates. Stop manually spending your time searching, we will send the properties that meet your criteria directly to your inbox.