One Offer at a Time

Q - My husband and I have found 2 houses that we really like.  Can we put an offer on both of them and pick the one that we can get at the best price?

A - Not unless you want to purchase 2 houses.  Otherwise, you make one offer at a time. 

Do a review of both homes. Here is a suggestion.  Get 2 pieces of paper - one for each house and make two headings 'Plus' and another one 'Minus'.   Under 'Plus' list all the good things about the home and under 'Minus' list some of the shortcomings.  Do this for both homes and then review the results.  You will be surprised at the clarity this brings to the situation. In the majority of instances, one home will rise above the other.

Once you have made your choice, make an offer.

Obtaining Information About Condos

Q - I am ready to buy a condo but I don't want to put in an offer until I have all the information about the building and know about the rules. I asked a real estate agent to get me this information on 3 condos that I liked but was told that this was not possible.  Why not?

A - Your agent can give you certain information such as - are pets allowed, is it an adult or family building and are rentals permitted.  The full package consists of approximately 2 years of strata minutes, financial statements, by-laws, engineering report and so on.  It is only available when you make an offer because some of this information is confidential and there is also a cost attached to obtain this information.  The costs involved are for photo copying and administrative fees.  The real estate agent usually pays these costs for you when you place an offer.  He/she will also place a condition in your offer whereby you are given enough time to read through the material and are satisfied with what you read. You are not committed to go through with the offer until you remove this condition and others pertaining to different matters.

Using Family Member as Real Estate Agent

Q - My niece is a real estate agent. Should I use her to buy my condo?

A - Real estate agents are always pleased when their family and friends are loyal.  However, don't just jump into this agent/client relationship. 

Speak with her as you would any other agent and ask her to describe the steps involved in finding a condo and putting in an offer.  Be sure she can answer all your questions and you are comfortable with her experience and approach. 

You are preparing to make a large investment.  If you have any concerns let her know at that stage so she has an opportunity to clarify your issues.  If you have any doubts, perhaps it is best to find another agent. 

This kind of approach is valid with any agent not just one you are related to or one who is a friend.