Buying real estate in Canada can be tricky, especially in hot markets. The challenge lies not only in finding a property that fits your budget, but it’s also a matter of being able to compete with other homebuyers for the same property. Finding a good house is one thing but that doesn’t guarantee that you’ll be able to move there soon. You’ll still have to actually make a successful transaction with the seller to complete the sale.
This is why a lot of experts call the process a number game. The more properties you see and consider, the higher the chances you have in calling one your new home.
However, generating a good number of options presents another challenge. Some homebuyers consider themselves lucky if they can find five properties that meet their requirements. How else can you have more options?
It’s pretty simple, actually: search for properties like a pro. Sure, this isn’t exactly easy to do but if you want more options when shopping, this is a solid way to go about it.
How do you do this? Here are a few tips:
1. Look for homeowners that aren’t selling yet but are possibly thinking about it.
This one can be a bit confusing but it’s also a very good way to make sure that you’re not competing with someone else over a specific property. It involves approaching a homeowner that might consider selling their home soon. This means that they haven’t listed their property yet but are highly likely thinking about doing so soon.
How can you know that they’re intending to sell soon? It’s impossible, but some folks are more likely to sell than others. Absentee owners are some of the most usual suspects. These are the folks who own a property but don’t live in them. They could be renting the property to others or they have just inherited the property. Offering to buy the house even before they put it in the market will give you a good leg up in the possible competition.
Finding these properties can be a challenge, too, though. You can, however, use public records and call up local landlords to find people who can be interested in selling. It’s a long shot but it can be worth the effort in the end.
2. Consider looking at foreclosed properties.
Foreclosed properties are popular cheaper options for US homebuyers so this tends to pick the curiosity of Canadians. The most important thing to note about these types of properties in Canada, however, is that lenders are required to sell such properties at fair market value. This means that the massive bargains available below the border aren’t necessarily available around here.
They’re sold on an ‘as-is’ basis, and sometimes you don’t even get to see what you’re buying, as there can be some complications with these properties. They also take a bit longer to buy because the papers will need to go through various hands for approval before the transaction can push through.
It’s a gamble but with a good inspector and a keen eye, you can still get a few good listings from these properties.
3. Get closer with your real estate agent.
Another good way to find properties effectively is by greasing it up a bit with your real estate agent. If you have a good relationship with this professional, they can give you a heads up if they’re about to list a new property. This can then let you check it out right away and maybe make an offer instantly. This can then give you a good leg up in the competition and may even expedite your home buying process.
With some patience, the right techniques, and a good amount of hard work, you’re sure to find a good property that will suit your needs and budget soon enough.