As told by Brieanne Doucet, Mortgage Broker at Innovative Mortgage Solutions
A recent client of mine had initially sought out a pre-approval over a year ago and had been looking for her dream home ever since, however she was having a difficult time finding a property within her budget that was located in one of her desired neighbourhoods. We kept in touch throughout the year, and every time her current pre-approval expired, I was able to obtain a new one for her so we could be prepared once she did find her home.
Because location was so important to this client, her Realtor® suggested looking at some older homes within those neighbourhoods that may need some renovations down the road, but were located where she wanted to be. They were able to find one such home that she was excited to put an offer in on, but quickly learned that she was up against 8 other offers on the property. She also learned that some of these offers had previously been accepted, but fell through at the financing stage because of issues with the home inspection.
Because the client knew of the issues and still wanted to purchase the property so she could renovate, I had to think outside of the box to make sure that her offer stood out from the rest. I spent some time researching why previous offers were falling through so I could be ahead of the game and give her an edge in a multi-offer bidding war.
In the end, I liaised between the client, her Realtor®, an appraiser, home inspector and the lender to come up with a solution so she could put in a competitive offer with no conditions attached. Her offer was accepted and we were able to get her into her home shortly after.
Every situation is unique, which is why we stress sitting down with our clients and discussing their goals for their upcoming purchase. Because I learned about both the client and the property in question, I was able to come up with a strategy that worked for her particular situation.