There are A LOT of interesting headlines out there about buying a home in Toronto, “Shed sells for over 1 million”, “Toronto condo receives 30+ offers” just to name a few. That may lead you to ask if buying a home really is all doom and gloom? Of course not! Below are three stories of how we helped three families buy homes, with zero competition. Enjoy!
A&R started down the path to home ownership after realizing that if they could afford to pay $2,000+ a month on rent, maybe they could afford a mortgage instead. Like most couples in their 20’s they didn’t have high expectations. However, their needs were simple: find a freehold home with some space for an exercise room and be within close proximity to transit that could get them to their respective workplaces in under an hour. The budget? Reasonable but firm.
After losing out on a handful of properties to others with deeper pockets, we knew that to find A&R a home we would need to avoid offer nights all together.
So, what did we do? We searched for every property that was listed and not sold over the past two years that matched their “dream home” and started reaching out to each agent. Within a few days we had an accepted offer on a stunning detached home, for less than the current market value, with five days to confirm financing and conditional on a home inspection. Best of all, they did not have to compete with a single other offer in the process!
J is an investor client who was searching for a needle in a haystack (a property that qualified for a specific addition). This type of property does not become available often and when it does, it brings a lot of competition.
Knowing J’s specific criteria, we walked up to the property to see if it met his needs. It did! We quickly inquired with the Realtor listing the property and were informed it was a family home, and the mother, having lived in the home for over 50 years, was not looking forward to preparing the home and having countless strangers visit at all hours of the day. Understanding the sellers pain point we arranged to visit the property prior to preparing it for the open market.
It was exactly what J was looking for and shortly after, J had an accepted offer, below market value, before other buyers even knew it was available!
Our clients M&P where a selective, but patient couple. They knew exactly what they wanted and were willing to wait for it. The difficulty was that units with the type of floor plan they wanted, in the buildings they were interested in, rarely came to market and were highly sought after when they did. Knowing that simply sitting back and waiting would leave our clients with no way to plan for the future, we took a more proactive approach. Step 1 we hand-delivered letters to owners of units that met their criteria. Step 2 we actively engaged with agents who had properties listed for lease that met the criteria.
Shortly after, we managed to submit an offer on a unit that was listed for rent. Unfortunately, after some back and forth the owners decided to move forward with renting the unit instead of selling to us. We continued to actively reach out to unit owners, agents, and the agent with whom we almost had the deal. Fast forward 15 months, we followed up with that agent again and learned the tenants had decided to move out. We submitted an offer and were able to secure an off-market deal, with no competition, and for a price considerably below recent sales!
At Coral Realty, we firmly believe the only real estate strategy that makes sense is the one that is tailored to you, and the market you are buying into.
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