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Lou Salvino President

Lou Salvino

President


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7500 Martin Grove Road, Unit 7, 2nd Floor, Vaughan, Ontario

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Terms Over Price

2/19/2013



Money isn't everything - even when it comes to real estate. While price is often the bottom line for sellers, sometimes it's another term of your offer that can make your bid the winning one.

After price, the closing date tends to be the most frequently negotiated term of an offer. Perhaps the seller requires a quick close due to a job transfer or a scheduled closing date on another home. Maybe the seller is looking for a long closing, allowing them time to find their next property. Whatever the circumstances, your ability to accomadate the seller's closing date may be just what tips the scales in your favor.

A buyer will often make their offer conditional upon their ability to obtain a specific amount and type of financing, or upon selling their current home by a certain date. If the buyer can't arrange that financing or sell their home by the specified date, their offer becomes null and void. Such offers are risky for sellers. If you can make an offer free of such conditions, thus eliminiating the risk for the seller, it may win you the home - even if your price is lower than that of a competing offer.

For some sellers, it may be your willingness to waive another common offer contingency  - the home inspection - that clinches the deal. Foregoing an inspection and agreeing to buy the property "for better or for worse" is risky, but some buyers are willing to assume that risk if that's what it takes to seal the deal.

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