Home buying offers are binding. As a future home buyer, you’ll want to understand how they work before you start house hunting.  In this blog, we’ll look at how to make an offer on a house in Calgary, as well as how to make your buying offer appealing to the seller. 

If you haven’t bought a home before, you might not be familiar with how the offer process works. With something as significant as a home purchase, a handshake deal or verbal commitment simply isn’t enough. Instead, you’ll need to submit a written offer that clarifies a number of essential variables like price, timeline, special terms, and more. 

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Have Your Own Representative

In order to put an offer on a house, you’ll need a professional real estate agent by your side. However, you’ll want to make sure that they’re representing your interests (and yours only) when it comes to the transaction. 

Let’s say you attend an open house, fall in love with the property, and approach the selling agent about placing an offer to purchase. It’s the selling agent’s job to sell that house for the highest price possible. Sure, they can guide you through the steps of buying, but when it comes to the final price, they’re incentivized to prioritize the seller’s bottom line – not yours. 

No matter how you find your future home, you’ll want to work with a market-savvy Calgary real estate agent who is fully committed to your goals. 

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What’s In an Offer to Purchase

Now that we’ve covered the best approach to making an offer on a house, let’s break down the main components of an actual offer. 

The Price 

Your real estate agent can help you determine how much to offer on a house, and pick a reasonable price that appeals to the seller and opens the door to negotiations. 

Deposit Amount 

Offering a strong deposit shows the seller that you’re a serious, financially capable buyer. 

Possession Date 

Your buying offer will also specify the exact date you wish to take possession of the home.

Terms & Conditions 

You may choose to include special terms and conditions as part of your offer. These conditions can help safeguard your interests, but they can also make your offer less desirable. 

Deadline to Accept

Rather than give the seller an unlimited amount of time to review and consider your offer, you’ll want to set an acceptance deadline. Usually, offers expire somewhere between 24 and 72 hours. 

What Conditions Should I Put on a House Offer?

As a buyer, you’ll want to be selective in which conditions you include. Having too many could deter sellers from accepting your offer or even engaging in negotiations. 

Let’s look at some of the most common buying offer conditions in Calgary, and what the pros and cons are. 

House Inspection

No matter how good a house looks on the surface, it could be hiding major issues. A home inspection condition allows you to have the property professionally inspected before the deal is finalized. 

Financing 

If you haven’t yet secured a mortgage pre-approval, this condition can protect you from buying a house you can’t afford. That said, it’s best to get pre-approved before you start house hunting. Not only will this give you a solid idea of what you can spend, but it also eliminates the need to include this type of condition in your offer. 

Appraisal 

Based on the terms of your mortgage, you may need to have the house appraised by your bank. By including an appraisal condition in your buying offer, you’re able to verify the appraised value of the property before finalizing your purchase. 

This is another condition that can usually be avoided. If you work with a knowledgeable agent, they’ll provide insight into the home’s fair market value (and long-term appreciation potential) so that you’re making an informed decision.

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Add a Personal Touch

Calgarians take great pride in their homes. If a seller has lived in their house for a long time and feels attached to it, they’ll want to make sure it ends up in good hands. 

So, along with all the standard elements, it’s also a good idea to add a personal touch to your offer – such as including a thoughtfully-written letter about you and your family. Touch on what you love about the home and neighbourhood, why they’re perfect for you, and any other personal insights that will give the seller a glimpse into your family’s world. 

While this strategy may sound strange, it can be the difference between a seller choosing your offer versus a comparable one from another buyer. 

Buy a House With Dolce Group

If you’re thinking about buying a home in Calgary, you’ll want to work with an experienced team of professionals like us – Dolce Real Estate Group. Whatever you and your family may be looking for, we can help you find a great first home in a neighbourhood you’ll love.

On top of our unbeatable neighbourhood expertise, we directly specialize in supporting relocators and are uniquely familiar with the challenges of moving to a new city. Over the past decade and a half, we’ve helped countless new Calgarians find a great home – and we can do the same for you. 

If you’re looking for an expert to guide you through the process of relocating to Calgary, look no further than our dedicated team of Realtors. Call 403-999-5882 or send us an email at info@dolcerealestate.ca.

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