Multiple offers
This week started with a client who submitted an offer on a property in North Vancouver.
We were 1 of 7 offers. This is a stressful situation for anyone to be in, especially for a first time buyer. How do you decide how much over the asking price you will go?? In addition, any subject clause in the offer in this case would have eliminated their offer no matter how high they would have gone. These clients decided to offer $27,000 over asking but were $40,000 shy of landing them the property which sold for $765,000!!!!! Yes $67,000 over the asking price & this house was very dated with the orange kitchen counters,had no ensuite plumbing & the drain tiles probably needed redoing. The lot was very large & private which these owners received a premium for. The house needed at least $100,000. budget for renos.The We are now back to square 1, BUT they are now better prepared to deal with this scenario if they face it again.