How do you get your offer accepted in a competitive Montréal market?

A mortgage pre-approval sets your budget and shows the seller your purchase plans are serious. When several offers come in, a buyer who already knows their borrowing capacity can come across as the safer bet.

Your pre-approval also keeps you from falling in love with a property that's beyond your real budget.

Before you submit your offer, your real estate broker in Montréal can analyze comparable properties sold recently in the area, the property's condition, the asking price and market conditions.

That analysis lets you set a realistic strategy and know how far you're willing to go.

For example, the strategy for a condo on the Plateau-Mont-Royal can be very different from the one for a house in Rosemont or a property in another part of Montréal.

Before you submit your offer, set your maximum price and stick to it.

Ask yourself a few questions:

• What is the property really worth?
• How much are you comfortable paying?
• What will your mortgage payment be?
• How much will you have left for the other costs of buying?
• Are you ready to lose the property if the price goes past your limit?

Having a clear strategy ahead of time lets you make a rational decision, even when there are several offers.

An offer can also be judged on its conditions, its deadlines and how likely it is to make it all the way to signing at the notary's.

A clear, well-structured offer can be attractive even if it isn't the very highest.

Your real estate broker can help you figure out which conditions are essential to protect you and which ones could be adjusted depending on the situation.

Depending on your situation, they may include:

• a financing condition
• a pre-purchase inspection
• the prior sale of another property
• a deadline for signing the deed of sale
• the occupancy date

That doesn't mean you should drop every condition to make your offer more attractive.

A competitive offer must always remain an offer that protects you.

The best strategy depends on your financial situation, the property and how much competition there is.

If the seller needs time to move or wants a specific date to leave the property, being flexible on the possession date can make your offer more attractive.

In some cases, this can be worth a lot to the seller without necessarily costing you anything more.

Having your financing, your documents and your strategy already in place lets you act fast when a property that fits your criteria comes on the market.

That's especially true when a well-located property in a sought-after Montréal neighbourhood gets a flood of visit requests right away.

You've visited the property, you can already see yourself in your new home and the last thing you want is to lose it. It becomes easy to raise your offer just because you know another buyer is interested.

That's exactly why you need to settle your strategy before you submit the offer.

If the price goes past your maximum, you have to be able to step back.

Losing a property can be disappointing, but buying one beyond your financial means can have far bigger consequences.

Before you submit an offer, look at everything about the property: sales history, taxes, work done, general condition, co-ownership documents if it's a condo and, when available, relevant information about upcoming work.

For a condo in Griffintown, on the Plateau-Mont-Royal or in Rosemont, pay particular attention to the finances of the syndicate of co-owners, the contingency fund and the work planned for the building.

A property that looks like a good deal at first glance can mean major expenses in the medium term.

The best approach depends on the asking price, the number of interested buyers, the property's market value, your financing and the conditions the seller wants.

In some cases, an offer above the asking price may be necessary. In others, a well-structured offer with the right conditions and plenty of flexibility can be attractive enough for the seller.

So the goal isn't simply to make the highest offer, but to present one that combines a sensible price, the right conditions and a level of risk you can accept.

A broker can help you:

• analyze the property's value
• compare recent sales in the area
• set an offer strategy
• understand market conditions
• prepare the promise to purchase
• negotiate with the seller
• see it through to signing at the notary’s

Whether you want to buy a condo on the Plateau-Mont-Royal, a house in Rosemont, a property in Villeray, in Ahuntsic or elsewhere in Montréal, good preparation can make all the difference.

Looking to buy a property in Montréal?

Before you submit an offer, take the time to understand the property's value, your financial capacity and the conditions that protect you.

A competitive market doesn't necessarily mean you have to outbid at any cost. The best offer is the one that's competitive, strategic and right for your situation.