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Happy story: my sis just bought her first house

robo (z6a)
9 years ago

Just thought I'd share a happy story!

My sister's been living in Toronto for over 10 years. She's been renting all this time and saving to buy. Last week she sent me a listing for a cute tiny cottage in her area that was actually in her price range. It sold in hours and she was a little dejected. I told her to go get preapproved and get a realtor right away, so that if another house came up her price range she could jump on it, understanding that it might take a few months for the right house to come along and to succeed in the inevitable bidding war. Entry level stuff in the area typically sells immediately with competing offers. So buyers have to be fast and sure.

So, she financed on Monday, met her realtor on Tuesday. Sent him a listing for a great little house as an example but mentioned it was over their price range (when she picked up her paperwork at the bank the teller glanced at the amount and said, "looking for a condo, eh?"). Realtor explained that he usually took buyers out for a few showings just to get a feel for what they like, so they were setting up a time to do that.

Saturday morning he emailed her to say there was a substantial price reduction on the exact home she emailed him, which had been sitting "a long time" on the market (over a week). The reduction hadn't shown up yet on MLS so they had a jump. They saw it on Saturday, loved it even more than the photos and offered right away. There was a competing offer but their first offer got it. Unlike where I live, it's common to present offers to sellers in person, so they had tea and cookies and really liked each other.

Park in the backyard, 3km commute, extremely houseproud sellers, very well maintained home and garden, and a family friend across the street who vouched highly for the neighbourhood. Can't believe she got something on her first try! I was preparing the old "something else will come along" speech.

She was lucky that she'd been following real estate in the area so she knew the comparables and neighborhood well. As well, it's somewhat of a slowdown in Toronto real estate right now so I think she picked a good time to buy. very excited for her!

Toronto real estate is also crazy because typically to get an offer accepted for the cheaper homes (maybe sub $1 million?) you can have no conditions, not even an inspection! How nerve wracking is that?

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