LES CONODS CRESCENT

2014

Montreal Condos for Sale Steps how to buy a condos

Grace Isobel

1 2 0 7 , C R E S C E N T S T R E E T , M O N T R E A L , Q U E B E C , C A N A D A - H 3 G 2 B 1

Montreal Condos for Sale

Looking to purchase a new

Montreal condo for sale?

Whether it is your first time

looking or if you have

experience purchasing real

estate, you must always start

the same way at a mortgage

broker.

First Step – Buying New Montreal Condos For Sale

The first step when looking for new condos in Montreal is for you to go to your local

bank or mortgage broker and discuss your budget. You’ll have to sit down and speak

openly about your finances. This way the mortgage specialist will be able help you

calculate how much you can afford on condos for sale in Montreal. Although this may be

uncomfortable, it is important to get everything out, so you can really set your budget

correctly. Once the budget is set, the mortgage specialist will apply for a mortgage pre-

approval. If you can get pre-approved, the bank will most likely issue you a mortgage

pre-approval letter and this letter will be very helpful when the time comes for your real

estate broker to present an offer to the seller (of the Montreal condo for sale). Sellers

almost always feel more comfortable when they see a mortgage pre-approval letter.

They know that it will most likely make negotiating the condo selling price much easier

because there is likely to be a swift conclusion.

Second Step – Making the Offer in a Buyer’s vs. Seller’s Market

When you find the new Montreal condo for sale that you love, you should make

an offer. Now, depending on the type of market at that time, you may want to

approach the offer in 2 ways. In a buyer’s market, where there are a lot of

Montreal condos for sale, the seller will be much more likely to accept an offer,

you might want to start lower than the listing price and negotiate. However, in a

seller’s market, where there are few Montreal condos for sale and multiple offers

are being made, you should start as close to the selling price as possible because

other people are interested and you want your offer to be accepted.

There is another situation that you may find yourself in. You are a current condo

owner and you are selling your existing condo but will be waiting for the sale of

your condo to conclude in order to purchase a new Montreal condo for sale. If

this is the case, you would need the sale of your existing condo to finalize and

then find a new one after the sale is made. This would ultimately mean that you

would likely have between 1 and 3 months to find a new condo in Montreal for

sale and then buy it (once an offer on your current unit is accepted). Although,

this time frame will vary (depending on what was agreed upon in the offer for

your Montreal condo for sale), many people decide not to choose this approach.

The reason being, they are worried about not finding the right condo for sale in

Montreal (within the allotted time frame).

Third Step – Negotiating the Selling Price of a Condo

When negotiating the price of a condo in Montreal, it is important to understand

the buyer’s situation. Ask the buyer some personal questions to get an idea of

their situation. Also, it is wise to ask them to justify the asking price. Remember, it

is best to negotiate the new condo Montreal downtown for sale in person. Lastly,

don’t get frustrated. The goal is to get the home and at the best price. Always stay

focused and check your ego at the door.

We hope this was helpful. Good luck shopping for Montreal condos for sale.