Ask your mortgage broker or lender to review the specific property and whether they will lend on it
3
Do a pre-offer home inspection (before offer day) — costs $400–$600
4
Review the status certificate in advance (for condos)
5
Submit the condition-free offer, with the remaining risk (such as a low appraisal) understood
Deposit
Deposit Strategy
Impact
Standard deposit (1–2%)
Expected minimum
Large deposit (3–5%)
Signals serious buyer; seller feels more secure
Deposit with offer (certified cheque)
Strongest — shows immediate commitment
Closing Date
Strategy
Best Approach
Accommodate seller’s preferred date
Ask the listing agent what the seller prefers
Flexible closing
Offer to close on the seller’s timeline (30, 60, or 90 days)
Quick closing
If seller wants fast — 30 days or less shows urgency
What Sellers Look For in Offers
Factor
Weight
What Wins
Price
Highest
Highest credible offer
Conditions
Very high
Fewer/no conditions preferred
Deposit
Moderate
Larger deposit signals commitment
Closing date
Moderate
Matching seller’s preferred date
Financing
High
Pre-approved buyer preferred
Personal letter
Low–moderate
Can help in close situations (not always read)
Buyer’s agent reputation
Low
Known, reputable agent adds credibility
Pre-Offer Home Inspection
A pre-offer inspection is one way to submit a condition-free offer while reducing the risk:
Feature
Details
Cost
$400–$600
Timing
Arrange during open house period (before offer day)
Duration
2–3 hours
Benefit
Allows you to waive the inspection condition with full knowledge
Risk
If you don’t win, you lose the inspection cost
Tip
Ask listing agent for permission; most allow it in competitive markets
Budget for Bidding Wars
How Much Over Asking Do Homes Sell For?
It varies by city, property type and year. Your local real estate board publishes the average sale-to-list ratio: above 100% means homes are selling over asking on average.
Example: a detached home with eight offers
Item
Amount
Asking price
$1,099,000
Number of offers
8
Comparable sales
$1,150,000–$1,200,000
Winning offer
$1,195,000 (8.7% over asking: $96,000 ÷ $1,099,000)
Second highest offer
$1,175,000
Conditions on winning offer
None
Deposit
$60,000 (about 5%)
When to Walk Away
Red flag
Why buyers walk away
Offering more than comparable sales support
You’ll be overpaying vs. market value
Waiving inspection on an older home (30+ years)
Major hidden defects are more likely
Emotional attachment overriding budget
Bidding wars create pressure to go past a set maximum
Price exceeds your mortgage pre-approval
You may not be able to finance the purchase
You’re stretching far beyond comfortable payments
Winning the bid can leave you house-poor
The property has been relisted multiple times
May indicate hidden issues
Bully Offers (Pre-Emptive Offers)
A bully offer is submitted before the scheduled offer date, pressuring the seller to decide quickly:
Feature
Details
Timing
Submitted hours or days before offer date
Typical irrevocability
Very short (2–4 hours)
Price
Usually strong — 5% or more above asking
Conditions
Typically condition-free
Seller obligation
Seller is not required to accept; can decline and wait for offer date
Seller’s instructions
Legal; the seller can tell the listing agent not to consider offers before the offer date
When a bully offer carries less risk
Situation
Risk
You’ve done a pre-offer inspection
Lower
You have firm financing confirmed
Lower
You’re confident of the property’s value from comparables