How to Win a Multiple-Offer Situation on a Character Home

Quick answer: To win a multiple-offer situation on a character home, be fully prepared before offers are due: get pre-approved, do as much homework on the house as you can up front, and make your offer clean and clear. Think hard before waiving subjects on an older home. The strongest offer isn’t always the highest price.

East Hill’s character homes, some of them over a century old, don’t come up every day, and when a good one does, you may not be the only buyer interested. I’ve been in Vernon real estate for 23 years and have built or renovated more than seven homes. Here’s how to put your best foot forward without taking on risks you don’t understand.

This is general information, not legal or financial advice. Talk to your lender and lawyer about your own situation.

Step 1: Be ready before you fall in love

Get a solid pre-approval. Know your limit and what your lender needs to confirm financing quickly.
Know your down payment. Have your deposit funds ready to move.
Line up your team. Have a licensed home inspector, an insurance broker and a lawyer or notary ready to go on short notice.

Step 2: Do your homework early

Older homes are where subject-free offers get risky. Instead of skipping due diligence, try to do it before offers are due.

Ask for the documents. A Property Disclosure Statement if the seller has one, any past inspection reports, permits and records of upgrades.
Check the heritage register. If the home is listed on the City of Vernon Heritage Register, ask whether it’s also protected by designation or a heritage agreement. The City says protected heritage properties need a Heritage Alteration Permit for exterior work.
Book a pre-offer inspection, if the seller allows it. It costs money even if you don’t win, but it lets you write a cleaner offer with confidence.
Call your insurer. Ask about wiring type, oil tank history and roof age, which often come up on older homes.

My local’s checklist for buying an older home in East Hill lists what to look into.

Step 3: Build an offer the seller can say yes to

Price

Decide your true top number before you write, based on recent comparable sales and what the home will need. Don’t let the pressure of the moment push you past it. The BC Financial Services Authority (BCFSA) warns that overpaying means a higher mortgage and can leave you owing more than the home is worth if values drop.

Subjects

Fewer, shorter subjects can make your offer stronger. If you’ve done your homework up front, you may be able to shorten your subject period or remove some conditions. BCFSA cautions that subject-free offers eliminate your ability to do due diligence before buying. On a character home, that’s a real risk.

Deposit

A meaningful deposit, ready to go, shows you’re serious. Talk to your agent about what’s appropriate.

Dates

Ask what completion and possession dates suit the seller. Flexibility on timing can matter as much as a little more money.

Step 4: Know the rules of the game

The rescission period still applies. In BC, buyers of most residential properties have up to three business days after acceptance to cancel for a fee of 0.25% of the price. It can’t be waived.
Counter-offers reset the offer. BCFSA notes that when a seller counters, your original offer is rejected, and you can accept, reject or counter again. Your agent can explain how the seller is handling multiple offers.
Stay calm. BCFSA advises taking your time and comparing a home with others, even in a competitive market.

Step 5: Be ready to walk away

Character homes are special, and it’s easy to get attached. But there will be other East Hill homes. The right one is the home you can afford to own and maintain, not just the one you can win. Keep an eye on the live East Hill homes for sale search so you’re ready for the next one.

If you’re curious about the neighbourhood’s oldest houses, have a look at East Hill’s 1890s heritage homes on Pleasant Valley Road.

FAQ

Should I waive the inspection to win?

It’s your decision, but on an older home it’s a big risk. A pre-offer inspection, if the seller allows it, is often a better way to strengthen your offer.

Will I find out what the other offers are?

Usually you won’t see the details of other buyers’ offers. Your agent can ask the seller’s agent how the process is being managed.

Does the highest price always win?

No. Sellers also weigh subjects, deposit, dates and how likely the deal is to complete.

Facing competition on an East Hill character home? Call or text me at (250) 550-6979, or browse East Hill homes for sale.