Cory and Emily were ready to buy their first home! He runs his own business and she works a 9-5 office job. They wanted to have an asset of their own. As he was self-employed and most of his earnings fluctuated every month, but they had managed to save 10% of the total down payment.
They wanted to buy a place together and turn it into a home in Coquitlam.
Even though they had saved the down payment to invest in the home, the real estate market was highly-fluctuating and competitive at that time all while their budget was below $550K.
Thus, we had to build a strong strategy. With no expert knowledge of the real estate market, he decided to rely on us for a viable solution. They wanted a working strategy so that things could work out under their budget of $550K.
We came up with a working strategy for them. The strategy was simple and targeted towards getting a pre-approval, keeping track of regular real estate listings, and hunting for good residential areas in Coquitlam. Firstly, Cory and Emily had to keep track of all the new real estate listings.
The real estate market is quite competitive therefore, they had to compete only when engagement and competition are low. Provided the situation and their budget, it’s the only realistic strategy for them to buy a home.
The other step is to get a firm pre-approval, possibly from building a strong client-lender relationship. The last step is to look for good residential areas of Coquitlam.
During the process, we were able to compete with 14 different offers. We used a different approach as they were first-time buyers. We competed by writing 14 offers without particular subjects.
We still had a firm back-up plan if things did not go as we planned. As we had ample time on our hands, we were able to do a quick inspection before every offer date. Then, we moved forward to complete all the formalities of the sale.
Our strategy worked great for Cory and Emily – hard-working and loyal clients. They were successfully able to get a cozy 2-bedroom 2-bath apartment with a patio and a beautiful view. Moreover, the investment was under $550K – a tight budget to work with but we knew we would be able to help these first-time buyers find a home of their own.