Deposit Cheque: Don't Show Up Empty-Handed! Photo
Early in my real estate career, I was working with a young couple looking to purchase a loft in the city's west end.
Back then, just like now, most properties were receiving multiple offers and selling for above the asking price.
And just like now, listing agents were requesting that all potential buyers show up on the offer date with a certified deposit cheque in hand.
I don't recall the specifics now, but on the first offer we did together those clients of mine were not able to obtain a deposit cheque prior to submitting the offer.
Of the five offers that were submitted that night, my clients had the highest price.
The property should've been theirs...
The sellers ended up working with the second highest offer though, because we didn't have that damn deposit cheque in hand.
Needless to say, those clients never submitted another offer without being sure to have the certified deposit cheque ahead of time.
Fast forward to 2017, and just the other night I saw the same thing happen again (thankfully, it wasn't my clients who made the mistake this time).
A condo in the east-end received 20 offers and sold for $710,000. The highest offer was actually $730,000... but those buyers did not have a certified deposit cheque in hand.
Imagine the disappointment there - being the highest of 20 offers and still not getting the property!
There's almost 10 years distance between those two stories, but the lesson is the same for each: show up on offer night empty-handed, and you might go home empty-handed too.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.