to worry about trying to time the market. 1. You will probably be wrong. 2. Even if prices do soften the odds are very high the market will come back within a few years anyway.
MAKING A SMART OFFER
In Alberta, all Real Estate offers and counter & offers must be in writing. It is common to submit the first offer in writing, but you often will get a verbal counteroffer. It's not ideal to negotiate verbally but it's become more common practice. Keep in mind neither buyer nor seller are obligated until what is agreed upon is in writing (The statues of Frauds) doesn't recognize verbal Real Estate contracts in Alberta. The goal of your negotiation is to buy a house for money you’re comfortable paying with the possession date, terms, and conditions that protect you. Terms are different than conditions. A condition can be placed by a buyer or a seller that requires something to happen to satisfy the party requesting the condition. If the party requesting the condition does not become satisfied the buyer can send what they call a "notice of non-waiver". This now collapses the contract and monies from the initial deposit are returned to the buyer. Example. The buyer may want an inspection of the property. If the buyer is not satisfied with the results, they can choose not to waive. A term is a request from one party to the other but does not collapse the contract if the term is not fulfilled. Example. The buyer might request that repairs be completed by the seller before possession day. If the seller doesn't complete them there should be an agreed upon penalty as part of the term.
Let's do a deeper dive into negotiating the price. As mentioned
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