What are we going to do with all the multiple offers this year?

Joel Olson • January 26, 2022

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So what is 2022 going to look like and how do we handle multiple offers differently?

So here we go. 2022 What's this year going to look like on the market?


Is it going to be another year full of multiple offers escalating house prices and buyers being frustrated not being able to crack into the market? 


Is it going to be another year where we see limited inventory as a result of a lack of supply? 


Where there isn't really that much to buy in the first place? 


I mean, there's lots of predictions. 


We all have our own opinions, but I suppose only time will tell. 


All we know is what it is today. 


And I can tell you a few things that we've learned that we are doing differently this year. 


First, we are expecting there are going to be a lot of situations with multiple offers in particular, where people are meant to go firm, at least until this cooling off period is put into place by the government.


That means we have to be a lot more diligent about making sure our clients are ready to put in an unconditional offer. 


A lot of brokers are scared to guarantee something like this. 


A lot of brokers are nervous to give clients the go ahead on unconditional offers. 


However, there's some better ways than what people have done. 


The key here is to set up what's called Plan B financing. 


It means that if, for some reason, the mortgage insurer doesn't approve you, if for some reason, you don't get approved by that lender that we’re 99.9% sure will approve you… what are we going to do? 


That may include some type of approval with a B lender, or a higher interest rate or attaching a cosigner or adding security for the property. 


All these things are things that we can put in place as a B plan so a client can go comfortably into an unusual offer, knowing that they do have at least guaranteed financing in some form. 


This is a key difference to what people are doing in the marketplace. 


You would not believe the amount of frightened phone calls we get from people that have firm offers that really didn't have financing organized in the first place. 


It's safe to assume that, even though people are telling you they think they'll be okay. 


Really, it's a scramble to the end making for a very, very stressful situation for our clients. 


So our plan and our process includes for everyone who's offered, to put a “B” financing plan in place. 


This is an important distinction and will make you look better to your clients and have a less stressful situation. 


It also means that the client can comfortably offer in a situation not just unconditional, but I think to go above asking they can do so comfortably with us talking through that. 


The second part that we might add to that would be to do an inexpensive pre-appraisal on a property through an actual appraisal.

 
Now we all know what property a should sell for and won't sell for - we will have our comparables, but why don't we have something that is legitimate from an appraiser? 


That’s something we can rely on… that means that we could actually go a little bit higher on that property. 


There's a way to do a pre-appraisal that can give some comfort around those values and comfort around going above asking (price). 


Now, of course, if this cooling off period comes into play, all bets are off.


It means that we will have a week to sort out financing.

 
This means our mortgage approval assurance plan we've talked about many times, which means our pre- approval is going to come with a $5,000 guarantee to the seller is going to make all the difference. 


If you don't know about that and want to schedule a time so you can have your clients take advantage of having $5,000 against the seller, please do schedule a call with me. 


Lastly, time kills all deals. 


We've heard loud and clear that a big issue with offers is that people do not have enough time to get the offer done. 


Many banks, many brokers, many lenders are asking for a full one week for some locations and finding that those offers rarely even pique the interest of most sellers. 


Now of course, people want to have adequate time, but what if there was a way to get the client extra pre- approved? 


I'm talking about making sure we have the identification.


Making sure we have the voided check, making sure we have every bank statement. 


What if there was a way for us to make that pre-approval work so that they can have a one day approval? 


This is possible for a limited amount of realtors and a limited amount of clients on an ongoing basis. 


We can offer approvals that are firm in one day.  If you'd like to know how to take advantage of this and the strategy this uses, please schedule a time with me because we can do an approval in one day. 


That's right. 


Make an offer 24 hours later and remove the subjects - this is huge in this market. 


Obviously these are just some of the many strategies we do and many are catered to your specific marketing needs. 


We would love to have a chance to go through anything we can help you with this year. 


It's going to be a busy one. 


Let's be prepared!

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Joel Olson
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How to Save Money for a Downpayment

By Joel Olson • June 17, 2025
Whether you want to set aside money to buy a car or take a vacation, save up for a down payment on a property, or plan for your retirement, the principles are the same. However, as you’re reading this article on a website dedicated to helping you secure mortgage financing, we’ll assume you want tips on how to save for a down payment! The key to saving money is getting clarity - clarity around your income and your expenses, developing and following a clear plan, and seeking help from professionals who can help you see the big picture as well as the details. Although this might seem fundamental, sometimes going back to basics is the best place to start. Assess your income. If your goal is to save money, you’ll need to identify just how much money you’ve got to work with! The best way to do this is to write everything down. This could be with paper and a pen or on a spreadsheet; whichever way works best for you is fine. The goal is to have all your income in front of you! If you’re on a fixed income or receive a salary for work, your calculations might be pretty simple. Use the income you actually take home, not your gross income. Include an average of your variable income sources like tips, overtime, bonuses, or shift differentials. You should also include other income sources like an annual tax return, and child tax or other government benefits. Spend time to make an exhaustive list of all your income sources. Track your expenses. Once you’ve identified what you have to work with on the income side, the next step is to figure out just how much you actually spend to maintain your current lifestyle. Start by identifying regular bills, then look at your discretionary spending. If you have a budget already in place, you should be able to identify these numbers easily. If not, you can expect that getting clarity around your expenses will be very enlightening. It will be helpful to look through a few months’ worth of bank statements to see just how much money you actually spend. Information is the key to finding clarity. The more information you have, the more equipped you will be to save money. Just like your income, write down all your expenses. This will allow you to assess and reprioritize where you spend your money. Develop and follow a plan. Once you have a clear picture of your income and expenses, you need to figure out how to make more money than you spend. Although that sounds so simple, it really isn’t. The majority of Canadians incur debt because they spend more money than they make. This is why saving money can be so hard. But if we’re going back to basics, remember this: if you’re spending more money than you're making, you need to either increase your income or decrease your expenses to start saving money. There are countless money-saving strategies on the internet; consider following a few financial bloggers, and have fun learning about what works best for you! Seek help from professionals. You’re probably here to learn about how to save money for a down payment because you want to buy a home soon. If that's the case, be assured you're in the right place. Putting together a plan to secure mortgage financing is one plan you don't have to make on your own. As independent mortgage professionals, it’s our job to help you navigate all aspects of mortgage financing. Just like saving for a down payment is about managing income and expenses, so is getting a mortgage. Income and expenses, along with credit and property, are what a lender looks at when assessing your suitability for a mortgage. So while you might assume that putting together a plan to save for a down payment is where you should start, it might not actually be the best place to start. Saving money takes time, and while you're doing that, there are many other things you could be doing at the same time, like building credit to increase your chances of qualifying for a mortgage sooner. When you’re ready to assess your financial situation and put together a plan to save for a down payment and get into a mortgage sooner, please get in touch. It would be a pleasure to work with you.
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An Overview of the Home Buying Process

By Joel Olson • June 3, 2025
If you’re in the early stages of planning to buy either your first home or your next home, you’ve come to the right place! Even if you’ve been through it before, the home buying process can be daunting, but it doesn’t have to be when you have the right people on your side! The purpose of this article is to share a high-level view of the home buying process. Obviously, the finer details can be addressed once you’ve submitted an application for pre-approval. But for now, here are some of the answers to general questions you may have as you work through your early preparations. Are you credit-worthy? Having an established credit profile is essential when applying for a mortgage. For your credit to be considered established, you’ll want to have a minimum of two trade lines (credit cards, loans, or lines of credit) with a minimum limit of $2500, reporting for a period of at least two years. From there, you’ll want to make sure that your debt repayment is as close to flawless as possible. Think of it this way: Why would a lender want to lend you money if you don’t have a history of timely repayment on the loans you already have? Making your payments on time, as agreed, is crucial. We all know, however, that mistakes can happen and payments might get missed. If that's the case, it’s best to catch up as quickly as possible! Late payments only register on your credit report if you're past due by 30 days. How will you make your mortgage payments? When providing you with a mortgage, lenders are trusting you with a lot of money. They'll want to feel really good about your ability to pay that money back, over an agreed period of time, with interest. The more stable your employment, the better chances you have of securing mortgage financing. Typically, you’ll want to be employed in a permanent position or have your income averaged over a period of two years. If you’re self-employed, expect to provide a lot more documentation to substantiate your income. How much skin do you have in the game? If you're borrowing money to buy a home, you’re going to have to bring some money to the table. The best down payment comes from accumulating your own funds supported by documents proving a 90-day history in your bank account. Other down payment sources, such as a gift from a family member or proceeds from another property sale, are completely acceptable. In Canada, 5% down is the minimum requirement. However, depending on the purchase price, it might be more. Also, you need to be aware that you will likely have to prove access to at least 1.5% of the purchase price to be allocated for closing costs. How much can you afford? Here’s the thing. What you can afford on paper and what you can afford in real life are often very different amounts. Just because you feel you can afford the proposed mortgage payments, know that you will have to substantiate everything through documentation. The amount you actually qualify to borrow is based on many factors, certainly too many to list in an article designed to provide you with an overview of the home buying process. However, with that said, it’s never too early in the home buying process to seek professional advice. Our services come at no cost to you; it would be our pleasure to help. Working with an independent mortgage professional will allow you to assess your credit-worthiness, provide insight on how a lender will view your income, help you plan for a down payment, and nail down exactly how much you can afford to borrow. And if you need help putting together a plan to improve your financial situation, we can do that too. If you’d like to discuss your financial situation and put together a plan to secure mortgage financing, please get in touch!