Stay tenants or become owners?
There comes a time in life when the question comes about. For Blandine and Tony, until very recently tenants in Longueuil, the temptation to own a single-family home had become irresistible. With three growing teenagers, the family really did need more space.
An impossible dream?
However, from the get go, Blandine and Tony, found the process so difficult that they almost abandoned it. Unfortunately, their mortgage pre-approval amount was not high enough to meet Greater Montreal’s soaring real estate prices. Obviously, they found themselves in a bind.
“To be honest with you, given the overheating market and the financial resources at our disposal we thought our dream was never going to come true,” says Tony.
But then, the couple met Lamice, an experienced real estate broker and member of the Quebec Professional Association of Real Estate Brokers (QPAREB), and an expert in the greater Montreal real estate market. In Lamice’s opinion, there was no question of giving up, and no need to.
“Our broker promised us that she would do everything she could to help us find a home that met our needs and budget. After meeting with her and discussing our situation, we started to believe in our project again.”
As parents of a large family, the couple were looking for a house with a minimum of four bedrooms, two bathrooms and a large yard. As for location, they wanted to stay on Montreal’s South Shore, but were willing to relocate elsewhere. Areas that were already popular with families, such as the municipalities of Saint-Basile-le-Grand, Saint-Amable and Saint-Jean-sur-Richelieu, particularly appealed to them.
More contacts, more results
After a few months of house visits and research, the couple fell in love with a magnificent five-bedroom home in Saint-Jean-sur-Richelieu. The house had the added bonus of a large lot and a swimming pool. Everything was perfect… except for the price. Blandine and Tony even considered not visiting, for fear of becoming too attached, but instead, as Tony says,
“The professionalism, transparency and dedication of our broker meant we felt reassured throughout the process.”
Lamice, of course, remained optimistic. To help persuade her clients to visit the home, she leveraged the strength of her network, referring the couple to a reputable mortgage broker. The result? The couple quickly found a new financial institution that was ready to provide them with the means to realize their dream.
However, the amount of the new mortgage pre-approval still did not match the asking price of the house in Saint-Jean-sur-Richelieu . An expert negotiator, Lamice rolled up her sleeves and got down to work. The context of multiple bids did not seem favourable to their cause, but against the odds, Lamice managed to lower the list price by a full $30,000.
“Thanks to our broker’s hard work, we were able to submit our offer before the others!” enthuses Tony.
“The best part about all this is that our broker not only helped us find the house of our dreams, she also managed to negotiate the asking price down at a time when overbidding happens pretty regularly.”