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5 Conditions To Withdrawing Your Offer
Okay, so you have found the house you LOVE, you’ve submitted your offer to purchase, and you’re mere inches away from having those keys in your hands to your new abode. “Saskatoon Homeowner” has a nice ring to it! But what if your feet start getting cold? Or what if you get a fantastic job offer in a different location? Is there still time to withdraw your offer?
The short answer is “yes,” but there are some conditions. You can still back out so long as the offer or counter-offer has not been accepted and communicated by the seller and their agent. However, there are a few things to keep in mind when buyer’s wish to retract communicated offers.
A valid contract requires an offer and acceptance of that offer. For the seller’s offer to be valid, that acceptance must be communicated promptly to the Buyer that has made the offer.
Communication of acceptance through a telephone call, fax or email are all valid means of communication, as deemed by the Saskatchewan Real Estate Commission.
Confirmation of acceptance is not an essential element for the contract to be valid. Provided that the approval of the offer has been communicated to the Buyer, confirmation or acknowledgement of the accepted offer is not required for the contract to be valid.
Acceptance communicated to the buyer’s agent counts as a sufficient point of contact to establish the contract. Buyers or sellers need not communicate directly with the other party as the agent representing them is a viable placeholder.
The Buyer can be bound at any time after submitting the offer once acceptance is communicated to the other party. Be it by after-hours fax to the brokerage office or an unread email, the contract is cemented, and the Buyer is no longer free to withdraw.
The moral of the story is that it’s all about communication and that before submitting the offer to purchase, it is best to be as sure about the property as possible. If you have changed your mind and the offer is already submitted, you will need to contact your agent ASAP. Time is of the essence for your agent to act as quickly as possible in your favour to communicate the retraction to the other party before it is accepted, preferably in writing. If the offer is accepted before the Buyer’s retraction or the Seller disputes the retraction, you must seek legal counsel.
Our highest recommendation is to have a trusted and knowledgeable REALTOR® by your side, assisting you in navigating the local housing market. Whether it’s buying or selling, we’ve got all the tips and tricks to landing you your dream home!
Saskatoon’s 5 Most Popular Neighbourhoods
Home to over 270,000 people, Saskatoon boasts 66 incredible neighbourhoods to suit the various lifestyles found in their diverse population. Ranging everywhere from centralized inner-city hubs to sprawling surrounding suburbs, there is a neighbourhood to fit every family’s wants and needs. In fact, here are some of the most popular neighbourhoods in Saskatoon:
Stonebridge
Stonebridge is home to a booming population of 13,334 people, making it Saskatoon’s most popular neighbourhood. And when you take stock of all this family-friendly community has to offer, it’s no wonder why!
Offering one of Saskatoon’s best shopping centres, one of the greatest highlights Stonebridge has to offer is its access to amenities. With everything from dining to shopping, personal services to medical care, you can find it all right in the neighbourhood. And if, for some reason, you need to get anywhere else in the city, you can do so easily with Circle Drive found bordering the community to the north.
Stonebridge is also beloved by families for its 16 incredible parks, offering over 121 acres of green space to explore. There are also two excellent schools in the neighbourhood—Chief Whitecap School and St. Kateri Tekakwitha School—giving families their choice of both public and Catholic elementary education for their children. It is also a very affordable neighbourhood to live in, with homes for sale in Stonebridge averaging an average price of just over $351,000!
Silverwood Heights
With a population of 10,862 people, Silverwood Heights is, without a doubt, one of Saskatoon’s most popular neighbourhoods. Offering an average price of just under $380,000, Silverwood Heights homes make an excellent choice for homebuyers seeking affordable real estate in a family-oriented neighbourhood.
Built to prioritize residential living in a spectacular suburban setting, lifestyle amenities are where Silverwood Heights shines. The neighbourhood has five schools for families to choose from, offering variety for every stage of your child’s educational journey. Public elementary education can be found at either Brownell School or Silverwood Heights School, while the Catholic equivalents can be found at either École Sister O’Brien School or St. Angela School. There is also a public high school in the neighbourhood—Marion M. Graham Collegiate.
Beyond the robust educational system, Silverwood Heights also boasts over 75 acres of breathtaking park space. This includes over 20 acres of the riverside Meewasin Park, where you and your family can enjoy countless hours taking in the fresh air along some of the most scenic views in Saskatoon. And though the neighbourhood doesn’t offer its commercial amenities, residents of Silverwood Heights certainly won’t be without, with easy access to both Lawson Heights Mall and all the businesses found along 51st Street blocks away.
Hampton Village
Next on the list of Saskatoon’s most popular neighbourhoods is the gorgeous community of Hampton Village that 8,670 people are proud to call home. And with a strong sense of community and a wide variety of housing styles to choose from, it’s easy to see why!
Homes for sale in Hampton Village go for about an average of just over $338,000, making it a very affordable choice, particularly for first-time buyers. But its attraction doesn’t stop there—it also boasts over 58 acres of parkland. This includes the fantastic Paul Mostoway Dog Park, giving even the furriest family members a space to enjoy the peace and quiet found only in nature!
The village-style neighbourhood, while primarily residential, has several amenities to offer convenience to its residents. These include a gas station, restaurants, and several shops, including a pharmacy and dollar store. Hampton Village also gives parents their choice of either public or Catholic elementary education for their kids with both Ernest Lindner School and St. Lorenzo School found in the neighbourhood.
Willowgrove
Willowgrove is home to a population of 8,420, making it the next most popular neighbourhood in Saskatoon. With average prices sitting around $438,000, homes for sale in Willowgrove are particularly popular with families looking for their next home in a quiet and friendly neighbourhood close to all the amenities.
Ideally situated close to both the University Heights Shopping Centre and Brighton Marketplace, access to amenities is undoubtedly one of the top highlights of living in Willowgrove. And though all of life’s everyday essentials are just a few moments away, the community still offers several restaurants, personal services, and shops in the village square for convenience!
Another high point of Willowgrove is its lifestyle offerings, including over 48 acres of green space found in its ten parks. All interconnected via winding walking paths linking together, they instill a strong sense of community amongst residents with all their neighbours just a stroll away. And with two elementary schools—Willowgrove School and Holy Family Catholic School—it’s a no-brainer for families, too!
Wildwood
Just over 8,000 people call the neighbourhood of Wildwood their home. And with a particularly attractive average home price of just over $260,000 and an incredible list of amenities, it’s not hard to see why!
Situated in an ideal location along 8th Street E and Circle Drive, Wildwood offers not just one but two of the most popular features home buyers are looking for—access to amenities and commutability. Residents can find just about everything they need in the neighbourhood at Centre Mall, including shopping, dining, and entertainment. If they can’t find it there for whatever reason, they just need to head a couple of blocks west, and they will undoubtedly find it somewhere along the rest of the 8th Street business district.
You don’t need to be spending money to enjoy living in Wildwood, though. The neighbourhood also has several lifestyle amenities to offer, including the Lakewood Civic Centre, Cliff Wright Library, and over 68 acres of parks! It also boasts two great schools, Wildwood School and Bishop Pocock School, as well as the stunning Wildwood Golf Course, making it an ideal choice for those who dream of weekends on the green just steps from their front door.
No matter whether you are prioritizing access to amenities, commutability, or schools in your home search, you can almost certainly find it one of Saskatoon’s most popular neighbourhoods. Despite their popularity, there’s nothing to say that these neighbourhoods will be the perfect fit for your wants and needs. Need help narrowing it down? Our experienced team of real estate professionals is happy to help—contact us today to get started!
Presenting Offers 101
You’ve found your dream property, congratulations! Now what? The next step in your journey to becoming a homeowner is your agent will put together a presentation of an offer, proposing a deal to the listing agent and their client. Together, you and your agent will decide the terms and conditions of what you wish to offer and determine a fair price for the property. The proposal also most notably includes the Agreement of Purchase and Sale—the official offer to the Seller. It’s a considerable amount of paperwork that needs signing, but once you have those keys in hand and settle into your sweet new digs, it will all be worth it!
Irrevocable Period
This is the period when your offer is valid, as well as the time the Seller is allocated to consider your proposal. After the deadline, if the Seller has not accepted or made a counteroffer, the offer is voided, and you are no longer committed to it.
Offer Registration
Once signed, the Buyer’s agent will ‘register’ the offer with the Listing Brokerage to notify that they have a signed offer from a Buyer. Registering offers help make it easier to track offers, especially if there is more than one on a single property.
Single Buyer Offer
Most commonly, a single buyer is offering to purchase the property at one time. Typically, the single Buyer offer process will take place within the span of a single afternoon or evening with the Seller, listing agent and buying agent in attendance of the negotiations. Many offers are also presented with the Buyer close to hand in a nearby coffee shop or restaurant, if not also in person, for the quickest and most efficient negotiation process. However, with the current life and times, more and more offers are being presented electronically. Regardless of who is in attendance, both the listing and buying agent’s goal is to get their clients the best possible price, gauging each other’s flexibility in terms and conditions.
Once assessing the Buyer’s offer, the Seller and their client can do one of three things: accepting the offer as is, rejecting it, or signing the offer back with initials and signatures to changes in price, closing date or any other particular terms. If the Buyer is not willing to negotiate up to those changes, negotiations will cease, and the Buyer will have to go look elsewhere.
Multiple Buyer Offers
Alternatively to single Buyer, multiple Buyers can present their offers simultaneously, creating a bidding war. Multiple offers on a single property predominantly happen when the property is priced at market value or relatively underpriced. Underpricing can be done deliberately or by accident but is rarely recommended as it can be quite risky for the Seller. However, a listing can receive multiple offers by luck or skilled marketing.
In this case, the listing agent will communicate with each Buyer’s agent, gathering the pros and cons of each offer to discuss privately with their client. Once again, one of three things can happen: accept one of the offers outright, reject all offers if they fall below expectations or decide to work with one Buyer if they can change a few things.
With either presentation style, critical discussions should include closing dates, as well as the size and soonest availability of deposit in the form of a bank draft for maximized confidence in the offer. Additionally, it is often also more secure of a decision to accept a firm offer over a conditional, even if the conditional offer is higher. After all, chances could be that the Buyer is caught up in the moment and gets Buyer’s remorse a few days later.
Of course, your best course of action is having a knowledgeable local REALTOR® by your side. No matter if you are looking to buy or sell, contact us today for a trusted guiding hand in the process, drawing on all our combined years of experience.
