Buying a home in a hot market is a lot different than when there are tons of houses available and no one is buying. First of all, you don't have the sense of panic that the perfect house that's just been listed will be sold before you even get to see it that evening, never mind waiting for the weekend open house. Don't just sit there, read these tips quick!

1. You have to move quickly in a hot market. That means if you see something you like, don't wait till tonight to go see it. Book an appointment ASAP and get out there with your agent. In this market, the early bird gets the house. If you like it, the next call should be to your home inspector. Ask as nicely as you can to get him or her to come out that day. This can be hard, since some of them are taking appointments into the next week. That's why you need to have the numbers of  a few trusted inspectors at your fingertips so you can find someone who can move quickly when you need them.
   
2. In a hot market, you have to make a decision quickly, within hours, but take a deep breath and look on either side of the fence where you're hoping to be  living in a few months. What can you tell about the neighbours? Are they taking care of their property? Does their backyard look like a salvage yard? Is there a hairy man with no shirt BBQing while pulling on a beer at 2 in the afternoon on a Tuesday? (True story. Not that I have anything against half-naked, drunken, mid-week BBQing, but you need to go with your gut and this guy put off a bad vibe.)
3. If you really want the house and it goes to multiple offers, don't low ball. These are the first offers that get cut loose while the seller moves on to the serious bidders in the next round. When your agent presents your offer, he or she will also talk a little bit about you, the buyer. It may sound corny, but it has been known to make a difference so decide ahead of time on the sorts of things you want your agent to discuss.
4. Some sellers will set a time when they will receive offers, which means they're hoping for multiple offers. Don't just sit back and wait for the deadline. Ask your agent to submit what's called a "bully offer." Selling agents don't like these because they're hoping for a bidding war, but your agent should have a sense of how much over asking the house will go so you can adjust your early offer accordingly. Bully offers are often accepted, leaving the other buyers (your competition) crying on the curb. 
   
5. Buyer beware: Even with a home inspection it is almost impossible to make sure you're not buying a dud. In some cities, houses that were former grow ops are a big problem, because of the damage they cause, so police forces are providing a list of busted grow ops to protect home buyers. While mold can be a problem in any home with a leaky foundation, a more recent issue that's developing is homes that have been built or renovated using Toxic Chinese drywall. This is tricky to check, since even just three sheets can be damaging to your health. This has apparently become a problem in B.C.'s Lower Mainland. Some of the drywall that was imported between 2001 and 2007 has also made its way to the Prairies and Toronto. According to news reports, all houses affected have blackened, scorched wiring behind switchplates and wall plugs. If recent renovations were under the table, it will be hard to track where the drywall was purchased so ask your inspector to carefully check for signs of wiring damage behind switchplates in recently renovated homes.
6. Also ask about pest infestations. If you ask specifically about bug infestations, the agent is required to answer honestly. Be specific instead of open-ended in your query. Ask about everything from carpenter ants to termites to bed bugs, which are apparently making a comeback in North America since governments banned DDT. While you're at it, you should also ask about the home's history in terms of crimes, deaths, or suicides, if you care about those sorts of things, since it might affect how the people who buy it from you feel about the property. When a property is affected by its history, it's called being "stigmatized" and this definitely falls under the "buyer beware" category

Previously: Win One, Lose Many

Reni Walker (AKA Scotch Mommy on slice.ca) shares her moving mayhem Wednesdays.