With over 20 years of real estate experience, I have been on both sides of the negotiating table! What the heck is a bidding a war anyway? Sounds kind of scary. Essentially, it’s when there are two or more offers “competing” for the same home simultaneously. Bidding wars sound scary but here are a few tips that can make it less so and help you win your dream home!
1. Know your numbers! Talk to your mortgage broker and know what your top number is. I often suggest sending them the Mls listing beforehand to have a good idea of what the bank thinks it’s worth compared with the neighbourhood. Move your money around. Many of my clients take the deposit from investments etc. This can take a few days, so move it as soon as possible to have your deposit accessible.
2. Be prepared! Often, homes will have an offer night. This is when the sellers will review all offers. Generally 6-7 days after it is first listed. Try to get in as early as possible! If it’s a home that needs some work, get your home inspector or contractor in! The sooner the better.= so you
can have a better understanding what you are working with, and its always good to get an opinion!
3. Keep Your Offer clean! You are competing. You want to make your offer as easy for the sellers to accept as possible! With tips and 1 and 2 covered you should be able to confidently remove your financing and inspection conditions. I usually recommend going in with your top range
number, however every situation is different! This might be a case by case scenario and your agent will coach you.
4. We often know what time and where the sellers will be reviewing their offers. If possible, have your agent go in person to present! The personal touch goes a long way with the sellers. Be close by just in case signatures are needed.
5. Pick the Right Agent! Make sure you have someone you trust and has your best interest at heart. Their job is to represent you and sometimes that means walking away!
Every offer situation is different, but these are just a few tips I have seen work in the past. For more tips or answers to your questions, contact me direct! I am happy to help!