How To Win Your Bidding War
You will probably lose your first bidding war, yes it does suck, but it can be a blessing in disguise. With the Toronto real estate market booming, demand for houses is bigger than the availability. In simple words, there are many people who are in the house hunting game. They have been in there longer, therefore, hungrier – going all-in.
We have prepared a list of few tips that can help you during this time:
- Be present during the offer presentation – this cuts the time wasted to exchange details back and forth in case of any changes. Plus, it has the added touch of personal emotional connection to the seller which should not be underestimated.
- Always have the agent present the offer in person.
- Don’t overwhelm the buyer with too many conditions. This being one of the largest investments in your life, you are probably concerned with all the little details. You want to have everything in place – the financing, insurance, home inspector etc… This is all fine, but keep in mind, you are automatically at a disadvantage if the competitor client is willing to compromise a clean offer in exchange for the property. Remember: “The house you looked at today and wanted to think about until tomorrow, may be the same house someone looked at yesterday and will buy today.” – Koki Adasi
- Always be prepared – Sellers can’t put up a “Sold” sign unless your deposit cheque is there with certified funds. That being said, you do not want to lose your dream home so close to the end.
- Remember if the booming market, you might not get a second chance. If one offer stands out above the rest the seller will accept that one and tell everyone else to leave. If You’re Told to Bring Your Best Offer, Bring Your Best Offer. Put in your bid for your best offer on a home or other piece of real estate with this sign advertising an auction or transaction for a house
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