Home » Condominium » Condominium » Lofts » Money Matters » REAL ESTATE » Toronto » Currently Reading:

The Bidding WAR!!!

August 3, 2009 Condominium, Condominium, Lofts, Money Matters, REAL ESTATE, Toronto No Comments

 

bidding

 

 

The Real Estate market is HOT, and this can put both the Seller, Buyer and Realtor in a hot situation. The Seller is expecting top dollar for there home, buyers are trying to get a deal, and the Realtors are caught in the middle trying to make the transaction as smooth as possible!

Here are a couple tips to keep in mind when you get into a BIDDING WAR!!!

 

1.Sit back and decide what your bets offer is, ” the value is in the eyes of the buyer, whatever the buyer is willing to pay will pay, even if its $30,000 over asking if they want to buy that home they will put the number on paper!”. Offering the highest price will make your offer more attractive and is a sure way to get the Seller’s attention. In most cases Seller’s who receive multiple offers only seriously consider those at the top of the price heap.

2. Show the Seller that you are a serious Buyer. Offer a large down payment or deposit, this will show the Seller your motivation.

3.Get Pre-Approved by your mortgage professional. Going in with an offer without a need of a financing condition shows the Seller your are financially stable and can afford this transaction. And you may want to even  include your pre approval letter with your offer, so the Seller can see you are approved.

4. Do not add unusual conditions to the offer, you don’t want to complicate things. By adding more useless conditions this can act against you when your up in a bidding war. Try to avoid conditions such as ie: “Conditional on the sale of your home” etc this can act as a loop hole and be a way for a Buyer to get out of the deal. However do not exclude the standard conditions such as for home inspection or financing conditions, unless you know the risks that can come along with it.

 

bidding 2

Bookmark and Share

Comment on this Article:







Powered by WP Hashcash

Featured

Ontario Releases HST Transitional Rules

April 22, 2010

Ontario Releases HST Transitional Rules

Proposed Measures Would Help Businesses and Consumers Prepare For Change.
The McGuinty government has proposed general transitional rules that would assist in the move to a Harmonized Sales Tax (HST).
These rules explain:
Which tax would apply for transactions that straddle July 1, 2010 – the current Retail Sales Tax (RST) or the Ontario portion of the HST, [...]

Bank of Canada Interest Rate Announcement

April 21, 2010

Bank of Canada Interest Rate Announcement

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from [...]

Richmond Town Manors – Opportunity to own a work of Art

March 23, 2010

Richmond Town Manors – Opportunity to own a work of Art

Popular with urban sophisticates and lauded by architecture critic John Bentley Mays, highly-successful Richmond Town Manors is now complete on Richmond Street at Strachan Avenue, between King and Queen Streets West, just south of Trinity Bellwoods Park in Toronto. Only three of these choice residences remain, offering convenient living in modern surroundings inspired by the geometrical abstracts of master Dutch painter Pieter Mondrian. Hurry to take advantage of this exclusive opportunity in one of the city’s most up-and-coming neighbourhoods.