On November 25th people were not in line waiting for Santa Claus, people lined up for days and weeks for the new X2 project located at Jarvis and Charles St. … Continue Reading
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.
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