TIRED OF LOSING OUT IN MULTIPLE OFFERS???

 

It can be extremely emotionally draining to lose you dream home over a couple thousand dollars. Worst yet, is losing out because you or your agent didn’t do everything you should have to win the bid.  It is competitive out there and you need to act quickly. With that sort of pressure on buyers, mistakes can be made.  Here are the Blu Agents’ top 10 tips on winning that bid:

 

1 – TAKE A LOOK UNDER THE HOOD. If offers are being accepted on Monday or Tuesday, book your inspection beforehand so that is does not become a factor in losing your bid.

2 – DO YOUR HOMEWORK.  If the listing Realtor does not have all the strata minutes, exhaust every avenue to find the minutes.  This may mean calling previous Realtors or ordering them yourself on a rush.

3 – PRESENTATION. Always ask your Realtor to present your offer in person. Creating this personal connection could be the deciding factor between two bids.

4 – SHOW ME THE MONEY. Having the deposit on hand during the offer can mean the difference. No deal is a done deal until the deposit is in the trust account.  Don’t let a small technicality like this persuade the seller to pass your offer up.

5 – DIG DEEP.  Sometimes a significant deposit at the time of offer can show you mean business.  Put as much down as you can afford.  It goes towards your down payment anyway if you get the property, and you get it back if you don’t firm up.

6 – CRUNCH THE NUMBERS and get yourself pre-approved.  If the price starts creeping up on you, you’ll want to make sure your being realistic.  When you are in the heat of the moment, things can get out of control pretty quick.  Talk to your mortgage broker ahead of time and make sure you stay within your comfort zone.

7 – KNOW WHEN TO WALK AWAY. Know your limits, do your research and don’t overextend yourself because it will just take you that much longer to see a return on your investment. Buying a home should not be a competition. It’s not about “winning the bidding war”. It’s about finding a great place to build memories – and equity.

8 – THINK OF ALL THE VARIABLES. Winning the bid might be as easy as agreeing to the Seller’s conditions, such as closing dates, buying the property “as is” or offering the flexibility of a rent back.  Run these scenarios before making your bid so your agent can express them during his/her presentation.

9 – WRITE IT DOWN. Don’t be afraid to personalize the presentation.  A letter or even a picture of the buyers can tug at the heartstrings of a Seller and get them on your side.  Sometimes it is about more than an extra $1,000. Sellers may be looking for someone that is compatible with their neighbours. Or better yet, you’re both related to Kevin Bacon.

10 – BE ALL IN. We all suffer from buyer’s remorse.  You don’t want your home to fall into this category.  Take your time and try to come back for a second visit or even a drive-by later that evening.  By committing 100%, you’ll improve your chances.