A lot of what goes into winning a bidding war may appear to be luck, but there is, in fact, a lot you can do to prepare yourself before going into a multiple offer situation. As much as we would all love to believe that prep and timing are the only two ingredients, it actually all comes down to another pivotal aspect.
Well, let’s just jump straight to the number one tip to winning a bidding war: working with an experienced real estate agent! Ok, well even the top real estate agents will agree that when it comes to winning in a multiple offer situation, a little luck is also helpful ;)
But in all seriousness, remember, your agent is working for YOU! So, even though there are things that you, as a Buyer can do to increase the odds of coming through with a successful deal, it’s up to your agent to take the initiative and carve a plan of action to make sure that you are putting your best foot forward when it comes time to navigating the negotiations. A calm, cool, collected state of mind is the main goal, and it’s important to try to not to let your hopes get too high, especially since there are a lot of people involved and yes, timing does play a big part.
Everyone wants to be as prepared as possible and well positioned to coming out of the battle with keys to your new house in hand. So, if you find yourself making an offer on a property that has other offers on it, work with your agent to come up with a strong offer on paper to submit. At the end of the day, even if you put your best offer forward, the decision is ultimately in the hands of the sellers. Their decision doesn’t always necessarily just come down to price, either.
Don’t be afraid to get creative with your offer. Price isn’t the only determining factor. There are other ways to make your offer attractive, like the closing date, home inspection, financing, etc. Some people have even had success with writing a letter to the Sellers to explain what they love about the house and why they want to buy it. Sometimes, selling is a difficult decision, especially if the family wants the home to go to someone who will love the house as much as they have. The personal touch is worth a shot! All in all, a clean offer goes a long way, so make sure you are confident with your price, don’t overextend yourself, and know when to walk away. And remember, have some fun!
Next month, we’ll take a look at a few tips to keep in mind if your are on the Sellers’ end of a bidding war.
Thanks for reading!
Your London, Ontario Real Estate Agent