The broker is often a homebuyer’s first pit-stop on the way to home ownership but once that transaction is completed buyers may have to deal with the shark-infested waters that surround bidding wars. Erica Smith and Joy Patterson from The Condo Chicks provide some tips to pass on to your clients to better prepare them; and instill in them the confidence that you know your stuff.
Choose the Right Sales Representative
It is often too easy to get caught up in the emotional aspect of a multiple offer situation, so it is important to work with a sales representative who has your best interest at heart. It is your representative's duty to educate you on the true value of the property and to advise you when you are reaching beyond not only your budget, but beyond what is fair market value. Remember, there will always be another property that comes up that will meet your criteria.
Be Financially Prepared
Not only should you have your financing in place to purchase a property, but you should have enough funds on hand for a deposit. In a competitive situation, we always advise our clients to have their deposit ready as it will need to be provided within 24 hours of acceptance. The last thing you want is to be under pressure to free up funds to meet the terms of the agreement.
Limit Conditions
Simply put- the cleaner the offer, the better. It's always better to do your due diligence in regards to potential conditions prior to entering a multiple offer situation. For example, if you are putting an offer on a home, it is essential to have a home inspection done to confirm that the property is in good shape. It would be a good idea to have the inspection completed prior to the offer date so the condition can be removed. This will result in a cleaner offer and can give you an advantage over competing offers.
Respect the Seller's Wishes
Everyone knows that the seller wants to generate a bidding war to generate more return for the property. Keep in mind that the financial reward is not always the only criteria that the seller wants met when entertaining offers. Besides a clean offer, the closing date can also be equally important to the seller. To give yourself an advantage, try and stay as close to the desired closing date of the seller as possible. The timing could be more important to the seller than you realize and compromising on this date can give you an edge over the others being reviewed.
by MBN
"THE JACKIE GOODLET TEAM" Re/Max Rouge River Reatly Ltd., Brokerage Direct/Text: 289-200-5883 Office: 1-800-663-7119 info@thejackiegoodletteam.com
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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