Win the Bidding War!

Last night my clients offered on a nicely renovated house in Allenby. They loved it, but so did 21 other potential buyers. That’s right. There were 22 offers! Fortunately, the sellers chose my clients’ offer over all the others and they got the home of their dreams. While luck always plays a part in these situations, so does skill because the offer has to be drafted in a way that will make it appeal to the sellers and make it easy for them to accept. How to do this? Here are a few tips, assuming these ideas fit in with your objectives: Give the sellers the closing date they want. Let the sellers keep whatever chattels and fixtures they’d like to keep. Arrange your financing and home inspection before offer date so your offer will be free of conditions. Give a healthy deposit by way of certified cheque or bank draft. And most importantly, come up with the right price, taking into account what you can afford to pay, what you think the home is worth and how much you think it will take to get the home. This is where a great, experienced agent really adds value. In fact, I’d go so far as to say that if you’re in a multiple offer situation without a great, experienced agent to guide you, you’re at a severe disadvantage because you either won’t get the home or you’ll pay way too much. Like any negotiation, you want the best possible negotiator on your side. In real estate, the best negotiator won’t cost you extra because the commission is usually paid by the seller, so why wouldn’t you have the best possible agent represent you?

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