Tips for Winning a Bidding War

The Bidding War 

I often find myself presenting offers in a multiple offer situation (that’s realtor speak for a bidding war), especially lately. While the purchase price offered is important, there are other ways to make your offer more attractive and hopefully set it apart from the rest. 

Try any or all of the following to make your offer stand out from the rest:

1. Accommodate the seller’s desired closing date
2. Make your deposit amount attractive to the seller. For example, instead of giving a $10,000 deposit, give $20,000;
3. Provide the deposit with the offer as opposed to upon acceptance of the offer;
4. If possible, make your offer free of conditions. If you know you are going to be in competition bring a home inspector with you when you view the property so you can eliminate the home inspection condition.  If you require financing, talk to your lender, give them details of the property you will be bidding on and ask whether you could waive your financing condition.  This is assuming you’ve already been pre-approved for a mortgage.
5. If you must include conditions, shorten the length of time you have to meet or waive the conditions. Instead of say five days, make it a day or two if possible.
6. Don’t ask for things to be included with the offer the seller has specifically excluded.
7. Write a letter to the sellers telling them about your family and why their house is the one that is perfect for you. Most sellers have an emotional attachment to their home and they want to know it will be treasured by the family who will purchase it and ultimately live there.

Staying Calm 

At the end of the day, whatever you do, don’t get caught up in the frenzy. Stay calm, listen to your realtor’s advice, and offer accordingly. You don’t want to over-pay for a property.  Believe me, it may seem okay at the time, but once the frenzy dies down, you may regret it.

Contact Hilda Campbell Now

When you’re ready to buy or sell in the Burlington or Oakville area, or for general real estate advice, please contact me. I can help!