Being prepared for the current fast-paced real estate market is the only way to ensure success when buying, selling, or investing in a home. I would like to share with you my five steps to navigating your way through a bidding war when buying a home to ensure you come out on top. This is in addition to already being pre-approved and knowing your price range.
Pre-inspection:
To make your offer as attractive as possible, it is important to ensure that you are able to waive the inspection condition. In order to do so, you will want to complete a house pre-inspection before presenting your offer. An experienced realtor like myself will ensure that you have access to qualified professionals to get the inspection done swiftly and efficiently, so you are able to move forward with confidence.
Area Comparables:
Having access to the recent comparable sales in the neighbourhood will allow you to make an informed decision when presenting the offer. What you need to look at is a list of sales for the past week/month, as often times the list price will be very different from what the home eventually sells for. Having this information is imperative to feeling confident about your offer price. As your real estate professional, I will be able to give you access to the numbers, analysis them and help draw comparisons between properties.
Best Foot Forward:
In this current market situation, there is a slim chance of negotiation; it is important to put your best foot forward. There are times where you might want to hold back and see if a negotiation occurs, however they are rare in the current home buying process. As your partner in this process I would consult the seller’s agent to see the best course of action.
Certified Deposit Cheque:
An important piece of the completed offer is the deposit cheque and the amount that is being offered. Every offer must be accompanied with a certified deposit cheque or demand draft of minimum 5% of the offering price (in my opinion). A healthy deposit cheque will position you as a serious buyer to the seller, and could be the winning factor that pushes you to the top of the list.
Know your competition:
The one good thing about offer day and deadlines is the ability to know how many offers are on the table. As the offer deadline approaches, there is the option to have your realtor check on the number of registered offers so you can plan your offer accordingly. This information is crucial, as the higher the number of offers, the stronger your offer will have to be, considering 3 major factors: price, conditions, and preferable closing date for the seller.
The reality is that you may have to put offers on a couple of homes before being successful, and that’s okay. The key is not to get discouraged. As your confidant, I will partner with you in your search for a home, and help you navigate the process.
If you would like more information or have any questions feel free to contact me.
