Bidding Wars in Barrie and Orillia - Tips and Tricks
March 16, 2016 | Posted by: Della Dwyer
If you are considering purchasing a home in Barrie or Orillia these few points that can ultimately increase your chances of winning, in a multiple offer situation. Being prepared could make all the difference when it comes to buying the property of your choice.
1. Have your Finances in Order -
Make sure you have done your financial homework. You should have enough funds on hand for a deposit, along with your financing in place, for the purchase of the property. Should you encounter a competitive situation, I always advise my clients to have their deposit ready as it will need to be provided within 24 hours of acceptance. You don't want to be caught off guard especially if the home of your dreams is on the line.
2. Choose the Right Sales Representative -
Emotions can run high in a bidding war so it is important to work with a sales representative that has your best interest at heart. Your representative will educate you on the true value of the property and will advise you are reaching beyond what the fair market value of the property is, as well as what your budget can handle. If the 'war' isn't won on this property, there will always be another one just around the corner which will meet all your needs and wants.
3. Respect the Wishes of the Seller -
A bidding war will generate more return for a property but it might not be the only thing the seller wants. It's best to keep in mind that besides a clean offer, the closing date can be just as important as the financial reward. Give yourself a leg up in the situation and try to stay as close to the desired closing date as possible as it could be more important to them than you realize. Being flexible with the timing can give you an edge over the other buyers being considered.
4. Limit your Conditions -
It's always best to do your due diligence in regards to potential conditions, prior to entering a multiple offer situation. If you are going to put an offer in on a property, make sure to have the home inspected to ensure the property is in good shape, before the offer date. This means that the condition of inspection can be removed and will result in a cleaner offer up front, giving you the advantage over competing offers.
Make the choice that’s right for you. When you’re ready to begin, please make sure to contact me, Della Dwyer, Your Barrie Mortgage Broker of Choice and I will be happy to answer any questions that you might have.