Occasionally within certain markets you will uncover a hot property, A niche neighbourhood or homes that are simply in demand and subsequently a competitive situation is upon you – Competitive bids are becoming more of a normal occurrence as opposed to the Exception – and the weakest bids won’t survive!
Here are Some Good Tips and Points to Keep in Mind if you Find Yourself in a Competitive Situation:
Don’t wait for An Open House. It’s always a good idea to see as many houses as possible on weekends––whether or not they’re invited. “With the Internet, information moves so quickly. Sellers could do a private showing Wednesday which is days before a scheduled open house. If you Like the Home and it has been presented well and looks good online, go see it. Employ the services of a good realtor who will make appointments and see as many houses possible with you.
Pick an Agent and Brokerage who’s local and well-known. That’s because 80 percent of business is done by just 20 percent of brokers. The more respected they are within the community, the better shot they have at wooing listing agents. Quite often a client will win because the listing agent knows your realtor. In a competitive situation, working with a known brokerage and with a well known agent, will make the listing agent feel better about your offer and boost your chances, especially if there are two offers and they are very close.
Get in the Listing Agent’s good Graces. Why? Because the listing agent is the only person who meets all the parties involved in a sale. The seller ultimately decides and signs a contract, the listing agent has a giant say in who gets the property in a competitive situation. If your agent can establish good rapport and make a good impression with the listing agent, your offer is in much better shape. Acting like a jerk ,or being overly aggressive to the agent tells the sellers to work with another offer. If the Listing Agent feels your agent is working hard to secure the transaction for both parties then the decision is much easier for the seller.
Know your neighbors – and what their homes are worth. Getting to know the neighborhood you’re hoping to call home one day goes far beyond scoping out local schools and seeing who prowls the streets at night. When you are ready to present or draw up on offer , you should know what is going on within the local neighborhood market. Do your research in advance – Know what has recently sold, what was in a competitive situation and what was not. Research and Knowledge are very powerful in these situations and your agent should be giving / providing you that information so you can make a well informed decision. Doing research after you move in can be a very expensive endeavour.
Hire an inspector within two days of submitting your offer. “Having a good home inspector on your side is very valuable. Don’t choose one that likes to scare everyone. Select the one that will provide you with valuable information and can guide you through the process and help you be more aware of such how does this operate! Order the inspection before you write the offer. It doesn’t necessarily have to be two days but your offer should show the seller that you are prepared to move quickly. Most sellers want to know what to address, what is happening and when they can start to move forward. Despite how this sounds information on both sides will help the process move forward quickly.
Sweeten your bid. More often than not, most home buyers simply can’t afford to drop $180,000 in cash on a new home. But when it comes to sweetening your bid, increasing your initial deposit or even be flexible on closing dates if you can. Sometimes even a a week two can help save the seller a great deal of aggravation when they move. One of the more obvious signs to a seller that you are serious is the initial deposit. Increase your initial deposit to show just how serious you are. If you only offer $1,000 you won’t be taken as seriously. Offer up to 3% if you can.
If you are looking for an Realtor that will provide you research knowledge and information about current real estate markets with durham Region please feel free to give me a call. I would be happy to sit down with you and get a better understanding of what you are looking for and what you would like to do. Then I can provide the appropriate research and information that will enable you to make a well informed decision.
(905) 728-1600 Office
(905) 435-7355 Direct