Bidding War Tips When You’re Ready To Buy A Home
Posted by Garman Group on
Ah, the bidding war, a not-so-uncommon occurrence these days in the hot Victoria Real Estate market. If you find a home you like, you have to act on it — fast. However, bid wars are not as scary as they may sound. We have some essential tips to not only get through it but come out victorious.
Get Your Ducks In A Row
Before you start putting in any offers, you should make sure you have your mortgage pre-approval (the amount you have to work with) and the contingencies you may need to place on the offer such as the selling of your home. And don’t forget to factor in the rest of the hidden costs of buying a property.
Hire An Experienced Agent
Your key to any successful real estate transaction is to have an MLS REALTOR® on your side. They have the experience and expertise and can help you navigate the process. Your agent will give you the best starting point and advice on how to be successful during your bidding time.
Do Your Research
Your REALTOR® should also be able to get the inside information on why the home you're bidding on is on the market in the first place. If there's an issue with the home or neighbourhood, this can give you some leverage. You may wish to arrange a meeting with the seller or get your REALTOR® to pass some information about your family which may sway the seller to pick your capable hands over another. Most homes are loved and valued. Sometimes the seller isn’t looking for the top price but the best people.
Find The Faults
Have an inspector go over your potential home from top to bottom and use their findings, no matter how small, to leverage a better offer. The bones may be structurally sound but the carpet and wallpaper may be seriously worn and need immediate replacement.
Know Your Limits
Your experienced REALTOR® will be able to show you similar properties in the neighbourhood and what they're worth. From there, you can come up with an appropriate range of what your desired home is worth. You may have to bid over the asking price but have a cap. Keep this in mind and no matter how badly you want the house, you don’t want to overbid.
Drop The Contingencies
I know we said above that you should go in knowing what contingencies you'll need to place in your contract but, in a bidding war, sometimes the seller may appreciate the bids which have no strings attached. Be willing to give up all, or at least, some of your contingencies.
There are many wonderful houses for sale out there so even if you don’t get this one, another one will come along shortly. Your REALTOR® will be able to show you similar styles and find another one you'll love just as much. To find the perfect home for your family contact us at The Garman Group and get your search started today.