How to Come Out on Top in a Multiple Offer Situation
Wednesday Aug 30th, 2017
In today’s competitive Greater Toronto Area (GTA) real estate market, it’s imperative for home buyers to have a winning strategy to ensure a successful outcome. And, with it being largely a sellers’ market, a buyer’s strategy needs to be even more cutting-edge, employing different techniques than they normally would in a balanced or buyers’ market.
In a sellers’ market, it’s not uncommon to see a multiple offer situation, which often leads to a sale above list price. But, money isn’t always the bottom line for a seller. Other factors can come into play, like convenience or peace of mind.
If you are aiming to purchase a home in a sellers’ market, here are some tips to help you write a winning purchase offer:
Put your best face forward
When in competition, a low-ball offer isn’t going to get you very far. Rather, present your very best offer, as you may only get one chance to impress the seller. Determine what your top dollar is and put forth an offer for that price.
Write a favourable offer
You want your offer to woo the seller, not displease them. Try to avoid including too many demands and be flexible where you can, especially when it comes to a closing date or having the seller take care of any minor issues that you could manage on your own.
Keep contingency periods brief
Contingencies protect you and your earnest money deposit in case something goes awry, like not being able to secure a mortgage by the deadline. If you choose to waive your financing condition, it shows the seller that you will be able to come through with the funds, even if your lender doesn’t. However, before you decide to waive any contingencies, consult with your lawyer. Or, if you choose to include them in your offer, keep the time periods for inspections, appraisals and financing as brief as possible.
Making a winning offer in today’s sellers’ market can feel like a tall order, but with a skilled real estate sales professional on your side, it is possible.
If you are looking to purchase a home in Mississauga or the GTA, I can help. Over the years, I’ve had the pleasure of helping many first-time buyers, downsizers, move-up buyers and investors submit a winning offer on their dream home. I am with my buyers every step of the way when it comes to negotiating the best price and terms for your purchase – all with a personalized approach, offering proven results that surpass your expectations.