11 Sep 2017

How to Win The Multiple Offer Battle?

If you want to buy a nice property, expect to get caught up in bidding wars. Whether you like it or not, there is going to be more than one offer on a property and if you are going to increase your chances of being the winning bidder, you are going to have to play the game and play it well. Here are some tips on how to win the multiple offer battle.

Get home loan pre-approval

Due to the tightness of the current mortgage market, home sellers can be suspicious of buyers who do not have finance pre-approved. A quick online pre-approval can fix this problem.

Come in Strong and Fast

This is not the time to try and get the best discount possible! I understand that you are a first home buyer and your budget is not very high, but do you want the property or not? When you are not the only person bidding on a property, you can’t afford to demand a major price reduction. How do you know that your competitors are not offering more money? Nothing aggravates a seller more than a buyer who claims to want to buy the property attempting to undervalue their most prized possession. Bid the asking price or just below it so they know that you mean business.

Pre-inspection

You are going to have to pay a few hundred dollars for this and you won’t get it back. However, when the market is tight it can help. Before submitting an offer, ask to do a pre-inspection. Sellers have a preference for non-contingent home inspections.

Connect With the Seller

Let your seller know how much you have bonded with the house. You can write them a letter and tell them why you love the house so much, tell them why you think you belong there. You can also include a picture of your family to really pull on their heart strings. You can either send them this letter directly or through your agent.

Get a Good Agent

A good agent who understands the market is going to be able to give you the best advice on how to secure the property that you want. In addition, your mortgage broker and your agent have a huge impact on whether you close the deal smoothly or not. Make sure that whoever you choose has got a good track record for closing deals.