Win the Bidding War
Saturday, July 5th, 2014
As bidding wars continue to be common in the red hot Calgary real estate landscape, buyers need to be prepared to make multiple offers on attractive properties. While there is no way to guarantee you’ll win a bidding war, there are a few strategies you can employ to improve your chances:
- Write a personal letter to the homeowner. Talking about how important it is for your child to walk to school, how the floorplan reminds you of your childhood home, or any other personal spin you can put on your offer can pull at a seller’s heartstrings and give you a leg up.
- Have your mortgage pre-approved. You should take this step regardless of market conditions, but especially in a seller’s market.
- Offer as large a down payment as possible.
- This is not an option for most people, but the ability to pay cash is certainly an advantage.
- Pare down your conditions. Insist on an inspection, of course, but maybe make the window in which to get it done a little smaller. Skip the appraisal if you can, and make your possession date as convenient for the seller as possible.
Bidding wars can sometimes stoke the competitive fires within buyers and make them want to win at all costs; it’s important to trust your Realtor’s advice and judgement on what a property is really worth, and when it may be time to let it go. But if you’re embroiled in a bidding war, the tips above can help your chances of being successful.
