Mark Weisleder, author, speaker and lawyer to the real estate industry just released an article in the Toronto Star listing different ways to help you improve your chances in winning a real estate bidding war, and more importantly, not getting too caught up in the bidding war and overpaying for a property. See below for some of Mark’s great suggestions:
- Research: Mark points out the importance of getting a good understanding of the area, the neighbourhood, parks, schools and demographics
- Be sure to have a meeting with your mortgage broker or lender so that you know exactly what you can afford without dramatically changing your standard of living
- Work with a REALTOR® to get a true understanding of the local market and to protect and guide you throughout the process
- Be sure to have a home inspection done on the property before you submit the offer. This will allow you to submit your offer without conditions, making you an attractive buyer.
- Insist on attending offers and counter-offers in person with your Agent as opposed to via fax or email.
- Include a deposit with your offer of at least 5% of the price and to demonstrate that you are a very serious buyer, consider making that deposit a bank draft
- Bid later in the day so that the seller has a shorter time to deal with it and less time to generate other offers from other potential buyers
- Be sure to market yourself and your family. Often sellers do care who will be living in their homes as they are emotionally attached.
- Flexibility is important. Be open to closing early etc…
- Have your limit in mind at all times and do not get carried away
- Some sellers will say they will not accept offers for two or three days. If this is the case, bring your offer in early as they seller will usually want to see it anyways.
SOURCE: MARK WEISLEDER, http://www.markweisleder.com/12torontostararticle0330.pdf
For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at firstname.lastname@example.org