When you've found your dream home after a long search the last thing you want is to go to a bidding war with other potential buyers.Bidding wars are the reality now more then ever specially with this current hot markets in Toronto and surrounding areas. There are a few things you need to be aware of and be ready to create a better chance of winning the war.
*Get pre-Approved for a mortgage so you know how much financing is available to you.By knowing your maximum financing it makes it easy for you to shop around according to your maximum financing and you'll be ready to make the offer.
*Know the area it will help you when making the offer. Drive around the area you are interested more often know the prices of the current market and the fair prices.Ask your agent for more details or get to the real estate web sites to find out more information about the area, if you are well informed about the area and know the fair market prices it will help you to make a decision when offering.
*Don't add unusual Terms and conditions like , buying someone’s home on the basis that you’ll first sell yours.By making a clean or firm offer, you stand a better chance at getting what you want.
*Home inspection should be done in any case because it's very important to know if the roof,furnace, or any other expensive items of the house is in good or poor conditons.The home inspection could be done before the multiple offers begins if approved by the seller or sellers.
*Don't bit the exact asking amount in a multiple offer if you know the house is worth more and the sellers are expecting a certain amount and you are pre-approved for that amount go for it if you really want the house.