How to deal with competing offers

   Ideally, you want to be the only buyer who makes an offer on a particular property. That way, assuming your price is acceptable to the seller, you 're almost certain to close the deal. But it doesn't always work out that way. Especially in the case of highly desirable homes and locations. Its not uncommon for there to be multiple competing offers. In fact, according to a recent article in the Globe and Mail, 34% of Canadians are willing to enter into a bidding war for a new home. That's up from 28% just a year earlier ! So what do you do if there's a competing offer on a home you really want? No need to panic. Just because there are other buyers interested in the property doesn't mean it still cannot be yours.There are many factors that influence a sellers decision to choose one offer over another. For example, sellers can become skeptical of offers if the buyers do not have a pre-approved mortgage, or the buyers have not yet sold their home or even still have not listed their property. Conditional offers based on these factors are also a red flag to sellers. Most  will readily accept an offer conditional on a satisfactory home inspection. However, if there are other more stringent conditions - such as an offer conditional on the buyer selling his own home for a particular price, or an offer conditional on arranging satisfactory financing, many sellers will be reluctant to accept the offer in favor of a much cleaner offer.

Of course , it isn't always possible to avoid including these kinds of conditions. That doesn't mean you cannot obtain the home of your choice . A solid presentation of the offer along with skilled negotiation by your Realtor with the seller and his agent can make all the difference. This is why it is crucial to work with a good Realtor especially someone who has been through the process of competing offers.

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Trevor Landry

Trevor Landry

REALTORĀ®
CENTURY 21 Home Realty Inc., Brokerage*
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