Thomas & Wanda

"Mr. & Mrs. Fraser Valley"

How to survive a bidding war

Understand market value: No matter the listing price, a home will typically sell for what it's worth. Silver recommends determining the home's market value-by consulting a real estate agent or looking up comparable properties on the Canadian Real Estate Association's Multiple Listings Service (MLS)-and bidding that amount. If the house is listed for $100,000 less than it should be, most of the offers won't make it past the first round.
 

Put in your best offer: When up against two or three other bids, give your best offer right away, Silver recommends. If you don't get the house, you can at least feel comfortable knowing that you tried your best. Remember that putting in your best offer doesn't mean going beyond your budget. Determine your limit and stick to it.
 

Nix your conditions: Removing conditions from your offer may make your bid more appealing. The financing condition is fairly easy to remove, as long as you have completed the mortgage approval process before bidding. You may also want to eliminate the home inspection condition. That doesn't mean forgoing the actual inspection - pay to have it done before you make an offer, not after.
 

Be prepared to walk away: While it's good to be optimistic that your bid will win, you and your agent need to be ready to move on. I say to my clients: we'll put in our best offer, but there's a good chance we'll be out looking for houses again tomorrow. For more information on buying a home please visit, www.genworth.ca

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