After months of open houses, you’ve finally found the one. It has everything you’re looking for, from the perfect kitchen, living room, bedrooms, and amazing extras, you’re already imagining what your future life would look like in the home.
But, the only caveat is that your dream home has multiple offers! Great for the seller but bad for you as a buyer. You already know that you want this home but how can you guarantee that you’ll get it? In a seller’s market, especially in the Greater Toronto Area, you’ll want to stand out against other buyers in a competitive market. Keep reading and I’ll help you with some tips and tricks to make your offer hard to resist.
The bidding war is overwhelmingly stressful and unpredictable, but it’s a necessity in the home-buying process. If you want to stand out, be prepared to put your best foot forward.
Bring Your Preapproval Letter
Having your preapproval letter on hand can increase the chances that you’ll be able to win the bidding war. The seller will be able to see that you are preapproved for a certain mortgage based on your financial statements, credit score, and other official documentation.
Bid with the Highest Offer
With that being said, money talks, and it speaks loudly during a bidding war. The highest bid doesn’t always win but it can be hard to for the seller to ignore.
As emotional and stressful bidding wards can be, putting the highest offer can be a great idea! But, you’ll need to know when to walk away, especially if the home surpasses your budget. Make sure to do your research and find out what were the asking prices of similar homes in the neighbourhood.
Write a Personal Letter to the Seller
Rather than taking the highest bid strategy to win the bidding war, some people may prefer a more personal strategy such as writing a letter to the seller. For buyers who need financing or have smaller down payments, it can be hard to standout with buyers who have higher offers.
Writing a letter to a seller can make you stand out as a homebuyer. You’ll be able to build a connection with the seller with a well-crafted letter.
Here are things to mention in the letter:
– Tell them about yourself and your family, this will help them get a better idea of who will potentially be buying their home.
– Talk about what you love about the home and how you’ll care for it as much as they did.
– You might also want to explain about why you’re offering a lower bid in comparison to other buyers. Sellers may take sympathy in your current situation rather than think you’re trying to lowball them.
No Contingencies
No matter what, no seller wants their home sitting on the housing market for a long period of time. Strengthen your offer by dropping the contingencies. Contingencies are the conditions that need to be met before completing the sale.
A lack of contingencies may make it easier for the seller to sell their home and help you stand out but it does come with risks. Take the time to evaluate if you can afford to buy the home without any stipulations or conditions. This means you’ll have to pay for the inspection and repairs of the home on your or even pay more for the home than what it’s worth in appraisal.
Contact Zoie Conforti Today!
Found the home of your dreams? Maybe you found it on my listings. Regardless if you have found your dream home or not, having a knowledgeable real estate agent is key to securing the home you’ve had your eye on.
If you’re looking for an experienced realtor in the GTA area who knows the ins and outs of the real estate world, then call me today at 647.293.8773 so we can achieve your real estate goals together!
Real estate is in my blood! My entire life, I have been exposed to the intricacies and complexities of the real estate spectrum from resale and land development to pre-construction and closing. I not only can make your homeownership dreams come true, but I have the experience to get your home on the market and sold in no time! Contact Me today!