Most everyone is familiar with what the letters in TEAM stand for. It's an acronym popular among the Motivation crowd, but Together Everyone Achieves More, is much more than a simple phrase that goes on a poster, it really should be embraced. You the client are the most important piece of the puzzle, and deserve to have a team built around you, focusing on helping you achieve your goals.
So who should be on team you? The usual suspects obviously, realtor, mortgage broker, lawyer. But also consider some others. Inspector. Accountant. Electrician. Plumber... the list goes on. But the first 3 are probably most important, and you can't/shouldn't purchase or sell real estate, without them. In fact, in today's market, you'd be absolutely crazy to even try. But what about the others? Having access to an accountant to quickly answer questions about HST on a purchase, capital gains tax or residency, is a huge benefit. Similarly, being able to snap and send a photo of something weird you see at a house to a home inspector for his opinion, is truly invaluable. Keep these in mind when assembling your team: The Late Jim Rohn famously said, "you are the average of the 5 people you spend the most time with." So doesn't it make sense to surround yourself with successful people? People bringing you closer to your dreams?
There are no guarantees that any one of the following tricks will work, but they certainly do improve your chances in a multiple offer situation.
Multiple Offer situations, or Bidding Wars, almost never used to happen. Certainly not the way they are manufactured today for almost every single house that comes on the market. It used to be that the first one in to see the listing, had first crack at the house if they acted quick. Not anymore of course with Seller's withholding offers for about a week to get as many people through the house as possible before looking at any offers on a specific date and time.
So for the last year, buyers, sellers and their respective realtors have been going in blind, treading new territory, some fumbling through the process, others leading the way, with almost everyone confused, unclear, or with their own interpretation of how the process should be handled. This has resulted in a lot of clever tricks, some of them pushing the boundaries of whether they are even legal or not, but in this fast moving market, there hardly seems time to raise question or concerns. And there are so many concerns with how the process is currently handled, it's bound to blow up in someone's face one day.
Here are some easy steps you can follow, to improve your odds of getting your offer accepted:
These are my tips for winning multiple offer situations. There are always exceptions and unknowns, someone from out of town could come in with a million bucks for a semi, which no amount of preparation will negate. But follow these steps, and you'll have a pretty decent shot of getting your home!
Buying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D