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