Multiple Offer Situation Tips and Tricks

When one of our clients wishes to put an offer in on a property, the ideal situation is that there is no other party that is interested in the same property. As soon as there is more than one offer on a property, the negotiating game definitely changes. It is important when entering into this type of situation that the client is educated about being in a “bidding war.” Here is some advice to take into consideration if you find yourself in this type of situation.

1. Choosing the Right Sales Representative

With is being too easy to get caught up in the emotional aspect of a multiple offer situation, it is important to work with a sales representative who has your best interest at heart. It is your representative’s duty to educate you on the true value of the property and to advise you when you are reaching beyond not only your budget, but beyond what is fair market value. Remember, there will always be another property that comes up that will meet your criteria.

2.  Be Financially Prepared

Not only should you have your financing in place to purchase a property, but ensure that you have enough funds on hand for a deposit.  In a competitive situation,  we always advise our clients to have their deposit ready as it will need to be provided within 24 hours of acceptance.  The last thing you want is to be under pressure to free up funds to meet the terms of the agreement. A bidding war is stressful enough! For more details visit : http://www.condochicks.com/category/buying-selling-toronto-condo/