Ask any experienced homeowner and you'll learn that buying in a 'hot' real estate market in the Lower Mainland can be challenging. A high supply of buyers competing for a low stock of available homes is a combination that can lead to bidding wars, price inflation and other headaches. The good news: with some careful preparation and the right mindset, a bidding war is one that you can win. Read on to learn how you can beat out other bidders by making an irresistible offer.
Start With Strong Representation
Answer this question honestly: are you an experienced negotiator? Unless you have made a career out of buying and selling homes, you may find that your skills are lacking. The middle of a bidding war is a poor time to have this realization, so it's best to start the process with strong professional representation. Invest the time in securing the services of an experienced real estate agent who has a history of successful home purchases and happy clients. For extra assurance, ask them for recent testimonials so you can hear how they helped other buyers.
Get Pre-Approved For Your Mortgage Financing
Now that you have a good real estate agent on your side, you'll want to move to the next step: meeting with a mortgage lender. Your goal is to secure pre-approval for your mortgage financing, which will show the seller that you're both prepared and serious about buying their home. Gather up recent financial information like pay stubs, tax returns and bank statements before meeting with a mortgage professional. Being prepared will make the approval process a bit easier. Make sure to get your pre-approval in writing from the lender in case you need to come in strong with a
"no financing clause" to make your offer more attractive.
Have The Appraisal And Inspection Team Ready
Once you have found your dream home, you will need to move quickly to have it appraised and inspected. As with your other professionals, it's best to pre-book these companies ahead of time so they're ready to go. Ask your friends and family for referrals now so you can chat with potential appraisers and inspectors. AND if you are up against competing offers, it is often a good idea make sure you get the inspection team in before writing the offer in order that you don't have to write that clause in the offer either. (The key to success in winning at multiple offers is to have as few conditions as possible)
Be Serious About A Quick Closing Process
Finally, if it isn't already obvious to them, make it clear to the seller that you're interested in closing quickly. Every home seller is interested in a fast, efficient close so they can move on. Pushing the pace a bit will demonstrate that you're not going to reverse course.
When you are ready to buy your dream home, I am your go to real estate professional here to help. Contact me today and I can share how I have helped other locals buy some amazing properties in the Lower Mainland. I look forward to meeting you!
Have The Appraisal And Inspection Team Ready
Once you have found your dream home, you will need to move quickly to have it appraised and inspected. As with your other professionals, it's best to pre-book these companies ahead of time so they're ready to go. Ask your friends and family for referrals now so you can chat with potential appraisers and inspectors. AND if you are up against competing offers, it is often a good idea make sure you get the inspection team in before writing the offer in order that you don't have to write that clause in the offer either. (The key to success in winning at multiple offers is to have as few conditions as possible)
Be Serious About A Quick Closing Process
Finally, if it isn't already obvious to them, make it clear to the seller that you're interested in closing quickly. Every home seller is interested in a fast, efficient close so they can move on. Pushing the pace a bit will demonstrate that you're not going to reverse course.
When you are ready to buy your dream home, I am your go to real estate professional here to help. Contact me today and I can share how I have helped other locals buy some amazing properties in the Lower Mainland. I look forward to meeting you!
Blog Contributed by Donna Fuller