Buyers often ask me about multiple offers: when more than one person makes an offer to purchase the same house. They usually say they don’t want to participate in a “bidding war”. They are often afraid of paying too much.
Well, multiple offers have been very common for about 10 years or more, so if you’re serious about buying, don’t be scared off. Remember, if you don’t offer on a house, you definitely won’t get it.
Having a good strategy often pays off. My advice is usually “pick a price, where you would be content walking away, if someone else offered more.” In other words, put your best foot forward.
Another thing to remember is “speed can often trump money”: not every house will hold back or restrict offers until a certain date. If you can get in to see the house before too many others and make a quick decision to make an offer, you may be the successful buyer before others see it or make their decision. With only one offer, chances are the price will be lower than if you were in competition. Remember for example with 4 offers on a property, two of those other disappointed bidders are your likely competition on the NEXT house you bid on.
So, decide on what your house needs and wants are, have fun looking, and be ready to pull the trigger.
Call me anytime. Let me help you “put your best foot forward”.
– Chip Barkel, Toronto Real Estate. Extraordinary Service. Top Results.