Multiple bids on properties are becoming even more common today, on properties from starter homes in Scarborough to the traditional haven for multiple offers, such as Leaside, Riverdale, and the Davisville corridor to name a few. †It is nice to know that the process and checklists are pretty much the same, whether it is a starter home or a multi million dollar executive property.
Here are a few things that every buyer should be aware of when involved in a multi offer situation:
- CLEAN OFFER: The chance of winning a multiple bid situation will greatly increase if you submit an offer without a Finance or Inspection clause. It is imperitive in these situations that your financing is in place, and that you have the documents that the bank requires to approve financing,(T4's, pay stubs, etc) a good mortgage broker is a valuable asset to have in this process. If an inspection is important in your decision, it is possible in some instances where the seller will allow you to conduct one before the offer date.
-DOWN PAYMENT/CLOSING DATE: As they say money talks, the more downpayment you can come up with, the better, minimum should be at least 5% of purchase price. †Have your agent find out what is the preferable closing date for the sellers, sometimes price is not the only consideration as to who wins the property.
-OFFER PROCESS: Make sure you know what the process is for accepting offers; is it one offer only?, or are you allowed to improve your price. †In the case where you as the buyer are not available during offer presentation, have your agent prepare more than one signed offer if you are prepared to improve on your price.
-REGISTERED OFFERS: Have your agent phone the sellers office and find out how many offers have been registered on the day of offer presentation. As a general rule of thumb, for every offer, you need to adjust your price $4k-$5k over list price.
-BULLY OFFER; A bully offer is presented before the offer date with a short irrevocable time for the seller to respond. An agent is obligated to present any offer submitted unless they have specific written instructions from the sellers as to when offers are to be presented. This tactic is normally used if the buyer is willing to pay a premium for the property, but is unwilling or unable to enter a bidding war. There is no guarantee that this will work and it is a good idea to phone the listing agent first. and see. if the sellers would be open to looking at your offer, if they are open to the idea, terrific! you might get a step ahead of the competition, if not, you can always try your luck again on offer day.
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