10 Tips For Winning A Bidding War In Toronto Ontario

10 Tips For Winning A Bidding War In Toronto Ontario

Are you ready to buy a property but it's a crazy sellers market and you've heard horror stories about the multiple offer process? I'm Meegan Dennie, a realtor in the very competitive market of Toronto, Ontario Canada and I’m going to walk you through 10 tips to help you get the home of your dreams! ;)

• 1) Listing Prices can be confusing... You'll want your agent to do a deep dive on a property your really interested in to help you understand if it's even in your budget.  It's not an exact science since we can’t predict buyer motivations, but it helps so that you are not spending too much time on something that isnt feasible. 
• 2) You'll need to get rid of your typical conditions like your financing condition, and your inspection condition!  I know this sounds crazy but keep listening.. 
• 3)You'll need a trusted Mortgage advisor that is responsive, even outside of the regular 9-5 business hours.  They’ll need to understand the competitive market and area that you are looking to buy in.    They’ll need to have a confident grasp of your financial situation and advise if you’re OK to waive the mortgage condition on the specific property you are looking to offer on. 
• 4) If you are purchasing a condo, have the condominium status certificate reviewed by your trusted legal representative before your offer.  By the way.. Most lawyers do this for free as long as you use them on the close of the purchase. 
• 5) What if it's a house and you need a home inspection?  Luckily, we have some GREAT agents out there that will do a home inspection when they list the house so we can confidently waive this condition.  If that is not the case, then you have 2 options: 1) Pay for a home inspection before offer night or 2) take the risk and waive the home inspection.  BUT HONESTLY,  I always recommend that you have a home inspection completed. 
• 6) Bring Your Dollar A Game!  A Multiple offer situation is not the time when you want to try to get a deal on a property.  Remember, This is a competition!! And You are competing for the property against other people that want it!!
• 7) The Closing Date.  The sellers usually have a specific date or timeline in mind and you want to accommodate that as best you can.
• 8) OK THIS IS A BIG ONE… Having the deposit chq WITH the offer, is also a HUGE slam dunk!  I've heard many agents and sellers say they would take a lower price if they knew that that very night, the house would be sold firm..  
• 9) SOMETIMES - attaching a heartfelt letter to your offer, can pull on the heart strings of the seller..  I have heard of miracles happening because of these letters, which has restored my faith in humanity! 
• 10) Last but not least… Consider doing a bully offer!!

And that leads us to my next Video… What is a Bully Offer? And when should you pull that trigger to get the house you want!  I’ll go through of that all that and more. 

Don’t hesitate to call me for anything real estate related In Toronto or the GTA.