So How Does a Buyer Survive the Bidding Wars

It's old news that homes are getting snapped up the day they hit the market, often for more than the list price. What’s a buyer to do?

Make a clean offer they can’t refuse!

Mortgage Pre approval tops the list – I can’t overstress this one. If you want your offer to be taken seriously, you need the proof that a lending institution is willing to lend you the money. Once your pre approval is in place you are given a guaranteed interest rate for ninety days. While talking to your bank or mortgage broker discuss variable vs fixed interest rates and closing costs. Getting all the financial details nailed down means you can offer on a home knowing exactly where you stand financially.

If you’re not working with an agent, find one you like and have that agent register you to receive automatic notifications as soon as a property meeting your criteria comes to the market. This notification is anywhere from 8 – 16 hours ahead of listings being posted on the public MLS site. If you don't have an agent click here to register for my automatic home notification.

Do your homework. Get to know the market; know what kind of home you want, which neighbourhoods are preferable. The more you know, the more comfortable you will be making quick decisions. When you’re in a bidding war your ability to act decisively is an important advantage.

If at all feasible have the home inspection before you make the offer to purchase. Currently, to encourage multiple offers, some agents are putting a home on the market and collecting offers over a 4-5 day period before they present the offers to the owner. This provides a window for you to have the home inspection completed before you write the offer. If that’s not the case, try to take someone along who has a good working knowledge of various aspects of home construction. It’s not as good as a home inspection, but if you need to make a strong offer with few conditions it may be your best option.

Call or email if you have any questions about buying a home in the St. John's area or if you have other real estate questions you would like to have answered.