How to Write a Winning Bid in a Seller's Market!
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Step1- Market Analysis
What are the prices of the pending and solds in the immediate neighbourhood?
The market pricing is set by the amount that ready, able and willing Buyers are willing to pay. If everything is selling for $x don't expect to offer 5% less and get yourself the property (exceptions do apply). In a Seller's market you will end up paying market prices.
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Step2 - Offer
The offer will need to be an offer that is not laden with wholly subjective terms and conditions and overly onerous on the Seller. In a multiple offer situation, you may even have to write an unconditional offer to ensure your offer is successful. Also, shorten the period of time for subjects to be removed. You can increase your Deposit so that the Seller is more likely to take your offer over another similar offer. Ask the Seller what dates THEY want for Completion, Possession and Adjustments. *(I ALWAYS recommend a property inspection. Be creative and create a four hour subject that expires before the other offers do. This will allow you to do a property inspection and if the results are negative and you back out, the Seller is still able to deal with the other offer(s) as they have not expired.)*
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Step3 - Acceptance
This is the point at which you have an accepted Contract of Purchase and Sale and you will need to remove your conditions, if any, from the Offer.
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If you or someone you know is looking for Real Estate representation, give me a call or send me an email and we can discuss how I can help. I do appreciate your business and any referrals will be dealt with in the same professional and up front manner as I deal with all my business.
My Best,
Arran Click Here to visit my website.
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