From the blog...

WINNING MULTIPLE BIDS

The real estate market in Ottawa is often a very competitive place to purchase real estate. When a house is listed that shows well and is priced aggressively it will often attract more than one buyer. This creates a multiple bid situation. I have been in this situation too many times to count. Twice in the last week! In many of the cases, my clients are the ones who end up securing the house. I want to share with you a few tips that help make this happen.

Firstly, I think getting the right Realtor® working for you will be the most important step. Someone who can be a guide through this complicated process. A thorough review of the market is also very important. Often times multiple bids are created because a house is under-valued as compared with other listings that have sold in the area. This means that even though a buyer might pay more than list price for a home they are not necessarily paying over market value.

Price is often the most important factor in an offer, but not always. For most people, there is a human element in selling their house. I like to present my offers directly to the seller in multiple bids. Basically, tell them how wonderful my clients are-which is usually true! I have had sellers more than once choose my clients’ offer that was less money. One time over $3000 less!

Conditions also play a factor. Having too many conditions or long timelines can make an offer less attractive. In some cases, If the house is perfect then I suggest a pre-offer inspection. This way we can put forward a firm offer when the bid time comes. This will strengthen the offer considerably.

Multiple bids will always be a part of the home buying process. You might win some or lose some. Just remember things always have a way of working out in the end. If it is meant to be it will be!