How To Win A Bidding War
- As seen on the Globe and Mail's website -
Tired of losing bidding wars? Here are a few strategies that may help you should you find yourself in one.
One passage I agree with is ""I would encourage people to submit an offer regardless of the level of completion," Ms. Brown says. "It may seem daunting, but you never know the quality of those offers."
You never know unless you ask...in this case offer! Of course this means putting your best foot first. TRANSLATION: It's going to sell over asking. What is the most you are willing to pay. Determine this before ever stepping foot in a bidding war and this will help keep you cool minded so that your ego doesn't buy you a house your wallet can't afford.
Though I won't get into pricing too much here: if the price and within your budget but the neighbourhood obviously has a history of sales and listings of way above, you can bet your life that the advertised price is a bait to initiate a war.
The best advice? Know your financial situation. Determine what you are wiling to pay EARLY on in the game and stick to the plan. Never let your emotions take over. For example, you may convince yourself that though the house is well over your limit you can always rent the basement. What happens if the basement loses a tenant? Or, if the tenant's cheque bounces? Another example is that sometimes home inspection do not reveal everything. You may find yourself with a major unplanned expense which can be financially devastating.
One final piece of advice I can give is don't be afraid that if you don't buy now you'll never own a house. Prices have been driving upwards but it is generally accepted that we can expect a plateau in sales. prices will only go as high as buyers are will to pay for them. The market will correct itself in some fashion or another.
That being said, try to conceive of all the angles, consider then reconsider your current and future financial situation, take your time and stick to the original plan.
Read the fuill article here
Tired of losing bidding wars? Here are a few strategies that may help you should you find yourself in one.
One passage I agree with is ""I would encourage people to submit an offer regardless of the level of completion," Ms. Brown says. "It may seem daunting, but you never know the quality of those offers."
You never know unless you ask...in this case offer! Of course this means putting your best foot first. TRANSLATION: It's going to sell over asking. What is the most you are willing to pay. Determine this before ever stepping foot in a bidding war and this will help keep you cool minded so that your ego doesn't buy you a house your wallet can't afford.
Though I won't get into pricing too much here: if the price and within your budget but the neighbourhood obviously has a history of sales and listings of way above, you can bet your life that the advertised price is a bait to initiate a war.
The best advice? Know your financial situation. Determine what you are wiling to pay EARLY on in the game and stick to the plan. Never let your emotions take over. For example, you may convince yourself that though the house is well over your limit you can always rent the basement. What happens if the basement loses a tenant? Or, if the tenant's cheque bounces? Another example is that sometimes home inspection do not reveal everything. You may find yourself with a major unplanned expense which can be financially devastating.
One final piece of advice I can give is don't be afraid that if you don't buy now you'll never own a house. Prices have been driving upwards but it is generally accepted that we can expect a plateau in sales. prices will only go as high as buyers are will to pay for them. The market will correct itself in some fashion or another.
That being said, try to conceive of all the angles, consider then reconsider your current and future financial situation, take your time and stick to the original plan.
Read the fuill article here
Labels: Buying, Real Estate Tips
posted by GP at
10:33 AM
0 Comments
