It happens to the best of us: We’ve located the perfect real estate in Ontario, only to be outbid. Bidding war in Ontario can get really intense. You would have read several articles that mentioned houses getting sold $300 – $400,00 over asking amount. Customers typically have to go above and beyond in seller’s marketplaces when the demand is strong, and inventory is limited to stand out from the competitors.
What is a bidding war in Ontario?
A bidding war may occur when two or more bidders are contending for the same property, with one seeking to sweeten the offer just enough to outbid the other. To win a bidding war on a property, there are certain things you can do to increase your chances.
Take a look at my top 3 tips to successfully win a bidding war:
1. Offer The Highest Value
After seeing houses for sale in Brampton, when asked how to win bidding wars, it is clear to offer the highest money. A bidding war in real estate or any other circumstance may be won by outbidding your competitors.
2. Offer a Cash-On-Deal Option
Is it possible for you to pay in cash for the houses for sale in Brampton? As long as you don’t require a mortgage, your offer will be at the top. The seller won’t be worried about mortgage approval or you facing any financial issues in the future.
Since there is no underwriting procedure to go through, a cash transaction closes significantly faster than a conventional sale.
3. Continually Make Yourself Available
Keeping oneself available is the last piece of the puzzle when competing in a house sale. Inviting the seller to call you or your agency if they have queries about your offer. You can also leave your contact information with them.
Making an offer right away on a real estate in Ontario you just found isn’t always enough in a heated housing market. At least one other buyer (if not more) will be competing with you for the property, and the seller will have the final say.
Pre-construction properties in Ontario
If you don’t want to find yourself in the middle of a bidding war, you can purchase a pre-construction property in Ontario. They are sold on a first come first serve basis. The only drawback is that you need to wait longer to move in. Some builders even offer minor layout and design changes free of cost. Most pre-construction properties in Brampton are sold 2-3 years before completion date.
Hi! I am Catherine Nacar, Brampton’s top rated real estate agent and I am here to help you find the house of your dreams.
Check the current pre-construction properties for sale in Ontario.