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How You Can Be The Winner In A Multiple-Offer Competition?

London, Ontario Area

The winner in a multiple offer situation is usually the most qualified buyer who offers the best price with the fewest strings what we call a clean offer.

A clean offer is one that is not loaded with contingencies (conditions that must be satisfied to complete the sale).

One way to put yourself ahead of the pack is to satisfy as many conditions as possible before presenting your offer.

For example, you may not be able to receive complete approval for financing, but you can get pre-approved for a loan. I also recommend a 2nd opinion from our Mortgage Broker as I can reach him day or nite to finalize last minute info and clarify the financing options. Sometimes I can send them the MLS listing info and get a firm commitmment so you don't need a condition on financing. As I have a long standing relationship with our Team's Mortgage person its proven the reason my buyers got a property over competing offers.

We also include home inspections in our buyer services and we encourage our buyers to do one before they make an offer, again allowing buyers to keep their offer clean well not jepordizing themselves. If we see a home and the buyers like it well enough to consider putting in an offer we often can do the inspection right there on the spot. And sometimes getting your offer in there first is all it takes.

Also, we usually try to find out as much as we can about the sellers and their situation before we show the house and get as much history on it as we can by doing research before we go to view it.So we will know what they paid and when and maybe what work they have done on the house since they bought it. Searching building permits can be enlightening too.

If we happen to run into the sellers while touring their home, its a good idea to let them know how much you admire their home. (When you are in what looks like it will be a competitive situation, there is no point in putting up a poker face. But keep your comments short and sweet withour revealing anything about yourselves just yet.

Sellers can be swayed by emotional appeal, particularily if they are weighing several similar offers. Try to stand out from the pack. You can include a covering letter with your offer but be extremely careful what you put in it. We will guide you on just what should go into this document and what is better left out.

One of the things that I have never seen done by other realtors is presenting the mortgage preapproval letter or a document of some kind on bank letterhead, with the offer! Most sellers will have never seen one but their realtor will be impressed and assured that if their seller takes our offer it will complete and close. The sellers Realtor will explain this to the sellers if we are not able to present our own offer, which can happen for instance if the seller lives out of province.

The closing date can be very important to the seller so I always call the sellers agent to get the perfect date and if the buyers can accomodate that could be the icing on the cake.

The best way to start your search is to meet with us over coffee so we can educate you on what to expect, what offer clauses and conditions we can use to protect you, what kind of properties you will most likely see in your price range and most importantly do a needs and wants assessment so our buyers are much more in the ready set go position and understand what they need to do to win in a competitive siutation!


519-471-8888    London, ON
Sutton Preferred Realty Inc., Brokerage
Independently Owned and Operated
181 Commissioners Rd W
London ON
N6J 1X9
Copyright © 2007 Joyce Byrne Realtor
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