How to Avoid Getting Outbid in a Brampton Real Estate Market
Tags: Real Estate Canada
In Brampton's always-hot real estate market, being outbid for almost any property is a frequent problem. There are, however, a few things buyers may do to help their bids stand out and beat the competition:
1. MAKE THE FIRST MOVE
Making the first serious offer has several benefits, and it raises the prospect that a seller will choose yours over other bids made later. If you are the first buyer, you have a better chance of receiving an offer that is above or equal to yours than if you were not the first.
2. SHOW YOU ARE READY, WILLING, AND ABLE
Communication is critical throughout the bidding process, and expert Team Arora's agents can assist you in making your bid stand out from the crowd. Our professionals ensure that your conditions are clearly and on time delivered, that you are economically suitable, and that you may be more competitive. When you have a real estate agent with prior experience in local areas who is working hard to connect buyers and sellers, it makes things much easier.
We recommend that bidders present proof of funds (for example, a most recent bank statement) or an up-to-date preapproval from their lender as a sign of financial ability. Why not add all the proof you have to your claims, and use it as a selling point? This assures the seller that you've already taken all necessary measures to ensure that you can buy at the offered price. If the pre-approval on your account is outdated, or the offer price is greater than the pre-approved amount, take steps to obtain an updated letter from your lender. If you haven't started this procedure yet, ask your agent to connect you with a recommended lender.
You may also convey your enthusiasm by writing a “buyer love letter.” Sharing data such as how long you've lived in the city and what initially drew you to the house can assist a seller to understand why you're interested. This may have an impact on the choice between two potential buyers who are bidding very close to each other, particularly if the owners had occupied the property for a long time and were emotionally attached to it.
3. ASK QUESTIONS
Make a list of questions to ask the sellers, either directly or through your real estate agent. Most importantly, always inquire about why the seller is selling his or her property! Maybe the buyer is going through financial difficulties or is acquiring another property. Regardless matter of why these findings may assist you in better comprehending the seller's objectives and intentions.
A fast and easy closing, for example, is worth more to a seller who will be buying another property in 45 days and financing the purchase themselves. A seller who is still looking for a new house might be seeking to extend the time it takes to close. The more data you have, the better prepared you are to compete against other bids.
4. CUT OUT CONTINGENCIES
Consider contingencies to be strings attached to your offer—the fewer there are, the simpler the seller's process and, as a result, the more appealing your bid.
An inspection contingency, for example, allows a buyer to do an inspection after an offer is accepted. You should waive this condition if the equipment is in apparent excellent working order, or demand an inspection for informational purposes only, which means you will not get any money if anything significant is discovered.
Ready to get started? Schedule a call to be matched with our agents that can help you every step of the way.