The Victoria B.C. Mortgage Blog

Posted in First Time Buyers | Back to Main Blog Page

If you are considering purchasing a home in the Victoria area here are some great tips to increase your chances of winning in a multiple offer situation. Being prepared will make all the difference in a bidding war.

1. Get Your Finances in Order -

First things first - make sure to have your financing in place so the home of your dreams doesn't slip through your fingers. Equally as important as having your financing together is ensuring you have enough funds set aside for a deposit. If you encounter a competition we always advise our clients to have their deposit ready, as it will need to be provided within 24 hours of acceptance.  You won't want to be caught off guard trying to free up funds in order to meet the terms of agreement.

2. Less Conditions = A Cleaner Offer - 

If you have found the perfect home for you, it is best to do your due diligence with regards to potential conditions, before you enter a multiple offer situation. This means if you are going to put in an offer on a property it is essential to have the home inspected to ensure everything is in good shape.  It's a good idea to have the inspection done prior to the offer date, so that condition can be removed. The cleaner the offer, the better - and it can give you the advantage over any other competing offers!

3. Choosing the Right Sales Agent -

Purchasing your first home is exciting and emotional - then mix that with a multiple offer situation and things can get a little tense. It's important to work with a sales representative whom you trust and who has your best interest at heart. It is your agents' duty to educate you on the true value of the property and let you know when you are reaching beyond your budget or what is beyond the fair market value.  If you don't 'win' this property there will always be another one that will meet all your needs and wants.

4. Listening to the Sellers Wishes -

Most sellers will want to generate a bidding war as that can generate more return for their property, but keep in mind that the financial reward may not always be the only criteria the seller wants when entertaining offers.  Making a clean offer to the seller is a great start but the closing date can be equally as important. Give yourself the advantage and try to stay as close to the desired closing date as possible.  Being flexible on this date can give you an edge over the others being reviewed, and you can come out on top!

Make the choice that’s right for you. When you’re ready to begin, please make sure to contact us, the Mortgage Designers and we will be happy to answer any questions that you might have.