Walk a Kb or Two in my Moccasins- Nobody 'splained it to me like that!

Simple answers to Complex Questions and Complex Answers to Simple Questions. In real life, I'm a Greater-Toronto (Canada) Realtor with RE/MAX Hallmark Realty Ltd, Brokerage. I first joined RE/MAX in 1983 and was first Registered to Trade in Real Estate in Ontario in 1974. Formerly known as "Two-Finger Ramblings of a Forensic Acuitant turned Community Synthesizer"

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Wednesday, September 15, 2010

How do I win a bidding War

A..... How do I win a bidding War
from Zoocasa Ask the Pros

Q>>>>There are two types of bidding war:


Natural & Planned.

see http://robertede.blogspot.com/2010/09/what-is-bidding-war.html



In either case:



1)Determine (irrespective of the asking price, which may be 5%-25% below the Seller's actual target selling price) the "best case" market price of that home.



2) Decide if you JUST MUST HAVE that house ... no matter if you have to pay a 5%-10% premium(relative to your 'best case' value estimate-from #1 above)



2) If you say not 10%... then decide the max you would pay for it based on your knowledge of the area, that house and your needs.



3) The day before "Offer Day" prepare and sign as conditiuon-free and uncomplicated an offer as possible and prepare 2-3 extra "front" pages, pre-typed with various prices that you will pay-if-necessary and 2 blank/partially filled "front"ages to save time when you're making rushed decisions later.



These blanks are are for the offer you didn't expect to make but now are going to.



4)Let's say offer time is 7pm

Call Listing office at 10am and see if any offers are registered with receptionist.



5) At 10:05 leave message for Listing SalesRep (LS) "regarding process for registration"



6) When LS calls back, ask for # of offers registered so far & then ask the procecedure s/he is requesting for registration of offers (ie by fax, in person, by phone, email, by what time ...) then ask 3rd MOST important question "How many offers are YOU expecting by the deadline?"



then the 2nd most imp Q "How much over are you expecting?"



then MOST important where and when are you presenting the signed offers- office, home, somewhere else?



Then say Okay when the final decision is put on paper, I'll call you back to register it.



7) Now at 10:15 and knowledge of registration deadline (at say 5pm), # of actual & possible offers and the location (and time if you're lucky) of the actual presentaion to owners .... you can decide what to do.



8) This is where the top-secret part starts .... and the process to "win" is decribed in more detail than can be written here ... at least for free.



But you got a lot for free so far ..

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