Vancouver Island Real Estate Information

Many Victoria, Duncan, Nanaimo etc buyers think that making the highest offer is the best way to assume ownership of their dream home, especially in a sizzling fast paced market where the supply of homes doesn’t meet the demand of potential buyers. However, I can show you that you don’t always have to “up the stakes” when bidding on a new home.

Accommodate the seller - As a buyer, you need to be flexible and willing to sacrifice a bit. It could be closing the purchase one month earlier or later than you prefer, but do your best to meet seller’s preference. You also have to be willing to overlook minor or less-than-perfect features of your chosen home, as other potential buyers may not be. If the seller is under pressure to sell quickly, they may prefer to work with a buyer who can accommodate them the best.

Prepare – If you’re willing to make the investment, the strongest advantage you can have is to be a qualified, solid, desirable buyer. Obtaining a credit report and paying off any outstanding debts you have is your best bet. Forgetting to pay an old debt gets many people turned down for a mortgage. Ideally, pre-approved mortgages are the way to go. Sellers are looking for buyers who can prove they are stable, and are willing and ready to commit to the property. A pre-approved mortgage is your best ally and your best advantage.

Connect with the seller – When involved in a bidding war, the least amount of conditions will give you the biggest advantage. If you have a home to sell first, do so. Your offer will be more appealing if there’s less doubt by the seller, and will give you more leverage in the offer.

Show them the money – Sellers favour strong buyers. Be willing to increase your down payment or make an all cash offer. A larger down payment is sometimes the best way to end a bidding war. However, if you can afford to make an all cash offer, do so – that’s almost a definite way of ensuring the house keys are in your back pocket.

Work with a great agent - Be sure to choose a sales professional who has an excellent reputation within the industry. I am known for my professionalism, credibility and honesty and I will work hard to find you the home of your dreams.