4 Steps to Winning a Bidding War in St. John’s

Steve Winters
Steve Winters
Published on January 13, 2018

Buying a new home today is one of the most stressful activities that families and individuals face in our fast-paced world where decisions are made instantly and as easily as a click of a mouse or a swipe on your phone.

Yes there are a number of homes for sale in St. John’s. Yes it’s currently a buyers market in St. John’s…BUT many home buyers are finding themselves in a bidding war with other buyers. Use these tips to help you successfully act fast during the bidding process and gain the attention of the seller.

1. Have a “Dream Team”

Having the right people on your side during the purchase process is critical to a successful transaction. Clauses and deposits and offer price are only part of the equation.  Whether it is a RE/MAX real estate agent or mortgage specialists, each individual plays a large role. From tackling paperwork to knowledge of the St. John’s Real Estate Market, having an experienced advocate on your side can mean the difference between landing your dream home or floating back to square one. Not working with a Realtor® contact me!  Not working with a mortgage specialist?  Make sure you speak to a mortgage specialist and have a pre-approval already in place.

2. Go with your gut

Don’t hesitate if you like a home – make sure your offer is one of the first ones. Both you and your RE/MAX agent should be constantly monitoring all homes for sale in St. John’s so you can evaluate potential homes as quickly as they’re posted. Research the properties before your showings so you can be prepared to make an offer on the spot if the home is a good fit.

3. Sweeten the deal

Do whatever you can, within reason, to make the decision easier for the seller. Talk with your RE/MAX Realtor® about adding or removing unnecessary clauses. In competitive offers, it’s not always the highest price wins. Make concessions on certain clauses to make your offer more attractive to the seller.

Find out what might make the sellers’ lives easier.  For example: the sellers may want to move out as quickly as possible or may want to stay in the house a little longer. Maybe they’re eager to move across the country for a new job, or they have children in school and want to stay in the house to finish out the school year. If you can, agree to adjust the closing date to meet their needs.

4. Write a love letter

Sometimes you can win over sellers by tugging at their emotions. Don’t laugh this one off.  I’ve done it before and it works! Just think, if you ever sold your own home you know it’s an emotional process, often filled with memories. As crazy as it sounds, send along a thoughtful offer letter telling the seller how much you love their home, about your family (consider including a photo), and about the memories you would love to make there. This may help the seller feel better about passing their home on to you.

Ready to win your next bidding war? I’m here ready to help when you are. Text, email or call me today!

4 Steps to Winning a Bidding War in St. John’s
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