Doug Heldman

Sales Representative

Real Estate Homeward, Brokerage

 
doug heldman

Buying?

Selling?

Request

The Top 5 Mistakes intelligent Home Buyers make and how to avoid them.

Put An Extra $20,000 In Your Pocket When You Sell Your Home.

A free , no obligation home evaluation. Get the most for your home

Click Here Learn More Click Here

I Do The Work For You!  

Your Home Search Delivered DailyRealtor.ca Search

Sign Me Up!

 Beach Condos Best Buys

East York real estate, East York homes, East York house, East York Bungalow, East York Realtor, MLS East York, East York real estate listings, houses for sale in East York

Find Now

10 Best Buys In East York

East York Real Estate

Explore Now

Step 1

How Much Mortgage Can I get

Learn More

Contact Me!

As a professional realtor with experience since 1988, I have a marketing plan that while not a guarantee, is absolutely the best there is. Interested in how to sell your home for the most amount of money in the least amount of time? I can show you how it is done. Contact me for a confidential discussion!

Government removes non-bank lenders from the playing field

Originally posted on: November 21, 2016
Last updated on: November 21, 2016
Filed under: east york riverdale the beach leslieville
Will You Qualify For Your Mortgage After November 30th, 2016? Will You Qualify For Your Mortgage After Nov ...

The intended consequences of new housing policies

Originally posted on: October 27, 2016
Last updated on: October 27, 2016
Filed under: east york the beach riverdale lesliville canada mortgage and housing corporationbank of canadagovernmentpricemortgagehomehousinghousing policiesceconomycanadaconsequencesunintendedintendedeconomy
EVAN SIDDALL The intended consequences of new housing policies EVAN SIDDALL Contributed to The Globe and Mail ( ...

Seperated Cycle Lanes On Woodbine

Originally posted on: September 29, 2016
Last updated on: September 29, 2016
Filed under: east york riverdale the beach leslieville
Sep 28, 2016 | Separated cycle tracks may be coming to Toronto's Woodbine Avenue ...

Have Prices Crossed The Line?

Originally posted on: September 7, 2016
Last updated on: September 7, 2016
Filed under: east york riverdale the beach leslieville
The Toronto Real Estate Board publishes the above affordability chart monthly, showing the share of average household income used for mortgage, ...

5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less

Originally posted on: March 4, 2016
Filed under: east york riverdale the beach leslieville
5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less Posted on February 24, 2016 International Living ...

Top 10 Tips How To Win A Bidding War

November 14, 2015 - Updated: November 14, 2015

How To Win A Bidding War

If you’re buying a house in Toronto the chances are you’re going to be in a bidding war.  Prices have climbed steadily for 19 years.  If you want to win you need a strategy and a plan that puts you in control over other buyers looking to buy the same house on the same day, their Agents and your Agent.    The prime consideration is the Seller, their sale price and psychology!  Here are 10 battle plan tactics to help you win.

  1. What works best for the Seller - Make it easy for them so all they have to do is sign on the dotted line!  Find out what works for the sellers before you make the Offer.    Does the Seller need time to buy another house and a flexible closing date?  Do their kids need to finish the school year?  Do they need a quick closing due to a job transfer? 
  2. Make a pre-emptive Offer – It never hurts to ask!  If the Seller will consider an Offer prior to the date they have said they would, you may catch other Buyers and Agents unprepared and be the only Offer on the table.  I have had a pre-emptive offer succeed only for the reason that the Seller had 2 kids that were stressed out because prime time for showings is also prime time for dinner, bath time and bedtime.  Living with a couple of 4 year olds off their schedule and stoked up from eating at McDonalds for 3 days has a way of altering a Sellers perspective.
  3. Pay Cash – If you can.  Sellers prefer the certainty of an offer without conditions upon financing. 
  4. Get a written Pre-Approval not just a Pre-Qualification (lender’s estimate of how much you could be eligible to borrow).  A written Pre-Approval means that the lender is ready to make you a mortgage loan based on the credit check, information and documentation you provided at the time you requested a pre-approval. The pre-approval will say how long it is valid for, typically 60–120 days and may contain some other conditions for you to get the loan.  Bring that written pre-approval to the offer table!  You may still need a condition upon financing due to CMHC requirements however a strong pre-approval letter from your lender gives the Sellers Agent a sense of security with your Offer.
  5. Know where you stand – Get your Agent to do the homework and show you the last 5-10 houses sold in the area that are similar.  If prices are going up by 7% per year (like they did in October) don’t make your Offer for the same amount as a similar home sold last month.  Pay attention to the trend.  Your competition likely made a bid on the last one and lost out.   They are still house hunting and will go for the jugular on this one.  So should you, the next house is going to cost more than this one. 
  6. A big deposit will impress Sellers and Agents - deposits are part of every offer and end up as part of the sale price.  If your deposit is larger than most and in the form of a Bank Draft and you submit it with the Offer your offer stands out and it shows the Seller and the Sellers Agent you are serious.  You are going to pay it anyway and if you do not win this particular battle the cheque is returned to you.
  7. Pay more than asking price - Everyone wants to save money however starting with a low offer just sets it up to have your Offer ratcheted higher along with the other Offers.   Make your best Offer your first Offer.  Try to blow the competition away.  If you don’t get this one the next one will be more expensive.
  8. Emotions are a big part of the equation - Consider that the Seller has made this the perfect place for them.  They don’t want to hear about someone ripping out the perfectly good kitchen that they renovated only 40 years ago or that the 1970’s wood paneling in the living room is hideous!  Snooping into a seller's personal life before placing a bid is a little creepy and can actually prevent them from considering you as a buyer. If you happen to meet the seller during a scheduled showing then take the time to admire their home and give them the opportunity to tell you what they like about their home.  Write them a personal letter.  Above all make it sincere.  Tell the Sellers why you want to buy their house.  It will probably be for the same reasons they bought it years ago.  Ask your Agent to give the letter to the Seller with your Offer.
  9. Fewer clauses in the Offer - The preprinted Offer to Purchase form contains most of what needs to be included in the Agreement.  Adding unnecessary clauses or worse clauses that conflict with the pre-printed form and will have to be removed will harm your case.  I see Offers all the time that are not worth the paper they’re written on because the Agent doesn’t know that the clauses they have inserted conflict with the pre-printed form and could scuttle the deal.  This makes an experienced Sellers Agent wary. Get an experienced Agent and have your Offer reviewed by a Lawyer.
  10. Make it Personal – Go with your Agent to the offer presentation.  This ensures that the Seller knows you are all in.  And if there is a minor edit that needs to be done on the spot you can do it immediately.  A big advantage to you and the Seller over another offer that was emailed in and it doesn’t cost you a dime.

Doug Heldman, Sales Representative
Real Estate Homeward Brokerage
www.DougHeldman.com
Email: Doug@DougHeldman.com

Doug Heldman                                                                                   


Tagged with: buying a house in toronto bidding war strategy and a plan that puts you in control pay more than asking price experienced agent pre-emptive offer east york riverdale the beach leslieville
| | Share

Leave a comment...

Please enter the numbers found on the right.

 

Buying?

Selling?

Request

The Top 5 Mistakes intelligent Home Buyers make and how to avoid them.

Get over 400% ROI with just one of these 5 DIY improvements.

A free , no obligation home evaluation get the most for your home

Click Here Click Here Click Here
Powered by Lone Wolf Real Estate Technologies (CMS6)