Vancouver BC Housing Market and Multiple Bids
A Hot Housing Market, Multiple Bids and Offers
by Geraldine Santiago
In a hot housing market, when everyone seems to be in a buying frenzy, expect to be in a multiple offer situation. Of course, if you are a first time home buyer, and new to the home buying process, this process can undoubtedly be frustrating, worrisome and nerve-racking as well. To compete or not to compete? How will I survive? Will I survive? What should I do?
If you are seriously thinking about placing an offer, it is good to know just how many people are going to place an offer on the property. In some cases, there might be buyers who, for whatever reason, back out of the deal entirely even when they say they will write an offer. Though there might be discussion of multiple bids and offers, one doesn't really know for sure just how many people will be competing against your offer because all offers must be in writing. It could be the case for buyers, facing the same challenges, might want to opt out of writing a contract, for fear of loosing or competing with another buyer altogether.
Should you save your time and energy by not writing an offer just because there are other offers? Certainly not! I have won out on other offers just because my buyers were already pre-approved and I provided a letter of commitment from my buyer's financial institution. I've been in a situation where there were supposed to be seven other competing offers, but only came down to a handful who actually showed up and presented. So, when it comes to being afraid of other offers, multiple bids or perhaps the fear of rejection, you might just want to write an offer because in the end, you just never know who is going to write an offer and who isn't. You might be the only one standing!
by Geraldine Santiago
In a hot housing market, when everyone seems to be in a buying frenzy, expect to be in a multiple offer situation. Of course, if you are a first time home buyer, and new to the home buying process, this process can undoubtedly be frustrating, worrisome and nerve-racking as well. To compete or not to compete? How will I survive? Will I survive? What should I do?
If you are seriously thinking about placing an offer, it is good to know just how many people are going to place an offer on the property. In some cases, there might be buyers who, for whatever reason, back out of the deal entirely even when they say they will write an offer. Though there might be discussion of multiple bids and offers, one doesn't really know for sure just how many people will be competing against your offer because all offers must be in writing. It could be the case for buyers, facing the same challenges, might want to opt out of writing a contract, for fear of loosing or competing with another buyer altogether.
Should you save your time and energy by not writing an offer just because there are other offers? Certainly not! I have won out on other offers just because my buyers were already pre-approved and I provided a letter of commitment from my buyer's financial institution. I've been in a situation where there were supposed to be seven other competing offers, but only came down to a handful who actually showed up and presented. So, when it comes to being afraid of other offers, multiple bids or perhaps the fear of rejection, you might just want to write an offer because in the end, you just never know who is going to write an offer and who isn't. You might be the only one standing!