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Busy weekend of activity

Blog by Robin Lear | September 10th, 2013

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Calgarys real estate market is bustling for sure, in part because Summer is slowly winding down, those who were on vacation are returning to normal patterns. Coupled with low inventory it means many people are going after the same limited amount of listings.  Had a situation this weekend where Buyers chose not to get into a multiple offer situation, because of the "Perception" of a bidding war...this really is a misunderstanding of the process.  When there is more than one offer involved, it isnt like what you see on Storage Wars. It really is more of a " sharpening-the-pencil" type of thing, ie) property is listed at 400k, and you would've come in at a price of 385k, now you really havevto put your best foot forward, you have one shot-one take, and you wont know the terms or conditions of any other offers. The seller must choose 1 offer to deal with based on the totality of each offer. price, deposit, terms and conditions, and possession. Ive had cases where my buyer has WON without being the higher offer! The fact is whenever i hear about someone not competing because they dont want to get into a bidding war, its really Silly, because if you dont write at all, i can guarantee you wont get it, and if the property makes sense, why wouldnt you...as a buyer the mentality must become, What am i prepared to LOSE it at? As opposed to how can i get the deal of the century.