Some of the homes in the hottest Calgary neighborhoods are being inundated with multiple offers. If you're interested in a home and are considering putting in an offer for it you’ll want to find out how to handle the issue of multiple offers so that you have a better chance of ending up with the home you really want.
Get on a real estate agent’s list
One of the first things you should do is connect with a real estate agent and get put on his list immediately. This will mean that you'll be able to see the new listings faster than many others. In some cases the sellers will be looking through the offers as they come in while at other times they may set a specific date for going through them, which is commonly a week after the home has been put on the market.
Some homes can sell in a day or two if they are really hot and in a great location. If you're not on an agent’s list it's easy to miss these new arrivals and they may be purchased right from underneath you.
Understanding a bully offer
Sometimes you can put in something called a bully offer, a pre-emptive offer, on a home. In this type of scenario you'll be making a fast offer above the asking price when you're sure that the home has been listed below its market value. Sometimes the listing agent will advise his client to go ahead with the sale due to the high offer.
Leave a high deposit
This shows that you are absolutely serious about getting the house in question. You can even attach a note to the deposit explaining why you are providing a high amount and explaining how much you love the home. People love to sell their homes to others that will truly appreciate it. This may be all that you need to get your foot in the door and have your offer accepted above all others.
In today's spring real estate market in Calgary you’ll want to be prepared for a multiple offer situation. Homes, duplexes, townhouses and condos here in the city can fly off the shelves fast if they are priced right and are located in a desirable part of town.