A summary of tips for multiple-offer situations in Kamloops

Multiple offers are a very real occurrence in the Kamloops real estate market right now. 

We are hearing about the low inventory of houses in Kamloops which is leaving buyers missing out on their choice of house due to losing a multiple offer bidding process. A good realtor who is on the ball and gets you into seeing the properties as soon as possible is a great asset but when there are a number of hard working agents in Kamloops sometimes it can come down to the offer itself and the negotiating ability of your Realtor.

So what can you do if you find yourself in multiple offers that will increase your chances of making the sale happen for you? You will want to secure the property but not over pay for it, by balancing the below tips and getting your Realtors advice you should be able to have a good chance of coming out in front.

By way of quick summary: you must cover a few areas very, very well:

1. You should try to be pre-approved by a reputable lender (fully pre-approved) - No finance subjects make a huge impact on a multiple offer situation. Be careful with this as the property still has to appraise at the correct value.
2. You should have a strong down payment  (20% or more) - This may not be seen by the seller but with your permission your Realtor can pass this on with the sellers agent giving confidence to the sellers.
3. You must be willing to put a strong initial deposit  (also called a good faith deposit) - Again a larger deposit shows that you are prepared.
4. You must have a good agent helping you – he or she must do a good job completing the paperwork (it needs to be thorough and without any major mistakes), must communicate well with the listing agent and represent you and himself/herself as a great team with which the listing agent and sellers will want to work
5. You must have an excellent sense of pricing.  Your Realtor should “run the comps” for you, or may even prepare a competitive or comparative market analysis on the home you wish to purchase.  Pay attention to where the value  lies – sometimes that has little to do with the list price!
6. Be prepared to balance out the price and terms offered so that you do not feel like you are giving away all your rights.  Some real estate agents may push consumers to write contracts with no subjects for home inspection, property condition, appraisal or finance.  I believe that this is a risky and unwarranted practice – but learn about it since your competitors may be doing this.
7. Dates - Be flexible if you can and offer the sellers a choice of dates.

So on the flip side of this, you are a seller in Kamloops, what do you need to know and do to attract multiple offers?

What should you beware of?  In short, here’s what needs to happen if you want to attract multiple offers on your home for sale:

1. The home must be turnkey, either fully remodeled or close to it – it must look like there’s nothing or very little for a buyer to do.  In addition to being turnkey, it must be squeaky clean ! It needs to be comfortable – not too hot, not too cold. You want buyers and their agent to linger longer.
   
2. The price must be at or even under market value.  That is, you must be willing to price it aggressively.  Think it’s worth $1,050,000?  You might list it at $999,999 to get in under a major price threshold and to be the very best, most attractive property for the money. Yes, it might be under priced.  Over priced listings get either one offer at best or, more likely, none at all.
3. The property must be highly accessible. If it is hard to see, you probably won’t get multiple offers (and may get none at all).  
4. Finally, the property must be well marketed.  This includes a wide range of factors ranging from photographs, text, website coverage, and even social mdeia.

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