How to Win a Whistler Real Estate Bidding War
Insane real estate bidding wars in Whistler are the real deal right now. If you're a buyer, you're probably going crazy having lost out in multiples on several properties already. Here are my 3 top tips to help YOU win the war for that listing.
1. Use Video
Using a video introduction to the seller works wonders. Word docs with photos of your cat are not allowed. People love video and in a lot of cases, the seller has owned the property for years and has a strong emotional attachment to it. Having seen their family grow up skiing in Whistler over the years, they want to see it go to a similar happy family to carry on those traditions & memories that they hold so close. You need to play off that. So we always have our buyers put together a simple little video which we can guide you on creating. And we send that video along with your offer over to the the seller. Remember, in Whistler we typically don't have access to present offers directly to the listing agent and the seller. In most cases, the seller doesn't even live in Whistler so that video bridges the gap and allows you as the buyer to really have direct access and be able to tell your story to the seller. It can be highly effective and yes, it can include your kids, cat and dog.
2. No Subject Conditions
I know it's pretty scary to come in with no subjects but it's usually your only option. Typically, in a hot market the seller and their realtor set a day usually a week or two after the initial listing date where they gather and review all the offers at once. This advanced timing allows you to view the property once or twice and get a pre-approved mortgage lined up if you haven't already. You can also get a building inspection completed beforehand and you can review any strata meeting minutes and revenue statements as well.
3. Money Talks
You have to have the highest price plain and simple. It's rare that a seller will take a lower priced offer just because he likes your cute kids and dog. But how am I supposed to be the highest bidder when I have no clue what other buyers are offering? You'll do that by using an escalation clause or what we sometimes call a referential offer. This is our secret weapon.
Here's how it works. Start out by having the highest number in mind that you would pay for the property. Don't be emotional here. You can't be upset after the fact if another buyer beats you and gets the property for slightly higher than your price. The next step is to have your realtor put an escalation clause into the offer that basically says that you're willing to go over and above the next highest competing offer by a certain amount, maybe that's 5000 to $10,000 up to your top line cap so that you can be the highest bidder, but you never exceed your maximum. The bonus here is that you won't end up inadvertently paying $50,000 or $100,000 over what the closest other offer was. It saves you tens of thousands of dollars by eliminating the guesswork of competing offers.