Bidding Wars for Sellers – How to get Multiple Offers on Your Vancouver Property and Sell for More than List Price

Multiple Offers For Sellers
Rising prices in the Vancouver Real Estate Market have made Multiple Offer Situations very common. In multiple offer situations, competition or the risk of losing out on a desirable property disciplines and motivates Buyers to act decisively.  Sellers are able to get market price for their properties very quickly in a relatively hassle free manner and the chance of getting an offer above the asking price is much higher.

HOW TO GET A BIDDING WAR ON YOUR PROPERTY

  • Choose a Realtor who knows the market! Hire a Pro who has their finger on the pulse of the area they specialize in. Make sure they have had recent successful multiple situations for sellers they have worked with.
  • Price Aggressively! Price your property at or slightly below the sale price of the most recent comparable. Make sure you and your Vancouver Realtor do their homework. If a listing is saying its active on Realtor.ca it may be sold. Make sure to check the latest market info!
  • and video. Make sure all the documentation on the property is ready before the open houses and is available to all interested buyers.
  • Prepare! Make sure you have all the documentation for the property ready and available before the Open Houses. Making the documentation available to potential buyers to review before they submit their offers makes the chance of receiving a subject free offer much higher.
  • Make the property easy to show and take offers at a set time. Every person who is able to see your property is a potential buyer. The more of these people that see you property, the more greater the chance you will have of getting a multiple offer. Have Open Houses on Saturday and Sunday and then ONLY take offers on the following Monday or Tuesday. This allows people time to speak to their back/mortgage broker and should increase your chances of getting subject free offers.

Here are some of my listings I have recently sold that had competing offers.

2208-550 Pacific Street

2006-1495 Richards St

2008-1166 Melville

2707-1495 Richards St

502-1888 York St

Are YOU a BUYER in a Bidding War in Vancouver? Want to WIN? Call 604-763-3136 or Email OR Check out Multiple Offer Situations for Buyers!

Looking for advice on how to sell a condo in Vancouver? Check out my videos on How to Sell A Condo in Vancouver!

I’d love to hear your thoughts and questions in the form of a comment below. Feel free to contact me directly at any time!

Feedback

  Comments: 4


  1. Dear Mike,
    A house in KITS priced at 1,388,880 had two open houses last weekend… We offered the asking price,… and on Sunday night the realtor was trying to get us to chose his own inspector to give a quick tour around the home on Monday so that we would have a subject free offer…. naturally, we refused, and put in a standard one week clause subject to inspection by someone WE TRUSTED…. on Monday our offer together with 4 other competing offers were turned down…. I discovered this past week through my realtor that they really want 1,600,000 (200 over asking)….Is this what you mean by “slightly under market value” in your post….. they had two extra open houses today and I came by and had a chat with between 5–10 of the prospective buyers on the sidewalk….


  2. Hi Anonymous,

    Good to hear from you.

    I do not allow profanity or personal attacks on my blog. This is the wrong place to troll and flame.

    I hope you don’t mind me deleting parts of your comment. Please feel free to call me to discuss.

    Its obvious you’re angry at losing out and I’m sorry to hear that.

    The fact of the matter is its a sellers market.

    It is the sellers right to price the property any way they like. If you give them their asking price they are not obliged to take it.

    Asking price can be used as a tool for a seller to bring offers quickly, and this tool sounds like it was pretty effective in the case you mention.

    If you are serious about buying a property, (especially houses in Vancouver) you need to be ready. For reference you may want to read my post on multiple offer situations for buyers. You need to move quickly and decisively to win these. One week seems like an excessive amount of time to do an inspection that takes a few hours. Why not get your inspector in there before you present the offer or have the inspection when you present? You need to be ready!

    If you’re not ready to do what it takes to win a multiple offer situation, or the people you’re working with are not able to help you win, I suggest you don’t get involved.

Your feedback