How to buy in Etobicoke without participating in a bidding war

Tips on how to avoid a bidding war when buying a home:

Are you sick and tired getting outbid on offer night?  Well you’re not alone.  I hear from many buyers that they would really love to buy a property without having to go through a bidding war. Here are a few ideas that may help you avoid that dreaded process.

1. Have your realtor send you all new listings in your price range, desired neighbourhood as soon as they hit the market.  Realtors typically see the properties at least 24 hrs before they hit MLS.  They also often know about properties that are coming to the market that may be of interest to you.
2. Get pre-approved for your mortgage so that you can bid on a with no or as few conditions as possible when properties hit the market
3. See the new properties as soon as they are available.  Don’t wait to view them with the masses on the weekend open houses.
4. Look for properties that do not have an offer date but are taking offers anytime and offer quickly
5. If the property has an offer date, consider a bully offer (putting an offer in ahead of the offer date)
6. Have your agent look for properties that did not sell on offer date, and put an offer in the day after.  There are several reasons why a home may not have sold.  For example, the buyers that won the bidding war, do not bring in the deposit, or just other unlikely circumstances.  It does not necessarily mean that it is not a good house

Buying a home in this market requires lots of patience, timing and a bit of luck. Having a experienced neighbourhood agent at your side definitely is definitely an asset. With a bit of strategy, it is possible to buy without participating in a bidding war.