The London market is so hot, it’s almost too hot to touch. Great for sellers, but for buyers, not so much. It is disheartening to work with buyers and see them time and time again lose the home they anticipate to be their dream home, their forever home, to someone else who with only a few dollars, won winning the bidding war. There is no way to know, and you do not get to know, if there are multiple offers, what others offer on the home, or the conditions included in their offer. The only thing a buyer can do is put their best foot forward and realize that by submitting their offer is their one shot to purchase the home.
In a market where multiple offers are common there are some things buyers can do. In addition to the amount of money offered, many sellers will also consider the conditions in an offer and from their standpoint, the less, the better. Some options may be to consider getting your home inspection done before submitting your offer so that you have fulfilled the condition and can remove it. Many consider getting a pre-qualification letter from their mortgage person so they can also remove the financing condition to make their offer cleaner also, which is more favourable to sellers. The less opportunities in the offer for it to “fall through” or the conditions to not be met, the better. Competition is tough out there.
For my seller clients, I am sure they are all feeling like Hee-man in this crazy multiple offer market with all the power. I am happy to see that my buyer clients still have faith that with right timing, they will find the home that is perfect for them. It is all about timing! If you are looking to buy or sell in London market I would love to chat with you.