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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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If You Find Yourself in a Multiple Offer Situation

Vancouver Condo Real Estate Video Blog #396 - September 2, 2009

If You Find Yourself in a Multiple Offer Situation

Ian Watt Video blogs about the summer market and how Downtown Vancouver has seen a resurgence of multiple offers on condos under $500,000. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

 

Ian Watt: Hi Good Afternoon, it's Ian Watt in Downtown Vancouver. What we've seen this summer is a lot of multiple offers, and its really instigated by two different things. One is the super low mortgage rates but another thing is that a lot of realtors are back plain in game is pull them low watch them grow. They're putting the listings way too far below market value. And what's happening is attracting a lot of offers. We've seen in the West End, last week my clients went in with us. We had ten, ten offers coming in on the property, that I think was twenty five, thirty five thousand dollars under value and it did go way over and my clients did get it. They're very happy. They paid more get value for. But it's a little bit risky to do a quite  like this. You just never know, but if you find yourself in a multiple offers situation. Do all your do diligence ahead of time. Read all the minutes, get your inspection done or wave your inspection if that's what you wanna do. I don't recommend it and make sure you put your best offer in. An offer that you are so confident that if you lost out of the multiple offers that is the best you could do. Make draw line in the sand , in the sand just say I couldn't do anymore than this price and if someone bids me by one hundred dollars, so be it. Multiple offers are difficult situations to dealt with. If you like any advice my name is Ian Watt you can always email me at  ianwatt@ianwatt.ca . Thank you very much and have a great day!