Win a Bidding War in Fernie: Proven Strategies for Success

Losing out on your dream home in a bidding war? You’re not alone. In today’s Fernie real estate market, multiple offers are common, and unprepared buyers often miss out. But with the right strategy, you can secure your dream home—without overpaying!

In this episode of The Property Mindset Podcast, I’m sharing proven bidding war strategies that have helped my clients win even in the most competitive situations. Learn how to craft a winning offer, avoid costly mistakes, and position yourself for success.

Chapters:

⏱ 00:00 Introduction: The Frustration of Losing Bidding Wars
⏱ 00:18 Welcome to the Property Mindset Podcast
⏱ 02:00 Common Mistakes Buyers Make in Bidding Wars
⏱ 05:49 Proven Strategies to Win Multiple Offers
⏱ 08:12 Real-World Success Stories
⏱ 11:24 Recap and Final Tips
⏱ 11:52 Engage with Us

What You’ll Learn:

✅ Why the highest offer doesn’t always win
✅ How to tailor your offer to the seller’s priorities
✅ The power of pre-approvals, clean offers, and strong deposits
✅ How personal touches can make your offer stand out
✅ Real-world examples of clients winning even without the highest bid

If you're buying a home in Fernie, BC, and want to avoid the frustration of losing out, this episode is a must-listen!

👉 Schedule a consultation with Phil today

🔔 Don’t forget to subscribe for more real estate insights and Fernie lifestyle tips!

Show Sponsor: First Tracks Real Estate Group - eXp Luxury

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Transcript

Phil: 0:00

You found your dream home. You put your offer in. You know it's multiple offers. You lose out. Sound familiar? The truth is, most buyers lose bidding wars because they're simply not prepared. But today, I'm breaking down proven strategies that help you win multiple offers. So let's get into it.

0:18

Welcome to the property mindset podcast, where we explore everything real estate from market trends to practical strategies for success. Whether you're a buyer or seller or an inspiring investor, a seasoned professional, or simply someone who loves real estate. This podcast is for you.

Phil: 0:37

Bidding wars are becoming more common here in Fernie when well priced desirable homes hit the market and there is offer of presentation which means the listing agent and the seller have agreed to receive and review offers on a particular time and day. So how do we make sure it's your offer that stands out? Stick around. I'm going to show you some proven secrets that give my clients the edge in multiple offer situations. Before we can talk about how to win, let's talk about how buyers lose. The biggest mistakes I see are not being prepared. If you don't have a pre approval and a solid game plan in place, you're already behind the curve. Ignoring what the seller actually wants. Many buyers assume that highest offer wins, but sometimes, sellers care more about just the price, like closing dates, conditions and certainty. Engage with the listing agent to learn the seller's ideal scenario and craft your offer accordingly to stand out. Including too many conditions. Financing inspections and other conditions make offer less attractive, especially when there is more than three, four, five, six offers. If you're competing, you need to strategy to minimize risk. while making your offer as clean as possible. Minimize contingencies safely. Keep essential protections always, but reduce unnecessary conditions to strengthen your offer. Not getting fully pre approved. Buyers submit offers sometimes without having financing clearly approved or confirmed. ensure buyers have a fully verified pre approval letter from their lender before starting your home search. Very important. Uh, Overlooking the importance of deposits. Buyers sometimes underestimate the value of deposits. I always suggest to my Especially when there's many offers, the size of the deposit really matters. what is the largest amount of money you can afford to put down? Because at the end of the day, it goes towards a down payment at the time of close. poor or no personalization. Buyers neglect to provide personal touches or fail to build rapport, making their offer appear transactional rather than relational. I always encourage my buyers to write a thoughtful letter. explaining why they love the home, the neighborhood, humanizing their offer to the seller. Skipping due diligence. sometimes that means removing conditions but you should never skip the due diligence. Buyers remove important due diligence sometimes like inspections without understanding the risks. Educate buyers clearly on potential risks and benefits, helping them choose wisely which contingencies to waiven or shorten. Now sometimes I even recommend if people, feel like they cannot do without an inspection, get that done before we put the offer in. Yes, there's an upfront cost, but it means you can remove that condition and be more competitive in the offer situation. lack of flexibility on closing dates. Buyers insist on a closing date that's inconvenient for the seller, weakening their offer. show willingness to accommodate the seller's timing, or offer rent back options to sweeten the deal. Poor communication between agents. Buyers agents not effectively communicating or building rapport with the listing agent. Stay proactive and professional, keep open lines of communication, and be clear and friendly to encourage confidence in your client's offer. I've received offers as a listing agent sometimes in multiple offer situations where the buyer's agent hasn't even communicated anything with me, not even a text, a phone call, I simply get an offer on the day that offers are Now we know some of the pitfalls, let's talk about how we win. Alright, let's get into some insider strategies that have helped my clients secure their dream homes, even in multiple offer situations. Get pre approved. Not just pre qualified, this shows sellers you're serious and ready to close fast. Work with a very experienced broker who understands the market. and also multiple offer situations. Know your seller's motivations. your agent should ask, what closing date does the seller prefer? Are they looking for a fast sale or flexibility? Is there something specific that could make our offer stand out? I as a buyers agent will always communicate with the listing agent for those points above to make sure I completely understand that we are giving the seller everything that we possibly can. Going strong from the start, put your best foot forward, going strong but smart. A clean condition free offer often wins over higher priced offer with lots of contingencies. I always say to my clients, if you can offer The right amount of cash with a condition free offer, it's most likely going to be a higher priced offer with lots and lots of conditions. If possible, shorten or remove conditions, like a home inspection. If you need one, get it done before the deadline. Consider covering seller costs, like moving expenses, lawyer fees, to sweeten the deal. Write a letter to the sellers. Share why you love the home. Sellers are people too and emotional connections can make a huge difference. Share the buyer's story. Highlight their love for the home or community. Helping create an emotional connection with the seller. Agent communication is really important. Build rapport with the listing agent. Your professionalism and reliability can give sellers confidence in your clients. And sometimes even if you're not successful in winning the multiple offer, being first to get a backup offer in place, because deals often fall through. So submitting a strong backup offer, if you didn't win the first round in multiple offers, can position your clients for the second best chance. So I want to give you two real world examples of how these strategies have played out for my clients. in example number one, my client was competing with two other buyers and we won with 20, 000 under the highest bid. Because this time we did go in unconditional. We ensured we did as much due diligence as was needed for my clients to be confident that they didn't need any conditions. The sellers of this property had very specific dates that they had to hit because they were buying another property. which my buyers could match. we offered to cover some of the seller's moving costs and lawyer's fees. they also wrote a very engaging letter to the sellers. in fact, one of the sellers loved the letter so much, I think their comment was, if they'd known these people in another life, they would have been friends. Just recently, we were one of six offers. my client was a first time buyer, so it was a baptism of fire for them. they had limited experience with buying anything But we won because, we had a pre approval locked in and a very experienced mortgage broker who had lots of experience with multiple offers. we did due diligence ahead of time. So no surprises came with financing, title or strata issues. we didn't have a financing condition even though my client needed financing. the reason for that was because of the mortgage broker we were working with. So we went in and my seller wanted a home inspection clause. He was adamant that was what he wanted. So that was our only condition. we lined up a home inspector to go the morning after the offer presentation. shortening as much as we could the length of that condition. All offers went in, listing agent actually came back and said, listen, there's three offers that are pretty much neck and neck. You have an opportunity to revise your offer. At this point, what we did was simply increase the number of our offer. And at this point, the conversations, the kind of conversations I'm having with my client are, okay, are there any other properties like this around? if we were to build this property from scratch, what would the cost look like? all these factors go into the amount of money. we offered over the asking price to win this bid and we came up the winners in this instance there's lots of different layers on How you successfully plan and win a multiple offer? bidding wars don't always go to the highest offer they go to the best offer the best offer is well prepared competitive and Aligns with what the sellers want winning a bidding war isn't about luck. It's about strategy. To recap, get pre approved and work with a great mortgage broker. Understand what the seller wants and tailor your offer. Minimize conditions and make your offer as clean as possible. Consider using incentives like flexible closing dates or covering costs. Write a personal letter. It can make all the difference. If you follow these steps, you'll dramatically increase your chances of securing your dream home, even in a competitive market like Fernie. Have you ever been in a bidding war? Did you win or lose? Drop a comment below and let me know what worked or what didn't. if you want more real estate tips and tricks, make sure to subscribe to the channel and hit the notification bell. I'll see you in the next video. Stay focused, stay informed and keep building that property mindset.