Frustrated Buyer? How to Fight Bidding War Fatigue

As house prices soar in many areas across the country, it’s not surprising that bidding war fatigue has crept in. Jaded by making great offers that are rejected one after the other, prospective buyers and their agents are beginning to feel disheartened…and less motivated to “play the game.”

But, as real estate reporter Carolyn Ireland points out in a recent Globe and Mail article, these disillusioned buyers might benefit from changing their tactics, instead of sitting it out. Here are a few suggestions:

Aim to be the first one at the table, not the last. While many believe they should work to turn in their best offer at the end, there can be advantages to being first, including the opportunity to develop rapport with the seller’s agent.

The buyer’s agent should bring the offer in person, as opposed to emailing or faxing it. This proves seriousness, and it gives the agent a chance to read the body language of the other realtor.

Buyers may also want to appeal to the seller’s emotions. Attaching a bank draft for the down payment can help assure a seller that the buyer is serious and legitimate. A personal note about why the buyer wants the house can also help reassure some sellers, who may feel nostalgic and worry about “their home” winding up in the hands of an insensitive buyer.

One agent suggested in the article that including a personal letter has proved successful 80% of the time. And, really, it’s way better than giving up.