Win a Bidding War in Fernie: Proven Strategies for Success

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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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Episode Transcript

Phil (00:00):
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 losebidding wars because they're
simply not prepared.
But today, I'm breaking downproven strategies that help you
win multiple offers.
So let's get into it.
Welcome to the property mindsetpodcast, where we explore

(00:22):
everything real estate frommarket trends to practical
strategies for success.
Whether you're a buyer or selleror an inspiring investor, a
seasoned professional, or simplysomeone who loves real estate.
This podcast is for you.
Bidding wars are becoming more common here in Fernie when
well priced desirable homes hitthe market and there is offer of

(00:48):
presentation which means thelisting agent and the seller
have agreed to receive andreview offers on a particular
time and day.
So how do we make sure it's youroffer that stands out?
Stick around.
I'm going to show you someproven secrets that give my

(01:11):
clients the edge in multipleoffer situations.

(02:00):
Before we can talk about how towin, let's talk about how buyers
lose.
The biggest mistakes I see arenot being prepared.
If you don't have a pre approvaland a solid game plan in place,
you're already behind the curve.
Ignoring what the selleractually wants.

(02:21):
Many buyers assume that highestoffer wins, but sometimes,
sellers care more about just theprice, like closing dates,
conditions and certainty.
Engage with the listing agent tolearn the seller's ideal
scenario and craft your offeraccordingly to stand out.
Including too many conditions.

(02:43):
Financing inspections and otherconditions make offer less
attractive, especially whenthere is more than three, four,
five, six offers.
If you're competing, you need tostrategy to minimize risk.
while making your offer as cleanas possible.
Minimize contingencies safely.

(03:04):
Keep essential protectionsalways, but reduce unnecessary
conditions to strengthen youroffer.
Not getting fully pre approved.
Buyers submit offers sometimeswithout having financing clearly
approved or confirmed.
ensure buyers have a fullyverified pre approval letter

(03:25):
from their lender beforestarting your home search.
Very important.
Uh, Overlooking the importanceof deposits.
Buyers sometimes underestimatethe value of deposits.
I always suggest to myEspecially when there's many
offers, the size of the depositreally matters.
what is the largest amount ofmoney you can afford to put

(03:48):
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 providepersonal touches or fail to
build rapport, making theiroffer appear transactional
rather than relational.
I always encourage my buyers towrite a thoughtful letter.

(04:11):
explaining why they love thehome, the neighborhood,
humanizing their offer to theseller.
Skipping due diligence.
sometimes that means removingconditions but you should never
skip the due diligence.
Buyers remove important duediligence sometimes like
inspections withoutunderstanding the risks.

(04:31):
Educate buyers clearly onpotential risks and benefits,
helping them choose wisely whichcontingencies to waiven or
shorten.
Now sometimes I even recommendif people, feel like they cannot
do without an inspection, getthat done before we put the
offer in.
Yes, there's an upfront cost,but it means you can remove that

(04:52):
condition and be morecompetitive in the offer
situation.
lack of flexibility on closingdates.
Buyers insist on a closing datethat's inconvenient for the
seller, weakening their offer.
show willingness to accommodatethe seller's timing, or offer
rent back options to sweeten thedeal.
Poor communication betweenagents.

(05:13):
Buyers agents not effectivelycommunicating or building
rapport with the listing agent.
Stay proactive and professional,keep open lines of
communication, and be clear andfriendly to encourage confidence
in your client's offer.
I've received offers as alisting agent sometimes in
multiple offer situations wherethe buyer's agent hasn't even

(05:36):
communicated anything with me,not even a text, a phone call, I
simply get an offer on the daythat offers are Now we know some
of the pitfalls, let's talkabout how we win.
Alright, let's get into someinsider strategies that have
helped my clients secure theirdream homes, even in multiple

(05:56):
offer situations.
Get pre approved.
Not just pre qualified, thisshows sellers you're serious and
ready to close fast.
Work with a very experiencedbroker who understands the
market.
and also multiple offersituations.
Know your seller's motivations.

(06:17):
your agent should ask, whatclosing date does the seller
prefer?
Are they looking for a fast saleor flexibility?
Is there something specific thatcould make our offer stand out?
I as a buyers agent will alwayscommunicate with the listing
agent for those points above tomake sure I completely

(06:39):
understand that we are givingthe seller everything that we
possibly can.
Going strong from the start, putyour best foot forward, going
strong but smart.
A clean condition free offeroften wins over higher priced
offer with lots ofcontingencies.
I always say to my clients, ifyou can offer The right amount
of cash with a condition freeoffer, it's most likely going to

(07:01):
be a higher priced offer withlots and lots of conditions.
If possible, shorten or removeconditions, like a home
inspection.
If you need one, get it donebefore the deadline.
Consider covering seller costs,like moving expenses, lawyer
fees, to sweeten the deal.

(07:22):
Write a letter to the sellers.
Share why you love the home.
Sellers are people too andemotional connections can make a
huge difference.
Share the buyer's story.
Highlight their love for thehome or community.
Helping create an emotionalconnection with the seller.
Agent communication is reallyimportant.
Build rapport with the listingagent.

(07:44):
Your professionalism andreliability can give sellers
confidence in your clients.
And sometimes even if you're notsuccessful in winning the
multiple offer, being first toget a backup offer in place,
because deals often fallthrough.
So submitting a strong backupoffer, if you didn't win the

(08:05):
first round in multiple offers,can position your clients for
the second best chance.
So I want to give you two realworld examples of how these
strategies have played out formy clients.
in example number one, my clientwas competing with two other

(08:25):
buyers and we won with 20, 000under the highest bid.
Because this time we did go inunconditional.
We ensured we did as much duediligence as was needed for my
clients to be confident thatthey didn't need any conditions.
The sellers of this property hadvery specific dates that they

(08:49):
had to hit because they werebuying another property.
which my buyers could match.
we offered to cover some of theseller's moving costs and
lawyer's fees.
they also wrote a very engagingletter to the sellers.
in fact, one of the sellersloved the letter so much, I

(09:09):
think their comment was, ifthey'd known these people in
another life, they would havebeen friends.
Just recently, we were one ofsix offers.
my client was a first timebuyer, so it was a baptism of
fire for them.
they had limited experience withbuying anything But we won
because, we had a pre approvallocked in and a very experienced

(09:34):
mortgage broker who had lots ofexperience with multiple offers.
we did due diligence ahead oftime.
So no surprises came withfinancing, title or strata
issues.
we didn't have a financingcondition even though my client
needed financing.

(09:55):
the reason for that was becauseof the mortgage broker we were
working with.
So we went in and my sellerwanted a home inspection clause.
He was adamant that was what hewanted.
So that was our only condition.
we lined up a home inspector togo the morning after the offer
presentation.
shortening as much as we couldthe length of that condition.

(10:19):
All offers went in, listingagent actually came back and
said, listen, there's threeoffers that are pretty much neck
and neck.
You have an opportunity torevise your offer.
At this point, what we did wassimply increase the number of
our offer.
And at this point, theconversations, the kind of

(10:40):
conversations I'm having with myclient are, okay, are there any
other properties like thisaround?
if we were to build thisproperty from scratch, what
would the cost look like?
all these factors go into theamount of money.
we offered over the asking priceto win this bid and we came up
the winners in this instancethere's lots of different layers

(11:04):
on How you successfully plan andwin a multiple offer?
bidding wars don't always go tothe highest offer they go to the
best offer the best offer iswell prepared competitive and
Aligns with what the sellerswant winning a bidding war isn't
about luck.
It's about strategy.

(11:24):
To recap, get pre approved andwork with a great mortgage
broker.
Understand what the seller wantsand tailor your offer.
Minimize conditions and makeyour offer as clean as possible.
Consider using incentives likeflexible closing dates or
covering costs.
Write a personal letter.
It can make all the difference.
If you follow these steps,you'll dramatically increase

(11:47):
your chances of securing yourdream home, even in a
competitive market like Fernie.
Have you ever been in a biddingwar?
Did you win or lose?
Drop a comment below and let meknow what worked or what didn't.
if you want more real estatetips and tricks, make sure to
subscribe to the channel and hitthe notification bell.

(12:08):
I'll see you in the next video.
Stay focused, stay informed andkeep building that property
mindset.