Bidding Wars 101

Toronto Condos & Lofts by Yossi KaplanNote to re-sale buyers: if you’re planning on bidding on downtown Toronto condos and lofts, get your ducks and bucks inline as the last few sales I’ve seen happened within hours and were awarded solely on basis of price and no conditions. If you are going into a multiple offer situation:1. get pre-approved and have the approval letter in writing.2. remove all conditions which will stall your deal – remember, the Seller wants a clean offer, and the most amount of money they can get. So if you have a financing condition in your offer, and the other side does not – guess who is more likely to be awarded the property.

3. set your final price target and be ready to pay what it takes if this is the condo you want.

4. always be available during the bidding process and do not leave your phone out of your sight. Have it charged and ready at all times.

Yossi Kaplan is a downtown Toronto condos and lofts expert. contact:

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