The one thing to expect when you find yourself in competition for a property is not to expect a thing. By that, I don’t mean not to expect to get it, but rather not to expect to know how the competition will play out.
One thing is for sure, it could be any one of many scenarios and the best you can do is have an experienced guide, a realistic viewpoint, knowledge and solid preparation. Contrary to what many do-it-yourselfers believe, there is a whack of strategy behind multiple offers. Your guide should be an agent who has sat on both sides of the table many times – and won! And it must be someone whose advice you trust.
Knowledge is what will give you your realistic viewpoint. Knowledge comes from watching the market, reviewing past sales and present trends and to some extent, predicting the future. Your viewpoint also comes from your own personal situation,circumstances and plans. Preparation allows you to be ready. You have explored all the neighborhoods and know where you want to be. You have done your due diligence on the financing side and your mortgage contact is ready, willing and able to make things happen quickly. The indication of good, solid preparation is that you are able to make split second decisions without looking back.
Most importantly, never take loss too seriously. Set your limits and be comfortable with your best offer. If you don’t get this one, there’s a better one waiting for you!
Posted by Tracy Martin in Buying a Home, General.
Tags: multiple offers
