One of the worst things that can happen during the home buying process is to finally find your dream home, only to discover that someone else is already bidding on it. When this happens, how can you win your dream house without losing your shirt in the process? In this article, we'll cover some of the more important points to winning a multiple offer property in Hawaii Kai.
Tip #1 - Know Your Limit
It's tempting to increase your bid based on emotions during a bidding war. Buyers are often willing to pay more out of competitiveness, feeling that something they want is being taken away, or just plain rationalization.
This trap can cost you thousands of dollars. Instead, do your comparative analysis of the properties nearby, choose the highest number you're willing to pay for this property and stick to it. You must be able to separate emotion from logic when buying real estate. If you cannot be willing to walk away then it will always cost you in one way or another.
Tip #2 - Have a Real Estate Agent That Is Looking Out for You
Remember that real estate agents are paid based on the selling price. There are agents that will look out for you and have your best interest in mind, while other agents would rather increase their commissions by convincing you to place a higher bid.
It's important to have a real estate agent you can really trust during the process.
Tip #3 - Make an Impression on the Seller
Be more than just Buyer #2. Meet the seller and make sure they know what you love about the house. They usually love their house as well and want to sell to someone who will love it just as much.
Have the seller know who you are. Even if your bid is slightly lower, a seller may sell you the property just because they like you.
To view the rest of this Hawaii Kai real estate article please visit our Hawaii Kai homes for sale website.