As the Minneapolis condo market continues to contract with limited inventory and more sales multiple offers have become the norm for good deals on Minneapolis condos.
One of the worst things that can happen during the buying process is to finally find your ideal Minneapolis condo, only to discover that someone else is already bidding on it-and going into 2012 make that 3-5 other people bidding on it. When this happens, how can you have a chance of being the highest bid without losing your shirt in the process? Here are some helpful tips to writing an offer on Minneapolis condo with multiple offers.
Tip #1 - Know Your Limits before you write an Offer
It's tempting to increase your bid based on emotions multiple offer process. 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 Minneapolis condo properties nearby, choose the highest number you're willing to pay for this property and stick to it.
Tip #2 - Have a Minneapolis Condo Real Estate Agent That Is Looking Out for You
Remember that Minneapolis condo real estate agents are paid based on the selling price. There are Minneapolis condo 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 working for you that understands the urban market and can ensure your best interests are covered so you are not overpaying.
Tip #3 - Remove Conditions
The less conditions you have on your contract, the better. Call up your loan officer and make sure you can get approved for the loan and remove the financing clause, which is a standard on a fair amount of offers these days. The cleaner your contract, the more appealing it will be for the seller.
These tips will help you bid on a condo without losing your shirt. Keep them in mind if you find yourself in a multiple offer situation.
There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Minneapolis Lofts.
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