How to Win a Multiple Offer Bid in Downtown Minneapolis Without Losing Your Shirt, by Mike Weiland, Real Estate Expert!

Note: To find the best deals on Downtown Minneapolis condos as well as insider information about privately available condos, click here!

One of the worst things that can happen during the condo buying process is to finally find your dream condo, only to discover that someone else is already bidding on it. When this happens, how can you win your dream condo without losing your shirt in the process? In this article, weíll cover some of the more important points to winning a multiple offer property in Downtown Minneapolis.

Tip #1 - Know Your Limit

Itís tempting to increase your bid based on emotions during a bid 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 youíre willing to pay for this property and stick to it.

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.

Itís 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 condo. They usually love their condo as well and want to sell to someone who'll 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.

Tip #4 - 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. The cleaner your contract, the more appealing it will be for the seller.

These four tips will help you bid on a property in Downtown Minneapolis 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 Downtown Minneapolis Condos. For complete information about the Downtown Minneapolis Condo market including current Minneapolis condos for sale, values, and more please visit the most complete website online dedicated to everything Downtown Minneapolis Condos at www.LivingInDowntownMinneapolis.com. Contact me, Mike Weiland with Edina Realty with any of your condo or mortgage related questions today. Call 612-735-6834 or email mike@mikeweiland.com.

P.S. To find the best deals on Downtown Minneapolis condos as well as insider information about privately available condos, click here!

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 Tags: Mike Weiland, Downtown Minneapolis condos, Downtown Minneapolis real estate, The Weiland Group of Edina Realty, Minneapolis condos for sale, minneapolis condos, minneapolis lofts

Article's Author

Mike Weiland
The Weiland Group of Keller Williams Realty
Minneapolis, MN

Contact Mike Weiland