Here are 5 things to avoid as a Buyer during the your process when facing multiple offers and bidding wars:
Do not get emotionally attached to a property before the deal is Firm: Avoid attaching yourself emotionally to a home before the conditional period ends. Be prepared for the possibility of not securing the property due to being outbid or issues with financing or inspection. Getting emotionally attached can lead to disappointment if you don't get the property and may affect your future choices.
Do not go in Blind: It's crucial to work with a Buyer Agent who represents your interests and guides you through determining the property's market value. Stay in touch with your mortgage broker to understand your financial situation and the steps required for financing.
Do not wait: Act swiftly when you find a property of interest. In today's fast-paced market, properties are selling within hours. Make necessary inquiries, ask questions, and decide promptly whether to present an offer to avoid missing out.
Do not go over what you're comfortable with: Never exceed your comfort level when making an offer. Ensure that the price you offer aligns with what you are comfortable paying, even if it means losing out on a few offers. Find a balance where you won't regret the decision the next day.
Do not quit: The home buying process can be stressful, especially in a market with multiple offers. Despite setbacks, work closely with your Realtor to adapt your search criteria and persevere in finding the right home. Don't give up on your goal of buying a property.
