So there’s the condo you like, with all the amenities you desire. The room is life-sized, the interior design is remarkable, and the neighborhood is affable. You’re actually the only one that’s missing. Now, you want to own that “dream condo” of yours. But how? Read on for tips on how to bid the right way so you can have that condo you like.

Consult with a Local Real Estate Attorney

Bidding on a condo is not a simple process, that’s why you have to consult a professional first before taking actions. With the help of your local real estate attorney, you’ll be able to have complete knowledge about the bidding process.  If you work with a professional, you will know every little detail about bidding on a condo; from important documents to the property purchase itself. What’s more, there are many laws and restrictions in buying a condo nowadays so your local real estate attorney can be a great help to you.

Making decisions will be difficult if you will only trust your instincts. In technical stuffs like this, you should trust someone who is knowledgeable and experienced in bidding on a condo.

Dig Up a Competitive Market Analysis

Before you finally bid on a condo, it’s essential that you are knowledgeable about the market in the area where your prospect condo is. Since you’re going to compete and invest money on it, you need to know the selling prices of homes of varying sizes in that area. That way, you will have an idea how much you have to put down for the auction.

When you go to the auction and the sellers disclose the price, you will know if it’s overpriced, thus saving you time, money and effort. Moreover, if you’re working with a buyer’s agent, this analysis will help you determine if you should trust your agent or not. For that reason, it is always good to have thorough research on something first before you take actions.

Prepare All the Documents You Need

Since you already have professionals by your side, it’s easier to prepare all the needed documents for the auction. First, prepare a good cover later explaining your qualifications as a buyer. The touch of professionalism is always important so you can create a good first impression. In case you want to buy with financing, you need a letter of approval from a reputable banking source. Send it along your cover letter and proof of funds letter (if you want to offer cash). However, most sellers now are very cautious in choosing their buyers. That’s why you have to be wary and very wise in this kind of competition.

Give a Competitive Offer

Bear in mind that you’re bidding on your dream condo, not just an ordinary place to move in. If you really like the property and you don’t get it, you may be very upset. To avoid this thing and outshine your competitors, offer the seller a high price. Apparently, you won’t know how much your competitors offered even you work with a buyer’s agent.

If you already did inspections and didn’t see any setbacks you will encounter when you move in there, and if you badly want to call it your own, that high price will all be worth it. After all, you are competing to win. Thus, you really have to strive hard and take a risk so you can achieve what you want.

Provide a Down Payment and Make it Fast

Money deposit is very essential when you’re bidding on a condo. By doing this, you’re giving the seller a strong sense of assurance. Nevertheless, it’s always better to make it fast since an earnest money deposit only shows that you are a serious and stable buyer. In the competitive world of bidding, you always have to act fast so others can’t easily surpass you. You have to stand out among all your competitors so you can win the bidding war.

Close your Offer Quickly

After preparing your documents and giving the seller an offer, it’s time for you to close it especially if other bidders are competent. Close your offer quickly to show them that you are a more eager buyer or bidder. Since this is a competition, your competitors will most likely close their offers early so the seller will not have longer time to think about it and accept it before the deadline.

If you think your competitors are wise, you should be wiser. Bidding on a condo is like having a blindfold where you can’t see what others are doing. Your ideas or hunches may be wrong, so you really have to do your own strategies. The key here is to be fast. You don’t have to be very aggressive though, you just have to be eager. This way, you can prove the seller that you are a serious bidder and you deserve to have that property.