Tips for buyers: Winning the bid

When bidding on a property, the seller always picks the best offer. Interestingly enough, “best offer” is most definitely not synonymous with “highest offer”, as most people may often think. Many factors are taken into consideration before the selection of an offer, or counter-offer, is made. Below are some guidelines you may find useful, in the event you’re about to place a bid on your waterfront luxury home.

1. Place your highest offer first.

If you submit your highest offer and don’t end up being selected, at least you tried your best. There’s something to be said for satisfaction, and knowing you would have gone a little higher and potentially won the listing is not the greatest feeling.

2. Find out what is most important to the seller.

If the seller simply wants a quick sale, try to be as smooth as possible with the process on your end. If they want a buyer who will most appreciate the emotional worth of their home, be appreciative. If you can deduce what the seller is looking for in their sale, it will go a long way in helping you gain ground on the other bidders, and ultimately win the listing.

3. Flexibility, on your part.

Was there still furniture present during the showing? If so, the seller may need a bit of time to move into their next destination. Offering some flexibility can be important, especially when the seller needs it.

4. Be prepared for winning, a counter offer, or getting out bid. Basically, be prepared for everything.

Receiving a counter offer to your best offer can be surprising, especially if you’re not prepared for it. Time is crucial, so make sure you’re ready in the event you need to respond. Prepare for the joy of winning, but also the sudden feeling-slighted emotion you’ll inevitably get if you don’t.

If you’ve got questions along the way concerning waterfront properties in the Palm Beach area, from either the buyer or seller perspective, we’d be happy to set up a meeting.