What's a Buyer to do?

July 25, 2012
In the present real estate market where there is a shortage of inventory, the chances are very likely that the property you would like to buy will be a property that other potential buyers also want to buy. You find yourself in a multiple offer situation. What to do?
First, determine how much you really would like to own and live in this property.
Second, recognize that you will have to offer at least the listing price.
Third, recognize that the other buyer(s) may wnat it more and will offer above the listed price.
This is clearly a dilemma.
Buyers need to submit their best offer and hope that the seller will accept it or counter all offers so that you have another opportunity. Unfortunately this second opportunity may never occur because your competition is paying all cash and you are financing a portion of the purchase price.
Don't spend time wishing that the situation were different. If you have found a property in your price range that meets most of your wants and needs, give it your very best shot. \