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10 Mistakes To Avoid When Bidding On A Property

Real estate can be a competitive industry. Depending on the property type and location, bidding wars can quickly get heated and emotional.

Because of this, many investors can make some missteps in the bidding process, costing them valuable time, resources and property deals. To help you avoid a similar fate, we asked a group of Forbes Real Estate Council members to name some common property bidding mistakes. Here’s what they said to watch out for:


1. Getting Caught Up In The Hype Of Quick Buying Trends


2. Assuming That Sellers Are Desperate


3. Agreeing To A Higher Price Than You Can Afford


4. Ignoring The Municipal Side Of Things During A Bidding War


5. Focusing Too Much On The List Price


6. Not Studying Lease Terms


7. Failing To Research Property Taxes


8. Not Doing Research Up Front

We always take the time to educate ourselves on issues with the property upfront by hiring experts and gathering bids. As such, we submit our offers to sellers with a list of required capital improvements, proposed costs, a letter of explanation and investor profile. Showing we have done our research tells sellers we are more likely to close so they will often choose our offer over others. - Catherine KuoElite Homes | Christie's International Real Estate


9. Not Having A Solid Exit Strategy


10. Not Factoring In Your 'Hold Time' Expense


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