If you’re like many people who want to buy a condo in Downtown LA, be prepared: When the market is hot, you might find yourself in the middle of a bidding war.
So what does that mean – and how will it affect you?
What is a Bidding War on a DTLA Condo?
A bidding war happens when multiple people make an offer on a condo. The seller can pick which offer he or she wants to accept, which means the buyers are in the position to bid higher in an attempt to win.
If you and three other people all put in very similar offers on a $450,000 condo in DTLA, your agent will let you know – and you have the option of raising your offer. You might want to do it incrementally, or you might have the “go big or go home” attitude. Either way, it’s up to you whether you want to sweeten the deal for the seller.
Your agent will give you guidance, though – don’t add another $100,000 to your purchase offer without checking with your REALTOR(R) first, because in the vast majority of cases, that’s going to be overkill.
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale