How to Not Overpay in a Bidding War

June 20th, 2014 by: relatedchicago

home-bidding-warGold Coast Chicago real estate is some of the most sought after in the city. The Gold Coast neighborhood is a historic district with some beautiful old mansions, townhomes, and buildings that have been converted into apartments. It was a very wealthy neighborhood beginning in the 1880’s, when Potter Palmer, a millionaire from the south side of the city, filled in a swamp that became Lake Shore Drive, and built a castle-like mansion there. Other millionaires soon followed.

What these millionaires left behind was some beautiful prime real estate. The whole area is on the National Register of Historic Places. If you’re looking for homes for sale in Gold Coast, or even just an apartment to rent, you will be bidding against a lot of other eager people. It is still a very affluent neighborhood, and the more affordable housing there fills up fast.

Chances are high that you will have opposing bidders on any piece of Gold Coast real estate, whether you’re looking to buy a home or rent an apartment. It’s easy to get caught up in the excitement of bidding, especially if you really want a hard-to-get place. Who knows when something comparable will come up on the market again?

However, at the same time, you don’t want to pay more than the place is worth. You can overpay if you’re not careful, and end up with monthly payments that take up most of your income. To get a place on the Gold Coast and get it at a reasonable price, you will need the help of a Gold Coast Chicago realtor.

Your realtor knows the Gold Coast well, and is aware of the market value of the properties there. With your realtor on your side, you will know whenever a new property matching your specifications and budget becomes available. You will also get guidance during the bidding process so you don’t overpay. Your Gold Coast realtor is there to make sure you get the place you want at the best possible price.

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