How to succeed in the bidding round

Thora-Elise Hammerborg Dahl Estate agent MNEF The bidding round is often the most nerve-racking part of buying a home – and perhaps the most decisive. With the right preparation and strategy, you can make sound choices that bring you both your dream home and peace of mind throughout the process. Here, estate agent Thora-Elise Hammerborg Dahl of NBBO Eiendomsmegling shares her best advice for buyers.

Thora-Elise has more than 15 years of experience as an estate agent. She is known for her thoroughness, strategic flair and in-depth knowledge of housing cooperatives – giving buyers a level of reassurance few others can offer.

—Have your proof of financing ready

– Before you even consider placing an offer, your proof of financing must be in place, says Thora-Elise. It shows that you are a serious buyer and gives you a clear picture of how far you can actually go in the bidding round.

—Make active use of the agent

The agent holds a great deal of information that can be very helpful. Ask questions, ask about the bidding history and the level of interest in the property. It can give you valuable pointers before you bid.

—Set a maximum limit – and stick to it

– Bidding rounds can become intense, and it's easy to get carried away. But you need to know where your limit lies. Think rationally and don't let your emotions take over, she says.

—Be quick, but not hasty

A lot often happens in a short space of time. You must be prepared to act quickly, but always make sure every offer is well considered.

—Don't rely on gut feeling alone

– Do proper groundwork. Compare with other homes in the area, assess the technical condition and any need for upgrades, says Thora-Elise. Facts lead to better decisions than gut feeling alone.

—Be available

Many people forget how quickly things can happen. If you are not available, you risk losing the home to someone who is. Keep your phone close at hand and stay alert.

—Know the rules of bidding

An accepted offer is legally binding. Make sure you are certain when you bid.

—Be prepared not to get the home

– It's important to have realistic expectations. Sometimes the home goes to someone else, and that has to be fine. New opportunities will come, and the most important thing is to stick to the budget you have set, she says.

Thora-Elise adds:

– My goal isn't just to help clients through the bidding round – it's to give them peace of mind and control all the way. When you prepare well, you are in a stronger position, however the bidding round ends.