Have the right captain at the wheel.
Work with an agent you trust – clear the deck with open and honest communication. If you want the property and are willing to overpay to get it, you need to be able to communicate that. If you don’t do well under pressure and aren’t one to compete – let your agent know that up front so you don’t waste time rocking the boat.
Determine if the property is a real treasure or fool’s gold.
If you have been in the market for quite a while and you want this house come hell or high water, it is okay to overpay a little which means more than full asking price. Ask your agent for guidance on what they think you should do and if they are a pro, chances are they’ll do what it takes to make that happen. Remember you can make the contract contingent on appraisal (it always should be if you are getting a loan) so you can do things to manage the craziness of a hot market.
Be ready to walk the plank and take the plunge.
This scenario ain’t for the faint of heart – it is highly emotional. What if you get it? Will you have buyer’s remorse? Make sure you are 100% confident about whatever move you make – don’t build a ship to wreck!
Batten down the hatches and don’t allow yourself to get seasick.
Keep that head level, sailor! Don’t get too excited just because it is a hot market. If this is your maiden voyage, weather the storm – the right property will come along at some point. Know yourself and make sure you are being rational; and if you are not capable of remaining calm before the storm, have your captain rope you back on to a steady dock.