Bidding War On House Reddit. The bidding war is over. And guess what? I knew they would be offend

The bidding war is over. And guess what? I knew they would be offended because it was a low ball offer because they listed at the same price that house sold at 9 years prior. This is where doing a flat fee agent for the listing and communicating directly with buyers agents can be in your favor, since you as the owner can say things with more certainty than your agent We would like to show you a description here but the site won’t allow us. a second, higher offer) by a set time. It’s annoying but worth it for the right house. You spend less time ripping shit apart and making crooked things flat and level and chasing problems. I’m good friends with someone who offered 100k over list price just to guarantee they ‘won’ the bidding war. I have to sell my house soon due to a divorce. If it does work out, go ahead. Apr 23, 2024 · You would think the highest mortgage rates in 20 years would have eliminated bidding wars from the market. It was listed for $499K. Key Points • Bidding wars arise in seller’s markets with high demand and limited supply. We ended up not purchasing the home due to inspection issues however. Thus, a bidding war. As a first-time buyer with limited means, do you engage in a bidding war or walk Apr 19, 2024 · Getty Images | iStockphoto It's important to understand the in's and out's of a bidding war if you want to purchase a house you've got your eye on. I was in a similar situation recently, saw my literal dream property and got into a bidding war with a cash buyer. Now, if the house is truly one of a kind, on the right street, in just that right city/town, has just that one of a kind view or address (think Malibu), MAYBE, MAYBE you go a bit over. The key here is to give them certainty. because then people just exclude the house from their searches. ” 370 votes, 110 comments. Jul 17, 2025 · How to win a bidding war for a house Whether you’re buying or selling, understanding effective strategies can tilt the odds in your favor during a house bidding war. Thanks I'm looking to buy a house in Toronto. Bidding War for House? My husband and I found a house we adore (yay!) in a very sought after area and school district. You didn’t lose the house to there was a bidding war. Learn about this trend and how to navigate it. I'm also looking to buy without a real estate… Preparation and planning are key when you’re making an offer on a hot property and a bidding war breaks out. • Prequalify and get preapproved for a mortgage to demonstrate serious buying intent. Rather than looking at it as a win/lose - look at it as whether it makes sense or not. If that's what you wanted, you are smiling Mr. Also, creating bidding war situations often means the seller is looking to get top dollar for their house, and you probably won’t be able to get much concession out of them even if your offer is accepted. Reply reply More replies [deleted] • Comment deleted by user Reply reply I recently discovered that the missus ended up in a bidding war with someone over the house we are buying, only to find out that the other bidder didn't even have finance secured. You can always buy a cheaper house and renovate it yourself or higher outside when the time is right. e. You haven't "lost" if you walk away from an emotional bidding "war"; the seller may win, but none of the buyers will. The thinking is that it basically sets a “reserve price” for what is essentially an auction. law heavily favors the buyer. Learn how buyers compete when there are multiple offers on a house. Reply reply ooopepper • What are comps mind me asking Reply reply more replies In a hot market an appraiser would take into consideration the demand (time on market, multiple competing offers, etc). Last two houses we bid 30K and 50K… I'm a first time buyer and am currently in a bidding war for a really nice house with one other buyer - we've been back and forth with large and small bids all week but no budge, we're talking sometimes a jump of 5k and sometimes only 1k - they have the highest offer so far, which is 2k more than our last highest offer but we are closing into (The first house we tried bidding on was in a similar situation but unfortunately, me and one other private buyer had the same strategy. If you’re looking to buy in an area with low inventory and high demand, here's what not to do. No bidding wars - the price is the price though if there are lots of people waiting for lots know which one you want and sign the contract ASAP. This article will discuss some strategies on how you can win a property bidding war in a financially prudent way. After some rounds of bidding, the selling realtor once again pulled us aside and told us that our bid wasn’t competitive. As a data point, I'm purchasing a home now that involved a bidding war (the bid submitted was only slightly over asking ~5k).

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