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What does 'Bidding Wars' mean?

Bidding Wars

Where one or more parties has offered on a property the seller may try and play one buyer off against the other asking each one to bid higher until they stop in a similar manner to an auction. However because this is emotionally charged the winning buyer often withdraws a few days later when they realise they got carried away. Most professional agents will recommend sealed bids as an alternative. See the chapter How to Really Make an Offer for more information.

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How to Really Buy a Property

"... to offer and when; How the time of year will affect your offer; When to offer below, at or above the asking price; How to handle bidding wars and sealed bids; Why defining your offer can save you money; What should be in your offer apart from the price; How to make a low offer seem..."
"... one ever starts by making an offer above the asking price but very often there may be more than one offer at the asking price. In this instance a good agent will take the matter to sealed bids whereas a bad agent will start a bidding war. If it sounds like you are heading for a bidding war try and persuade the agent or the vendor to use sealed..."
"... start a bidding war. If it sounds like you are heading for a bidding war try and persuade the agent or the vendor to use sealed bids. - bidding wars - The problem with bidding wars is that they work a little like auctions. Buyers get emotional and bid up without properly considering the..."
"... - The problem with bidding wars is that they work a little like auctions. Buyers get emotional and bid up without properly considering the financial impact of what they are doing. It becomes them versus the other buyer and when the dust settles they all too often regret how high they went. ..."
"... versus the other buyer and when the dust settles they all too often regret how high they went. In most cases bidding wars lead to an agreed price that then falls through in the cool light of day. - Sealed Bids - In this scenario the agent tells all offering parties to come back by a..."

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Author of How to Really Buy a Property

I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!

This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.

There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.

Download the Free Preview copy right now. I won't be asking for your email so I can bombard your inbox with 'special offers' and 'discounts' because I know most people who read the Free Preview buy the full copy. See for yourself!