What does 'Bidding Wars' mean when buying a property?
Find out what Bidding Wars means when you are buying a property. 'What does Bidding Wars mean?' plus over 150 other property related terms and jargon in plain English
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 in a similar manner to an auction.
However encouraging this type of behaviour is not recommended because this emotionally charged situation often leads to the winning buyer withdrawing a few days later when they realize they got carried away.
Most professional agents will recommend sealed bids as an alternative.
To learn how you can handle bidding wars and sealed bids successfully pick up a copy of my ebook How to Really Buy a Property.
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Search Results for 'bidding war' in
How to Really Buy a Property
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Chapter 15:
How to Really Make an Offer on 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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