When making an offer to buy a house, what are useful strategies for making an offer in a competitive market?
If demand for homes is so high in your area that you feel like you’re elbow to elbow with other eager home buyers, with home prices rising by the minute, it’s crucial to develop a bidding strategy. For example, you might bid on several houses at once. Legally, this isn’t a problem as long as you don’t find yourself with two offers outstanding simultaneously and neither hedged with significant contingencies. If you have two offers accepted at once, you’ll need to formally revoke the one you don’t want. Another option is to prepare several bids at different prices. If you’re lucky, you’ll know beforehand how many people will be bidding on a particular house. If so, prepare your bid accordingly. Present the lowest bid if you’re the only one making an offer, the next highest if there are only one or two other people making an offer, and your highest price if there are three or more bidders. Think twice before you get caught in a bidding war. If you decide that a house is so attractively pr
