How to Win a Bidding War When Buying a Home
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Buying a home isn’t like going to the store and buying your groceries. Hopefully, the store you go to has everything you need — enough for everyone. You’ll walk out of there with what you’re looking for, at a price anyone else would pay.
In housing markets across many of America’s cities today, you’d be lucky to buy a house for the price listed: In some places, homes are going for hundreds of thousands of dollars (or more) over the asking price. Those sky-high sale prices are likely the result of a fierce bidding war, where multiple buyers compete by offering a series of increasing bids.
Bidding wars can be frustrating not only because they drive up the price of your dream home, but because winning isn’t guaranteed. Is there anything worse than the feeling of going above your budget for a home because you want it so badly, only to lose out anyway?
So how do you win a bidding war for a house? As part of our #AskOrchard series, our in-house expert Rachel Bennett has a couple of timely tips for you in the video below:
Of course, there’s more to the home buying process than submitting the highest bid faster than your competition. Check out our resources on negotiating tactics for home buyers and for navigating a hot housing market.
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