Here’s what you need to build your toolkit to increase your chances of winning the war.
Bidding wars usually take place in seller’s markets, when demand outpaces supply. They also typically occur when there are multiple interested parties and when there is some other sort of constraint, such as timing.
When a real estate agent receives an offer for a property that has attracted a lot of interest, the agent will usually contact other interested parties to let them know. The agent may then set a date by which would-be buyers should make their highest and best offer.
Often, the highest offer is the winner, but there are other factors a seller may take into account.
