5 Things to Remember in a Bidding War

Keep in mind that the pricing strategy is different in a bidding war. If you truly want to buy/”win” the house in a multiple-bid situation, the competitive offers - and not the comps - become the most relevant part of your pricing strategy. The comps go out the window and are basically irrelevant - that is if you want to successfully win the bidding war. 

Put your best foot forward at the get-go. Start as strong as you can because you don’t know what the seller will do with the offers. She may decide to go back to the strongest offer and just work with those buyers.

Only do what is comfortable for you. If you push your offer price too high, remove contingencies, and overextend yourself financially, you may win the bidding war but you likely won’t be able to ultimately go through with the deal, which isn’t fair to anyone, including you. 

Remind yourself that you are purchasing your next home and not trying to beat out the other buyers. This ties in with point #3. Don’t get caught up in the hysteria of a bidding war, focusing only on winning and losing sight of the home you are buying. It’s about your potential new home and not the competitive game.

Remember that only one buyer will purchase the property. So the odds of your offer being accepted may not be high depending on the specific scenario. That being said, even if your offer is not accepted, it can happen that the first (or second) offer will fall through, and you could be hearing from the listing agent. As Bebe Rexha says, “If it’s meant to be, it’ll be”.