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What is a Bidding War?
Buyers Answers
One of the unfortunate side effects of a HOT! real estate market are the resultant “bidding wars”. With quality properties in short supply the results of such a property hitting the market are that often times several people and more are interested in the same property. The agent for the seller informs interested parties that several offers have been made and encourages all interested parties to make an additional “best price” offer.
Sometimes even after a best bidder offer has been verbally accepted a third party offering a still higher price will enter the fray and steal the prize. Remember, if you don’t have it in writing; signed sealed, and delivered, all you have is conversation!
The bidding wars of late have created a lot of anxiety for a lot of buyers. The stress and strain of financial conflict has resulted in a number of buyers having to seek counseling on the therapist’s couch! These stressed out buyer’s feel like they have been “jerked around” by their Realtor; the seller’s Realtor, and everyone else who has played a part in their unhappy transaction. Often times the loss of a property a buyer has set their mind on isn’t a single incident. Maybe this has happened two and three or more time. No wonder they feel like they are going nuts.
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