Rules of Thumb for a Bidding War?

[Neil Polehn]

Hello All,

I found a SFH that fits the formula I have for buying property and the asking price is good. Unfortunately since it's in a hot market, there are already multiple offers. I dont want to dramatically over pay and win, or underpay and lose. Last time I was in one I know I overpaid so I dont want avoid that. I am hoping you'll might know some rules of thumbs or guidelines for how much over asking price you are willing to pay?

Right now there are 4 offers and they close offers and pick tomorrow at noon.  Thanks!

Neil

[Anthony Angotti]

Originally posted by @Neil Polehn:

Hello All,

I found a SFH that fits the formula I have for buying property and the asking price is good. Unfortunately since it's in a hot market, there are already multiple offers. I dont want to dramatically over pay and win, or underpay and lose. Last time I was in one I know I overpaid so I dont want avoid that. I am hoping you'll might know some rules of thumbs or guidelines for how much over asking price you are willing to pay?

Right now there are 4 offers and they close offers and pick tomorrow at noon.  Thanks!

Neil

• You're realtor should guide you, but: Escalation Clause, Waive Inspection, remove appraisal contingency, provide the best possible financing/waive mortgage contingency, Make Deposit nonrefundable, higher than average deposit, as few contingencies as possible, quick closing, and a few other things, but basically just think about everything that reduces risk to the seller and put those in your agreement. It's not always just the highest price.