I haven’t really talked about this publicly before, but we had to win a bidding war last year to buy our house. To make matters worse, this was just before the start of the pandemic, making everything all the more stressful. Luckily, we were successful and my family is now enjoying living in a bigger, newer home. In fact, our house sold in record time. Our offer was accepted within a week of being listed on the market (and that week included three days of offers and counteroffers between us and the seller). If you’re getting denied home offers because of bidding wars, it can be defeating. Every time you think you’ve found “the same,” another buyer outbids your bid. This is very disappointing. So here’s how to win a home bidding war, so you’ll have the upper hand next time.
12. Bidding Wars Are a Nightmare (And a Dream)
The anxiety only lasted a few days but it felt like an eternity. On the other hand, I’m sure the sellers were happy. Each new counteroffer was greater than the last. In the end, we probably paid about 5% more for the house if there were no other bidders. However, we really can’t complain. We were finally able to quarantine in a bigger house, which was nice. Also housing prices kept skyrocketing even after buying the place, which is to our advantage.
My friend, on the other hand, was not so lucky. When she was selling her house, a bidding war broke out. At first, she was happy with the extra money she would get from the increased selling price. However, since selling her house, she’s stuck at a rental place. Why? Whereas, she keeps losing the bidding war in trying to buy a replacement home. It turns out that when you sell something there is a profit, which makes it harder for you to buy. She is feeling very tired at the moment. His offers never seem good enough, and she fears she’ll be forever denied the opportunity to buy the house.
Don’t worry, though. Things don’t have to be so harsh for him (or even for you). I gave him some tips on how to win the bidding war, and now I’m sharing them with you too.
