Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker/Owner
Trinity Real Estate Consultants
647-697-6743
matthew@searchhomesingta.com
Some people consider multiple offers and bidding wars as the same. That is not entirely accurate because it is much more like a progression of one to the other. At any rate, differentiating the two and having a better understanding of the bidding process helps you in more ways than one. At best, you can avoid getting into a bidding war. If you were to find yourself in such a situation, your chances of owning that dream home are better. More importantly, you can avoid spending much more than intended.
Multiple Offers vs. Bidding Wars
When two or more buyers submit a written offer to buy a property, a “multiple offer” situation arises. On the other hand, a bidding war typically involves oral negotiations between the seller and each of the buyers’ agents. Its purpose is to make buyers outbid each other incrementally.
Lis! ...