Expert Advice for How to Handle a Bidding War on Your House

When you’re selling a home, a bidding war can drive up offer prices and lead to a more profitable sale. However, there are some risks to handling multiple-offer situations and ways to gain the highest benefits. In this post, we’ll share expert advice on how to manage a bidding war on your house.

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What is a bidding war?

A bidding war occurs when multiple buyers compete for the same property by continuously outbidding each other. This often happens in a seller’s market, where high demand and limited inventory drive up the property’s value. But it can happen in any market conditions depending on the property, location, and asking price.

Sellers find themselves in a favorable position as buyers vie to present the most attractive offer, which can include higher prices, faster closings, or waiving certain contingencies.

While the laws of supply and demand can put bargaining chips in the hands of a homeowner, it’s possible to overplay your hand and cause buyers to look elsewhere.

How to generate multiple offers on your home

Spark a bidding war and suddenly, the power’s in your hands. Your full asking price is no longer a pipe dream but a distinct possibility. What’s more, buyers may be willing to tailor an offer specific to your needs to close the deal on the house of their dreams.

Once you have a number of interested buyers, there are several things you can do as a seller to get the best possible offer on your listing, but let’s not get ahead of ourselves. Your house must first attract eager suitors — and several factors (some in your control, and others outside of it) will make all the difference.

Let’s look at six pieces of expert advice when it comes to real estate bidding wars.