QUESTION: With all the offers, counteroffers, and counter-counteroffers, it seems like buying a house is more like bartering for a handicraft at a Latin America market. How does it all work?
ANSWER: A "popular" type of property can cause a bidding war to occur. Two agents write offers on the same home at the same time. The seller sees all the offers and determines with the agent's expertise which is best for their purposes. The seller should consider the strength of the offer based on financing, the lender, closing date, earnest money and how much the offer actually is. In a buyers' market the bidding wars don't happen like they did a few years back when buyers had to make a decision very quickly to get into a home.
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