What If A Bidding War Breaks Out For the Home During Open House?
by San Jose Cupertino REALTOR Michelle Carr Crowe
A Seller just posed this question: What If A Bidding War Breaks Out For the Home During Open House?
A Bidding War Rarely Breaks Out during an open house unless a house is priced 30 percent or more below the market price.
For example, when Sellers agree to our "Sold in 5 Days" plan, the asking price will be at least 30 percent below market. This often results in multiple buyers lining up and willing to write down a "bid price" and terms, for example, Zero Contingencies and 30 Days Close, All Cash, right at the open house, even if not on a formal Residential Purchase Agreement form.
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