Understanding the Difference Between a Bid and an Offer
What's the difference? In short, there isn't one! The words are used pretty interchangeably. Whe purchaser makes an offer it's considered as a bid. With auctions, people tend to be hesitant with the word bid. However, in the grand scheme of things - with bid and offer, it's all the same!
The Differences Explained
Often, you'll hear the term offer used in a conventional real estate sale. Bid is often used in the auctioning space. However, as stated above the terms are interchangeable and extremely similar! When you place an offer on a property, you are essentially placing a bid. And vice versa. At any point the seller can choose to accept or decline your offer, much like in an auction setting. So with that information, don't let the two terms deter you from your dream property!
Offer Vs Bid Video Explanation
For a more in depth answer and bigger conversation, check out the video where I explain the difference in bid and offer!