What is a bidding war in real estate?
A bidding war in real estate can happen when there is more than 1 home buyer making an offer on a house.
The bidding war determines a seller's market. It occurs when potential buyers compete for ownership such that the price goes beyond the original value of the property.
If the offer from the buyers is similar, the seller can ask them to up their price. To ensure victory, you should have a preapproved letter in hand.
While the highest order may not be the best offer, money does talk.
Apart from that, you should add an escalation clause, offer an all-cash deal, and drop the contingencies. You may end up winning the bidding war!