Have any of you sold a house through a bidding war?
Basically real estate is sold in one of two ways:
1. Conventional: This is where the seller sets an asking price, and entertains offers that are generally below the asking price. This method is used in Southern California for essentially all real estate.
2. Bidding War: This is where the seller lists at a price about 20% below market price. Bidders then submit their bids, all of which are generally above the listed price. All bids are opened at a pre-determined time, and the seller accepts one of the offers, or submits a counter-offer on one or more bids. This method is used for essentially all real estate sold in the San Francisco Bay Area.
Most of us are very familiar with the conventional method. My question is have any of you ever used the somewhat newer method of a bidding war?
Topic:
Real Estate Sale
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