Did you know there is such a thing as a bidding war? This is usually a carefully crafted situation that can bring the bid on a home above the price the homeowners asked for in the first place. Allow me to explain.
THE PROCESS • The first thing you do is put your desirable home on the market. • Ideally, you also schedule an open house for just a few days later. • As you put your home on the market, you also put in a disclaimer that you’re not going to entertain any bids made on said home until after the completion of the open house. You’re probably thinking, this is ludicrous! How is going through all this trouble going to help you sell your home quickly, and for top dollar? You could be missing out on real bids! But there’s more to this story. Human nature will take over. We’ve just created a prime situation for competition to abound. Everyone who sees the home and loves it will want to make a bid. Some competitive players will bid just to see if they can win the prize! They’ll know from the start you are potentially getting offers from countless other people. You have just been set up to take multiple bids at once, and this gives you the freedom to go with the best one. Potential homeowners who really want your house for their own are going to start bidding high, and they might keep overbidding each other. 60
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