by Laura Matiz
These days, it isn’t uncommon for buyers to end up embroiled in a “bidding war” for an apartment. For most, this is an unexpected part of the buying process; a step that shows up just as the transaction seems within their reach. Over the years, I have developed tips to help my buyers manage this difficult step better.
First, I explain to my buyers that a “bidding war” is usually a misnomer. There isn’t any bidding, nor is it a war. When there are multiple buyers with offers at or above the apartment’s asking price, the listing broker will usually request that all interested buyers submit their "highest and best" offer to expedite the transaction. The seller then, using both the buyers' offer and financial qualifications, chooses the buyer to whom to send a contract of sale.