Bidding Wars: Families Fight to Compete for the Purchase of a New Home in Sellers’ Market

... #ad▼

ABC NEWS NIGHTLINE: Ferocious bidding wars have become the norm in a real estate market that is hotter than ever.

NIGHTLINE reports on two real estate sellers’ markets:

(1) Highlands Rand, Colorado, where a house priced at $329,000 had multiple bidders; and

(2) Scarsdale, New York, where a ranch house with an asking price of $1,350,000 had an initial offer over the asking price within eight hours by an uninvited bidder that crashed a brokers only open house.

The house in Scarsdale was sold to the initial bidder for $100,000 over the asking price, after a bidding war that involved two competing parties.

“Real Estate Guru” Barbara Corcoran explains that cash is 90 percent of the bid, and is more important than what price is bid. Corchoran also says that for a bidding letter to be effective, the letter should be short and sweet and hand-written. Many people included long emotional pleas.

Get updates from The Cardinal ALL NEWS FEEDS on Facebook. Just ‘LIKE’ the ‘Arlington Cardinal Page (become a fan of our page). The updates cover all posts and sub-category posts from The Cardinal — Arlingtoncardinal.com. You can also limit feeds to specific categories. See all of The Cardinal Facebook fan pages at Arlingtoncardinal.com/about/facebook …

Search Amazon …

Search for products sold on Amazon:

Arlingtoncardinal.com is an Amazon Associate website, which means that a small percentage of your purchases gets paid to Arlingtoncardinal.com at no extra cost to you. When you use the search boxes above, any Amazon banner ad, or any product associated with an Amazon banner on this website, you help pay expenses related to maintaining Arlingtoncardinal.com and creating new services and ideas for a resourceful website. See more info at Arlingtoncardinal.com/AdDisclosure