6 Mistakes Buyers Make in Bidding Wars - Shawnluong Team

6 Mistakes Buyers Make in Bidding Wars

If you’re a buyer in a multiple-offer situation, avoid these mistakes.

The real estate market is still very active right now. Just about everywhere you look, you’ll find a bidding war for an available property. Most houses are getting between six and 15 offers. Today I want to share the six main mistakes that I see buyers making when entering a multiple-offer situation and how to avoid them.

Feel free to watch the full message in the video above or use these timestamps to browse specific topics at your leisure:

0:00 — Introducing today’s topic

1:40 — Mistake No. 1: Bidding with too many contingencies

3:05 — Mistake No. 2: Bidding with no contingencies

5:10 — Mistake No. 3: Assuming you will get a counteroffer when making an offer at asking price

6:10 — Mistake No. 4: Never putting the highest, best price on the counteroffer

7:10 — Mistake No. 5: Using an escalation clause instead of making a strong offer upfront

9:20 — Mistake No. 6: Not knowing the real value of a property

10:40 — Wrapping up

If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.

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