Quote:
Originally Posted by Z-man
...we waited a month to ask what's going on - and the listing agent said that she already has another offer. So basically, we got into a bidding war. Even though we went over asking price, and our offer was higher than the other person's offer, we did not win the contract.
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I have been hearing about these "bidding wars" for at least a couple of decades.
In the past,
didn't the person/s who signed a contract first get the house unless their financing didn't go through?
When did this competitive bidding enter the picture?
Is it different in different states? Or did it begin in some states and spread to others?
It seems like it opens things up to dishonest deals through shill bidding or some other similar technique that I'm not skeevy enough to even imagine.
Z, best wishes on your search... I hope you're able to nail down a home you love soon.