Highest and Best - Again??

Yes, this week I participated in a highest and best, twice.

As most of you that are tuned into the current Hoboken and Jersey City Real Estate Market know, the current environment is extremely competitive. Multiple bids are now common place.

Well just yesterday, we submitted an offer for a property in Hoboken that ended up having a total of 7 bidders. And, get this. Four out of the seven, made the exact same offer of $31,000 above asking price.

So when the agent realized she had a four way tie, the seller's couldn't choose and they decided to have another highest and best.

Can you believe that!? Insanely nerve wracking for the buyer's involved.

Lesson learned, if you find yourself involved in a multiple bidding war, consider also what the other buyer's may be offering, if you think they will arrive at your number too, then throw in a little extra $$ to give yours the winning edge, you never know, it could literally be a matter of $100!!!

 Have you recently won or lost a bidding war? Share your experience!