real estate

What is a bidding war?

 

What is a bidding war?

The Bankrate.com financial term of the day is: "bidding war."

A bidding war is a fight for your right to be the party who owns a piece of property or other item. Would-be buyers submit competing offers that drive up the price. While the high bidder might win the war, the seller can pop the champagne and celebrate richer proceeds from the sale.

When you sell your home, you're hoping it finds a buyer. If you're lucky, it will find two or more potential buyers who will engage in a bidding war and pump up your price.

To shop for a mortgage rate when you're ready to buy, visit the rate tables at Bankrate.com.

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