Bidding - how does this work

We found a different house that we ABSOLUTELY love. There is already a bid on the house, but the seller won't sign a contract until the buyer has eveything else lined up. So we were able to put in a bid.

How does this work now. We put in a bid and the agent said he would talk to the seller. They have to let the other people bidding on the house bid again right?

Re: Bidding - how does this work

Get ready for a bidding war now.....Do you know the most you are able to pay for this house? If the bidding goes over that price will you be able to let it go? If I were you I would wait for the next bid to come in from the other buyer, and then put in your highest bid that you can afford...If it goes over that price.....walk away.....I know it is hard.....but you will find another house.

Hopefully it wont come to that and the seller will like you better than the people that already put a bid in
Scott

Re: Bidding - how does this work

Yeah, we know what our absolute highest is and we are willing to walk away. We walked away from the last house we loved cause the sellers wanted too much.

We put in a fair offer this time and I don't think the seller likes the other bidders since they've had two weeks to get their stuff together and the agent said they've been waivering.

Postive for us - It also turns out my father some what knows the seller of the house. His parents were the original owners and he lived there with them until they past away recently. He's moving to CA to start over, but wants to make sure people that move in will take care of the house as his parents would have wanted. He loved us since we are a young couple and most of my family lives literally around the block.