If you’re in a seller’s market, it’s common to compete against multiple offers in the hopes of getting your offer accepted. Before jumping into a bidding war, however, be sure this property is worth paying a bit over the asking price. If you think you can fall in love with another property, it may be best to step away and keep looking.
When competing against other bidders, don’t forget to respect your budget. You want to avoid overbidding on a home you won’t be able to afford down the road. How much you offer on a house with multiple offers is dependent on how the other offers look and recommendations from your real estate agent. If you want to seal the deal, a cash offer always looks best to the seller.