NORMALLY, A BUYER MIGHT make an offer on a home based on his or her perceived value of the property. The seller should then counter the buyer’s initial offer, and in the classic form, a back-and-forth negotiation would occur until a deal is struck at a price to which both parties agree.
But when a great property is priced well, even in a softer market, buyers may find that they are not the only interested party. In this case, a bidding war may ensue.
