Ask HN: Bidding Strategies for a House?

by lelima on 4/14/2022, 3:04:53 PM with 1 comments
I'm currently in several biddings for a house, I notice that some escalate very quickly 5-10k per bid but others goes + 1293.031, which can by a bit annoying to see:

e.g 500k current bid and someone bid 502.567

Are they any tricks that I can use like wait till last moment (which is particularly hard or the broker won't give you that info), or it's pure the guy with the more money wins

  • by smt88 on 4/14/2022, 3:31:08 PM

    You can add an escalation clause[1].

    It says that you'll pay $500k, but if they can prove they have an offer for more, you'll pay more.

    There's a hard limit (you won't pay more than $X) and there's a step (meaning your bid goes up in increments of $Y).

    1. https://www.thebalance.com/should-you-use-an-escalation-clau...

  • by pwg on 4/14/2022, 3:14:08 PM

    > it's pure the guy with the more money wins

    From the seller's viewpoint, this is exactly the intended result. Get the highest possible price -- which equates directly to "guy with more money wins".