Ask HN: Bidding Strategies for a House?
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
Comments
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...
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".