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 |
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".