Rules of Thumb for a Bidding War?

[Neil Polehn]

Hello All,

I found a SFH that fits the formula I have for buying property and the asking price is good. Unfortunately since it's in a hot market, there are already multiple offers. I dont want to dramatically over pay and win, or underpay and lose. Last time I was in one I know I overpaid so I dont want avoid that. I am hoping you'll might know some rules of thumbs or guidelines for how much over asking price you are willing to pay?

Right now there are 4 offers and they close offers and pick tomorrow at noon.  Thanks!

Neil