Real Estate Bidding Wars Heat Up

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Homebuyers are taking unprecedented measures to make their offers stand out to sellers as the red-hot real estate market booms.

Prospective homeowners are going as far as offering over-asking prices, dropping contingencies for inspections and appraisals and closing on the home within 30 days, FOX Business’ Gerri Willis said on “Cavuto Coast-to-Coast.”

As market competition stiffens, data from Redfin showed that between September 2020 and February 2021, nearly 18% of successful offers waived the appraisal contingency, while 13% waived home inspection contingencies.

See also  Manhattan luxury real estate in a downward spiral in June

www.foxbusiness.com/real-estate/bidding-wars-heat-up-amid-red-hot-housing-market

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