The Wenatchee real estate market is a bit crazy right now, so I watch the MLS inventory like a hawk.  Sunday I saw a new listing pop-up on the computer that looked perfect for a client I have been working with.  I went to preview it that day, called the client and arranged to show it to them on Monday.  When I called the listing agent Monday afternoon to ask a question, she informed me  there were 3 offers coming in that day. 

When an agent tells you something like that, they're basically saying bring in a full price, strong offer, with no contingencies.  Sometimes in a bidding war,  full price doesn't win the bid.  The winner is usually  the bid that shows the strongest likelihood of closing in the shortest time, with the least  inconvenience to the seller.  In this case, it is an estate sale so, I suspect, the quickest possible closing will be attractive to the seller.  If it were a situation where the seller needs extra time to move, a flexible closing date would be most attractive.   I

In all cases, of course, a pre-approval letter from a lender would be almost mandatory to assure the sellers that the buyer is, indeed, qualified to buy the house.  All sellers want to be assured there won't be any problems with actually following through with the transaction.    The only exception to providing a pre-approval letter would be if the purchase is for "all cash".   Cash is good.  Cash talks.  People listen. 

I hate getting into a "bidding war".  It's hard on everyone and creates even more of a frenzy in an already crazy market.  It puts the buyers in a position of being tempted to make concessions they should not.  For example, in a bidding war, some agents may recommend the buyers waive some (or all)  inspection contingencies.  This, in my opinion, is bad business.  I believe it is good for the buyers and sellers to have all inspections complete and full disclosure made, so there are no legal issues to deal with later. 

Home buying should be an exciting, happy time.  Bidding wars make it stressful and someone is going to be disappointed.  But, if you find the perfect home... jump in, make your bid based on what is in your best interest, and keep your fingers crossed!