How long do I need to wait before putting in a new offer on a property that I bid on before?

Asked by HomeinWallington, Brick, NJ Wed Nov 6, 2013

Are there any rules regarding (1) whether or not I can bid on a property that I bid on before, and (2) how long I should wait to do so?

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Jennifer Bla…, Agent, Basking Ridge, NJ
Thu Nov 7, 2013
Hello Homeinhoboken,
There is no reason to wait. There are no rules. In fact, if you wait, someone else might come along. It's much better to have your offer on the table than not. How far along was the negotiation the first time you bid? What happened? I might be able to be a little more specific with some more information.
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Tim Moore, Agent, Kitty Hawk, NC
Wed Nov 6, 2013
Bidding is done on auctions. Offers are placed on homes. Are you asking how soon can you make a new offer on a house where you already have an offer on the table? If so then you can make a new offer ever hour of the day if you want to. I wouldn't, but you can. If this is a short sale then just wait, in a month or so the bank will tell you want they want or tell you there are multiple offers and to make your best one now.
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