Hi Nadia, As Gail stated in NY the deal is not done until contracts are fully executed and even then it has been know to change. The law states that all offers must be presented until closing of the property. The thing with bidding wars and "highest and best" scenarios is anybody can go higher. Things to take into consideration is if the house goes ridiculously high will it appraise? Also think about the amount of time you plan to live in the home, if the house is maxed out and you plan on selling again in 5 or so years it most likely isn't a good investment, but if you plan on staying in the home for 20-30 years it would make better sense to overpay a little. It really depends on what the home is worth to you. I also like to tell my clients we need to move quickly and keep the deal moving, there are sellers that will accept an offer that satisfys them and keep all others as backup and others that keep their eyes open for better, everybody is different. My advice is remain vigilant, don't have expectations, and realize that if a certain home doesn't work out it wasn't meant to be, you can only do whats within your means. Keep in mind as well that although price means alot, the terms can make or break the deal, ie: how quick you can close, amount of mortgage if any, contingencies, etc. I am confident that with the amount of inventory and this learning experience you will be successful.
Legends Realty Group