Mortgages & Bidding Wars!

In a recent article in the East Hampton Star, Sarah Minardi spoke about the Mortgage 'mood' when buying in the Hamptons.

"What we're not seeing is many owners open to mortgage contingencies," which means a buyer is less reliant on borrowing and usually means he or she has other resources to put toward buying a house, Ms. Minardi said.

And it opens the door for a bidding war to happen. These "are really emotional," she said. "It happens right at the front end of when a home is listed for sale. It's about people coming in full force and putting in their best offer."