 TITLE: How to Win a Bidding War on a House CONTENT: Make an Offer Over the Asking Price\n-----------------------------------\nWhen there are multiple bids on the table, dialing up your offer can help you stand out from the competition. In some cases, sealing the deal may require a bid that's only a few thousand dollars over the asking price, which shouldn't increase your monthly payment too much when you spread that out over a 15- or 30-year mortgage.\nThis strategy can certainly catch a seller's attention, but it's wise to keep your emotions in check to avoid overbidding to the point that you break your budget. Even if you have a preapproval letter for a certain amount, that doesn't mean you ultimately have to borrow that much. Think in terms of your projected monthly payment. When considering how much house you can afford, a common rule of thumb is to keep your monthly housing expenses at or below 28% of your gross (pretax) monthly income. END