Real Estate Crash Course – Step 6: Bidding
Navigate the Swedish bidding process
How Bidding Works
- Open bidding –
- You see other bids, they see yours.
- Through the agent –
- Bids are placed via phone, SMS, or email to the agent ("mäklare").
- No official rules –
- No time limits. Can take hours or days.
- Starting price is just a start –
- Bidding usually starts from the starting price ("utgångspris") or first bid.
- Highest bid wins — usually –
- The seller can choose anyone, not just the highest bidder.
- Loan pre-approval required –
- You need a pre-approval ("lånelöfte") from your bank showing how much you can borrow.
- Bids are not binding –
- You can withdraw your bid anytime before the contract is signed.
Loan Pre-Approval
- Pre-approval, not a guarantee –
- The bank promises to lend up to a certain amount, but final decision comes later.
- Based on your finances –
- Income, debts, assets determine how much you can borrow.
- Validity –
- Usually valid 3–6 months.
- Get it in time –
- Have it ready before you start bidding on a property.
- Final approval comes later –
- The bank does a final check after you win the bidding.
How to Bid
- Register as a bidder –
- Contact the agent ("mäklare") and register your interest.
- Place bids –
- Via phone, SMS, or email. Ask the agent how they prefer.
- Follow the bidding –
- You'll be notified when someone outbids you.
- Be quick –
- Decide quickly — raise or drop out.
- Set a maximum –
- Set your limit before you start and try to stick to it.
Tactics & Psychology
- Set your max beforehand –
- Emotions run high. Have a limit set from the start.
- Don't chase forever –
- There will be other properties. Don't give up everything for one.
- Quick responses –
- Can signal strength — or desperation. Be aware.
- Bait pricing –
- Artificially low starting price ("lockpris") to drive interest. Expect final price well above.
- Lowball bid –
- Bid well below asking price ("skambud"). Can work on stale listings, but may be ignored.
Step 6 of 8