bidding war
Definition
A situation in which two or more buyers are so interested in an item that they continue to make increasingly higher offers of the price that they are willing to pay for the item to become its new owner. This bidding typically occurs at a fast pace and it requires the potential buyers to make decisions that are less thought out than they normally would be. In many cases a bidding war is great for a seller, however it may tend to cause buyer's remorse on the part of the buyer.
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