Meaning of the word overbid in English

What does overbid mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

overbid

US /ˌoʊ.vɚˈbɪd/
UK /ˌəʊ.vəˈbɪd/

Verb

to offer a higher price for something than someone else

Example:
They managed to overbid their rivals for the rare painting.
Don't overbid on the house, it's not worth that much.