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Bidding War Management 101…help please - Posted by Kristine-CA
Posted by Kristine-CA on July 05, 2005 at 22:15:45:
I’ve been selling some properties these last few weeks and have run into
something that is new to me.
I let a few investors know at the same time about some deals I’m ready to
sell. So the offers come in and most of the are full price or better. So I go
back to the others and they up their offers. But of course people get
frustrated. I accepted one offer and put it into escrow and a few hours later
one of the bidders offered $10K more–after telling me earlier in the day
there was no way they could go above their last bid. (There is no way I’d back
out of a contract, verbal or otherwise, but of course I’ll be making sure the
buyer closes on time and per the agreement or I’ll move on to the back up
offer.)
Is this the way it’s supposed to be? It’s not that much fun. The sellers who
don’t get the deals seem sullen or angry. The people getting the deals seem
frustrated by the fact that they didn’t get as good a deal as they hoped. Some
of the buyers are retail buyers (with cash) and are really disappointed that
they didn’t get the properties.
Is this what agent’s are for? To protect me from people’s emotions? I’m
confused.
Kristine
P.S. I realize this is a nice problem to have…just trying to figure out how to
do it better and more fairly. Shopping people’s offers around seems
so…profit driven.
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Re: Bidding War Management 101…help please - Posted by Natalie-VA
Posted by Natalie-VA on July 06, 2005 at 21:49:56:
Hi Kristine,
I think it’s great fun! I’m dealing with retail buyers though, not investors. In our market, they pretty much know by now that they need to submit their best offer the first time. Most of the buyer’s agents are concerned with how long I will wait before I make a decision. I try and play fair with people and make decisions as I receive offers, instead of shopping offers. I don’t need 10 contracts…just the right one.
As far as people getting emotional, yes, I deal with buyer’s agents who get disgruntled with me. I remember who they are too. I can comfortably say that I communicate with everyone in a timely manner so there’s no reason to get crappy with me. They just ruin their chances for future buyers when they get attitude.
I don’t take back up offers for several reasons. One is that I screen the offer I accept very carefully. The highest offer is not always the best offer. Secondly, in the unlikely event that a deal does fall apart, chances are that the property has appreciated enough in that short time that I can make more money by relisting it.
When I do flip to an investor, I only use one investor that I’ve worked with before. We have a level of trust. They will give me what I ask, and they know that I won’t call other investors. I wouldn’t want to alienate them. If you are working with investors that you want a continued relationship with, I wouldn’t shop their offers to much. They will get fed up and not want to deal with you again. Just my thoughts.
–Natalie
Re: Bidding War Management 101…help please - Posted by Margaret
Posted by Margaret on July 06, 2005 at 09:40:40:
I’ve never done this, but I have heard about investors with a few properties that set up an auction.
back up offer - Posted by Ben (NJ)
Posted by Ben (NJ) on July 06, 2005 at 08:40:48:
I’ve been in the same boat, as far as accepting an offer and then getting a much higher one.
Legally NJ has an attorney review period which I can use to get out for any reason but ethically it’s a different story. I’ll always take the honest approach. I’ll simply tell the buyer I’ve gotten a better offer and if they’d be gracious enough to “let” me out of the deal, I’d be willing to cover their legal and title expenses to date. I’ll leave it up to them. If they say no that’s fine. I’ve given it a shot with my reputation still intact. Sometimes unbeknownst to me the buyer has developed cold feet anyway and is more than happy to get out.
Re: Bidding War Management 101…help please - Posted by Barry (FL)
Posted by Barry (FL) on July 05, 2005 at 22:41:50:
I’ve had this happen before, especially when I was wholesaling more.
I figured why not do it the way banks do REO. We are accepting offers until such and such a date, usually a 10 day time period. At the end of that period we’ve told the we have had a number of similar offers, please make your best offer by ___, usually 48 hours and take the best one.
It’s your house you can sell it anyway you like. If they don’t want to play by your rules, they don’t have to play.
Don’t feel guilty. It’s just business and you’re trying to maximize your profit.
We’ve tried the 5 day sale method. It was good and successful, but alot of work.
Hope This Helps,
Barry (FL)
Re: Bidding War Management 101…help please - Posted by Kristine-CA
Posted by Kristine-CA on July 06, 2005 at 22:13:59:
Natalie: thanks for your thoughts.
This thing about trying not to alienate investors…not sure I want to
give that idea too much energy. While nobody likes being shopped
around (including me), IMO if an offer can be shopped around for a
10% increase in an hour, then the offer wasn’t that great in the first
place (assuming that the buyer can perform, etc.) I’m in one of the
hottest markets and everyone trying to buy should know what they
can pay right at the start–this is not the time for low ball games,
especially when I don’t need a quick close.
You are right, though, when you say that I don’t need the highest offer,
just the right offer. Sincerely, Kristine
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