Re: Bidding War Management 101…help please - Posted by Natalie-VA
Posted by Natalie-VA on July 06, 2005 at 21:49:56:
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.