How to handle a listing with multiple offers

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We are trying to make this industry a better place, but with all the multiple offer situations going on right now, it’s not good for anyone involved.

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It’s a crazy time out there in this market. Inventory is low and the amount of work to get a deal done is at an all-time high. This leads to a lot of frustration on all sides of the deal. So here’s some food for thought for you so you can come out on top no matter what.

Watch this video and think about three main points to consider when there are multiple offers on a property.

2 COMMENTS

  1. There’s no rule that says one has to be smart in order to enter into a bidding contest. If one chooses to pay more than one would have paid initially had there been no bidding war, then that person believes—at that point in time—the subject property to be worth to him/her what it costs to acquire said property. Value is always in the eye of the beholder. It’s a little like love at first sight, which is really lust at first sight. Methinks it’s usually first-timers who go overboard, or desperate-for-a-property types who don’t slow down the wheels turning furiously in their heads, the surging blood in their veins, until the deed is done…and the girl is pregnant…I mean…there’s no turning back now, baby! Ya did it; ya own it. Human nature, being what it is, makes the same mistakes over and over. It’s what makes the world go ’round. People learn from their mistakes, but smart people learn from others’ mistakes.

    It’s said that God gave man a brain and a penis, but just enough blood to run one at a time. There’s always another property.

  2. The practice of “UN-AUCTIONS” has got to be terminated. How can any agent ( or buyer) arrive at a sensible intelligent offer when they have no idea how much is being bid?.Offer amounts (NOT the identity of the bidder)should be disclosed and the serious buyers can bid like a proper auction -note:bid increases must be with a minimum of $5,000 to prevent “nickel and dime -ing”. Another very serious fault in the present system, a buyer can be emotionally driven to bid a very high price and “wins” Then some how later on they find that the next highest bid was $40,000 less than theirs!(Now don’t tell me this can’t happen!)How is that buyer going to feel? Even toward the Agent? Conversely from the Seller’s standpoint if the buyer had known the highest bid they might have bid higher than they did!One other thing: As an agent HOW do you advise intelligently, how much to bid? It’s a stupid practice and must be changed!

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