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Old 02-01-2018, 11:22 AM
 
Location: North Idaho
20,940 posts, read 25,614,622 times
Reputation: 39194

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I know it ticks buyers off and they always think the seller is playing games, but multiple offers do happen.

I've had a property on the market for 7 months and in an 8 hour period, I received 3 full price offers. Then the first offer came back and tightened up his offer because he didn't want to fool around and lose the property.

My agent said "best and highest" and I said no. I didn't want my buyers to be ticked off and withdraw.

So I am now in escrow, full price, all cash, 30 day closing with a full price offer signed in back up position.

But I can see how a buyer with a good offer would think the seller was playing games if they asked for highest and best on a property listed for 7 months. Yeah, sure, multiple offers when it has been sitting there for 7 months.... but it did happen and it has happened to me before when selling: 2, or 3, or even more offers all come in at the same time.
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Old 02-01-2018, 11:44 AM
 
Location: Cary, NC
31,536 posts, read 55,195,852 times
Reputation: 30104
Quote:
Originally Posted by oregonwoodsmoke View Post
I know it ticks buyers off and they always think the seller is playing games, but multiple offers do happen.

I've had a property on the market for 7 months and in an 8 hour period, I received 3 full price offers. Then the first offer came back and tightened up his offer because he didn't want to fool around and lose the property.

My agent said "best and highest" and I said no. I didn't want my buyers to be ticked off and withdraw.

So I am now in escrow, full price, all cash, 30 day closing with a full price offer signed in back up position.

But I can see how a buyer with a good offer would think the seller was playing games if they asked for highest and best on a property listed for 7 months. Yeah, sure, multiple offers when it has been sitting there for 7 months.... but it did happen and it has happened to me before when selling: 2, or 3, or even more offers all come in at the same time.
Yes. Yes, they do.
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Old 02-01-2018, 12:00 PM
 
Location: Florida -
8,211 posts, read 9,957,825 times
Reputation: 15005
If all the offers are the same, you owe it to the potential buyers to tell them so and give them an opportunity to make a 'best and final offer.' If your realtor presents it as you have, the buyers may wonder if you truly have 3-offers, but, it's the only fair thing to do ... unless you have already accepted one of the offers.
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Old 02-01-2018, 03:08 PM
 
Location: Kansas City North
3,618 posts, read 6,739,190 times
Reputation: 4630
Quote:
Originally Posted by jghorton View Post
If all the offers are the same, you owe it to the potential buyers to tell them so and give them an opportunity to make a 'best and final offer.' If your realtor presents it as you have, the buyers may wonder if you truly have 3-offers, but, it's the only fair thing to do ... unless you have already accepted one of the offers.
If you donít believe there are additional offers, just re-submit your original one. No law says you have to up the ante.
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Old 02-01-2018, 04:24 PM
 
7,619 posts, read 8,939,838 times
Reputation: 12920
Quote:
Originally Posted by jghorton View Post
If all the offers are the same, you owe it to the potential buyers to tell them so and give them an opportunity to make a 'best and final offer.' If your realtor presents it as you have, the buyers may wonder if you truly have 3-offers, but, it's the only fair thing to do ... unless you have already accepted one of the offers.
You don't "owe" a buyer anything, and you aren't required to be fair to them all.

Buyers run the risk of losing the house whenever they don't present their best and highest offer. So many times I hear....."well, I would have paid 5k more!" Well, then that should have been your offer.

You are only required to not discriminate based on protected class.
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Old 02-01-2018, 05:08 PM
 
Location: Athol, Idaho
2,182 posts, read 1,050,610 times
Reputation: 3184
Multiple counter and highest and best are two different things. Games? It happens, especially if this is a bank owned property. You can ask anyone for highest and best. It doesn't have to be a multiple counter situation, but you have to be careful just how that counter offer is written. If it doesn't claim to have multiple offers, but is asking for highest and best, the buyers offer may be the only one. Read it carefully. I used to come across this when the market was different and there were a lot of bank owned things out there. Trying to buy them myself as an investor I hated this and would always respond with exactly the offer I made in the first place. If that addendum doesn't specifically say that there are multiple offers you could be outbidding yourself for no reason.

I only recommend writing multiple offers if there is at least two that are very similar and I like to make sure to let the buyers know this. I think that makes it look like the seller is trying to be fair.
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Old 02-01-2018, 08:06 PM
 
8,204 posts, read 7,137,140 times
Reputation: 7731
Quote:
Originally Posted by oregonwoodsmoke View Post
I know it ticks buyers off and they always think the seller is playing games, but multiple offers do happen.

I've had a property on the market for 7 months and in an 8 hour period, I received 3 full price offers. Then the first offer came back and tightened up his offer because he didn't want to fool around and lose the property.

My agent said "best and highest" and I said no. I didn't want my buyers to be ticked off and withdraw.

So I am now in escrow, full price, all cash, 30 day closing with a full price offer signed in back up position.

But I can see how a buyer with a good offer would think the seller was playing games if they asked for highest and best on a property listed for 7 months. Yeah, sure, multiple offers when it has been sitting there for 7 months.... but it did happen and it has happened to me before when selling: 2, or 3, or even more offers all come in at the same time.
Just went through this last week. Put one of our rental properties back on the market. Had it listed two years ago & received nothing but low ball offers. When I say low ball I mean $50-$75K below asking price. Within 3 days of it back on the MLS last week, we had 4 offers.

1st offer was cash with a 30 day closing & $25K below asking. 2nd was (get this) $5K OVER asking but with a mortgage. The other two were close to asking & with mortgages. Our realtor told all 4 that there were multiple offers and to submit their best & final. The cash offer came up to $5K over asking. Yes, that made me raise an eyebrow given how these folks are also his clients.

We went with the cash offer after their financials were vetted & in day three of attorney review, this past Monday, we were informed that the "cash" buyers now want to take out a mortgage, "To keep their cash free so they can invest in multiple properties".

Sure, Jan.

Now that's playing a game.
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Old 02-01-2018, 08:09 PM
 
Location: Rochester, WA
3,810 posts, read 2,020,893 times
Reputation: 10465
Quote:
Originally Posted by oregonwoodsmoke View Post
I know it ticks buyers off and they always think the seller is playing games, but multiple offers do happen.

I've had a property on the market for 7 months and in an 8 hour period, I received 3 full price offers. Then the first offer came back and tightened up his offer because he didn't want to fool around and lose the property.

My agent said "best and highest" and I said no. I didn't want my buyers to be ticked off and withdraw.

So I am now in escrow, full price, all cash, 30 day closing with a full price offer signed in back up position.

But I can see how a buyer with a good offer would think the seller was playing games if they asked for highest and best on a property listed for 7 months. Yeah, sure, multiple offers when it has been sitting there for 7 months.... but it did happen and it has happened to me before when selling: 2, or 3, or even more offers all come in at the same time.
Good for you, and good reminder.
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Old 02-01-2018, 08:16 PM
 
Location: Cary, NC
31,536 posts, read 55,195,852 times
Reputation: 30104
Quote:
Originally Posted by spencgr View Post
You don't "owe" a buyer anything, and you aren't required to be fair to them all.

Buyers run the risk of losing the house whenever they don't present their best and highest offer. So many times I hear....."well, I would have paid 5k more!" Well, then that should have been your offer.

You are only required to not discriminate based on protected class.
I agree.
I had a seller several years ago who told me to negotiate all offers independently, without telling the agents that there were multiple offers.
He felt that he wanted to deal with the buyer who wrote the best offer coming right out of the chute.

It worked well for him, in that case.
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Old 02-01-2018, 08:18 PM
 
5,360 posts, read 3,347,994 times
Reputation: 20188
Quote:
Originally Posted by spencgr View Post
You don't "owe" a buyer anything, and you aren't required to be fair to them all.

Buyers run the risk of losing the house whenever they don't present their best and highest offer. So many times I hear....."well, I would have paid 5k more!" Well, then that should have been your offer.
5k. LOL.

We made an offer on a house that had been listed since forever. Our offer was the maximum we were willing to pay and exactly what the house was worth to us. We told the agent that repeatedly.

Lo and behold, an all-cash full-price offer came out of nowhere when our offer was presented. 5k more? Try 200k more we would have had to offer to come out on top. Wasn't happening.

I sure hope that was a genuine offer and the house closes when it's supposed to...

We didn't "lose" the house. We never had it.
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