.
Feedback

Managing Multiple Offers

How do real estate agents manage multiple offers on a property?

I am an active buyer of real estate, most of the time single family homes that I buy to renovate and then resell. I consider myself knowledgeable about the process and don’t expect any special favors. Having said that I just don’t understand the process sometimes.

Example #1: I bid on a HUD property 3 times over a 12 month time period. I made the same bid the first two times. Each time the listing agent came back saying that it was a multiple bid situation, so come back with your highest and best offer. The first two times, I came back with the same offer. Each time was told I was outbid. OK, fine I moved on.

The property came on the market a 3rd time, same agent. This time my offer was $9,000 less than my original two offers, you guessed it, my offer was accepted. I just don’t get this thought process.

Example #2: Asking price of this property was $99,900. The property was a great buy, my offer was $116,000. The listing agent came back saying they accepted a higher offer, not sure what it was. Two months later, the listing agent came back asking if we would consider buying the property at what we had originally offered. Unfortunately, I had bought two other properties, so the answer was no.

The house went back on the market, again at $99,900. The property was on the market for 3 months and I was ready for another house and made another offer, this time $95,000 and my offer was accepted. I just don’t get it.

This article in the Niche Report discusses how to manage multiple offers. Click on the link for the full article:

The Art of the Juggle: Managing Multiple Offers

By: Mark Shandrow

"As home inventory and interest rates remain low in many parts of the nation, consumer confidence in housing is beginning to return. This is particularly true in California where supply cannot meet the demand of new homebuyers and investors. It is not uncommon that reasonably priced listings receive a deluge of competing offers."

Newsletter & Alerts

Get the best stories each day and important breaking news

Subscribe

Not from Manchester Patch? Find your Local Patch »

Loading comments ...
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors. Write a new post... What's up? Make an announcement, speak your mind, or sell something
Dave Murray May 24, 2013 at 08:03 pm
No one is going to sue anyone for using Mobile Cell Phone Spy Software simply because it is a spouseRead More or partner that uses mobile cell phone spy to spy on someone else
James Bond May 24, 2013 at 04:00 pm
Wait until someone gets 'spied on' and sues the person spying AND the software company that createdRead More it.Just because you can do it or create it dosen't mean that one should.
James Bond May 22, 2013 at 10:29 am
Is it society letting our students down,or the BOE that always looks to cut first and worry aboutRead More consequences later?