Multiple Realtors?

[Mark Forest]

I just bid on a house all cash with no contingencies as the offer requested. I was just told that another bid was accepted that was over $1000 LESS than mine. Maybe I am naive, but I thought houses offered on the MLS go to the highest bidder. Apparently not! I was told that I should have many Realtors working for me rather than just sticking with one. Would that have made a difference?

[Joel Owens]

Hi Steve,

How fast was the closing you put in your offer??

"They said there have been investors in the past who did not come through but they knew this person would."

Sounds like in the past people were all cash buyers but didn't put up much earnest money and backed out damaging the seller.

Even when you put in no contingencies many buyers are flaky.

If the purchase was for say 60,000 and you put up 30,000 non-refundable money that gives the seller the warm fuzzies that no way you will back out. If it's you put up 500 bucks or something that could have sunk your offer. It's not just the price but the terms are key.

If the seller had a past relationship with someone who has closed other properties with them there is not much you can do about that. It's like if I have a buyer that has bought ten properties from me and closed every one versus a new guy saying he has all cash and I have no history with him. If the unknown offers up huge non-refundable then that might sway me if the other doesn't match me. The buyer I have a history with might have capacity to buy 100 properties versus you might have capacity for 3 and then cash is depleted. So a seller has to weigh the relationship for their business potential etc.   

The other fact is this other buyer might have huge buying capacity and they were going to sell it to them all along. They just put it to market to "get them up" on what they would pay and use the other buyers offers in their favor.