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Updated almost 11 years ago on . Most recent reply
Question for the agents - countering multiple offers
Is there any acceptable clause or stip to allow for making multiple simultaneous counteroffers, such that only the highest response from the buyers will be binding? I recognize this is where "highest and best" comes in (as an alternative to countering everyone). Just wondering if there's another way.
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Thanks for all of the advice. It sounds like highest and best is the way to go, which is kind of what I expected since everyone does it. I was just curious if there are other strategies out there to ramp up a bidding war in a multiple offer situation.
@Bill Gulley I bought a teardown/lot at auction to flip and elected to do a flat fee listing to maximize the margin. Figured I didn't need an agent to show the property given that the market is builders and rehabbers, which has turned out to be the case. Didn't do anything special with the listing structure, just a general description, although that's a good idea.
@Patrick L. Why couldn't I include a stipulation that the offer is only open until the first acceptance is received by seller, i.e. "first come, first serve"? Legally, I think (know) I can, just don't know if there is some specific rule or ethical problem I don't know about or what the preferred strategy is.