Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago, 03/27/2018

User Stats

290
Posts
34
Votes
Burt L.
  • Real Estate Investor
  • Steamboat, CO
34
Votes |
290
Posts

AGENT WANTS ME TO BID AGAINST MYSELF ON BUYING A 4-PLEX

Burt L.
  • Real Estate Investor
  • Steamboat, CO
Posted

I am running into this frequently and looking for a way to work around. In a strong local market, income properties are often listed in stating that offers are being taken for x number of days, and acceptance will be x number of days afterward. This drives me crazy as the listor is looking for more than the list price regardless of whether there are other competitive offers or not. 

On this 4-plex, I made a full price offer with no buyers side commission payable, title insurance and closing costs buyer paid,  no appraisal contingency, and sent a copy of bank statement showing more than sufficient funds for cash puchase (account number redacted) with a 12 day closing and an inspection clause. I made the acceptance date prior to the end of the timeframe offers were being accepted to see if it would be taken, and there was no response- as suspected. 

The end if the period for taking offers is end of business today and I have a message from the broker wanted to see if I am interested in the property, ignoring the fact I had already submitted an offer, which deadline has passed. 

At $700K with no buyers side commission (representing myself as I now do) and title insurance closing costs buyer-paid, I was already $20K higher on a net sheet to the owners- and still they are looking for more on a new offer. 

How can I break through this ongoing approach of trying to get me to out-bid myself? I dont know if there are even any other bidders, though it will be insisted that they exist. I would like to ask for a copy of the other offers, with entities redacted, but the broker will claim to be offended by this. Some brokers will even say that they had so many offers that they are asking one more time for highest and best to bring it further up, with no evidence that such offers exist. 

How can I find out what they really need to make this work, without the exercise in salesmanship? Broker has left a message asking if I am still interested - while ignoring my first offer - with the end of business today being a deadline for offers. I'm trying not to build resentments. 

Loading replies...