What Are Your Best Practices in "Getting The Deal" When Competing With Another Investor?

[Burt L.]

I recently lost a deal to another investor as it was on the thinner side and I didn't want to get into a bidding war with the other investor.

The seller said she would have rather sell to me as some things didn't add up about the other investor, but I was $3K below the other offer. A couple of items were that the other investor didn't care about having the insurance company put a new roof on it this week (at no cost to the seller) or that they were using an out-of state title company. I looked up that title company, and there is a BBB alert on it, as they don't respond to BBB correspondence anymore. The other investor also claimed to be paying cash, but only wanted to put down $500 in earnest money. I have bank statements in my own name, but even so I didn't want to go higher on this deal.

Regardless, its much easier when there isn't a competitor, but I better get used to it, as other people are marketing to the same sellers. What do you use to better distinguish yourself and your offer when other competing with other offers? It seems that those who do nothing more than position themselves to make the second offer do better?

[Christopher Hunter]

@Burt L. this is a people business and I beleive if the repoire was bulit up from the first phone call you could have locked this deal into a contract.  Continue to be above board and ethical and business will start to take you at your word.