How to Proceed If Another Investor At The Property w/ the Owner?

[Burt L.]

Looked at a property today and I was the first investor to arrive. I viewed it with a relative of the owner, and in the meantime another investor had arrived and was speaking to the owner outside the property. When that investor went inside to view the property, I had to make a decision on whether to get in a bidding contest there, and chose to reiterate to the owner that I could provide a Wells Fargo bank statement with funds necessary to purchase the property (not fictitious) and that I would give a call back in the morning.

I didn't see how having both parties try to outbid each other face to face would be helpful, and that it would kill the deal for anyone, most likely. I will know tomorrow if the seller accepted another offer on the spot, on the Sunday or wanted to hear from me.

One of the phrases I have had heard is "what amount you need to have to forget about other offers and move forward with me" or something to that effect. It was apparent the other investor thought he would be the only investor there as well.

How do you handle these situations, or how could I handle this better in real time - or in my conversation tomorrow?