Does anyone bid out their deals?

[Gary Dezoysa]

Hello fellow wholesalers;

I'm thinking of putting together a buyer's list and allowing all interested parties to bid on a house I get under contract. That takes care of the issue of estimating ARV. Has anyone done this? My only concern is upsetting my buyer's list in some way so hopefully if you've tried this you can chime in on that aspect.

[J Scott]

Are you planning to accept the highest bid? What if none of the bids are higher than your purchase price? In that case, you're just wasting your buyers' time.

Also, if you can't estimate the repair costs, expect that a lot of your buyers will want to see the property before they "bid" on it -- that means you'll have be prepared to walk a lot of buyers through the property.

Personally, as a buyer, I'd be pissed if I put in a bid, it was the highest and I didn't get the property. That's why I don't bid on properties through companies like auction.com...