I had this situation happen to me yesterday and wanted to reach out to the more experienced investors out here and buyers agents for some thoughts and tactics
-Went to open home yesterday
-House has been on the market for 7 weeks and passed in at auction 2 weeks ago. No interest post auction and no bids
-House now Price by Neg with agent looking at offers over $750k which is too low for the area
-Asked agent if I had an offer in today would he present to the vendors today or wait till Monday
-Agent advised that they would present offers over $800k today so put a strong offer on the table
-Agent rings me at 5pm and says can't get hold of the vendors and someone else is now keen to offer so it has become a multi offer with offers presented on Monday
-Agent tells me there has been a lot of interest from people who missed out or didn't bid at the auction and they have been waiting patiently to put an offer in. To me this sounds BS because they would have pounced after auction was passed in right?
As a buyer I'm always left wondering how legit this process is as soon as you sign the multi offer form the agent asks you to put your best foot forward. Also suspiciously after a 7 week sales process 'other' buyers suddenly pop up when we put an offer in. For it to go to a multi offer does the other offer have to be a signed S&P or could someone verbally say "I want to put an offer on...." and that makes it a multi offer even if they don't end up signing a S&P?
Best way to negotiate this- a sunset clause and be prepared to walk away? I think my biggest mistake was not confirming with the agent that the vendors were available to take an offer
Be great to hear how others have negotiated this
Pat
-Went to open home yesterday
-House has been on the market for 7 weeks and passed in at auction 2 weeks ago. No interest post auction and no bids
-House now Price by Neg with agent looking at offers over $750k which is too low for the area
-Asked agent if I had an offer in today would he present to the vendors today or wait till Monday
-Agent advised that they would present offers over $800k today so put a strong offer on the table
-Agent rings me at 5pm and says can't get hold of the vendors and someone else is now keen to offer so it has become a multi offer with offers presented on Monday
-Agent tells me there has been a lot of interest from people who missed out or didn't bid at the auction and they have been waiting patiently to put an offer in. To me this sounds BS because they would have pounced after auction was passed in right?
As a buyer I'm always left wondering how legit this process is as soon as you sign the multi offer form the agent asks you to put your best foot forward. Also suspiciously after a 7 week sales process 'other' buyers suddenly pop up when we put an offer in. For it to go to a multi offer does the other offer have to be a signed S&P or could someone verbally say "I want to put an offer on...." and that makes it a multi offer even if they don't end up signing a S&P?
Best way to negotiate this- a sunset clause and be prepared to walk away? I think my biggest mistake was not confirming with the agent that the vendors were available to take an offer
Be great to hear how others have negotiated this
Pat
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