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Updated almost 6 years ago on . Most recent reply

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JJ Mayer
  • Rental Property Investor
  • Bloomington, IL
8
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48
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A Double Offer Strategy?

JJ Mayer
  • Rental Property Investor
  • Bloomington, IL
Posted

Here's the scenario - I've got my eye on 2 small properties (duplex + quad) in Northern IL .  Both represented by same company (Coldwell Banker), but different agents.  Prices are at $150k & $200K.  

Question - Can I approach one of the two agents, and make an offer of $320k for both properties - letting the agents work out a creative deal to make both sellers happy?  The agent I approached would potentially have a piece of two deals, and now have an aligned incentive to help me creatively close both properties.  Thoughts?

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174
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Cameron Price
  • Real Estate Broker
  • Hartsville, SC
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Cameron Price
  • Real Estate Broker
  • Hartsville, SC
Replied

That would be really complicated in my opinion. 

I wouldn't' advise my seller to accept such an offer unless they were desperate!

If you could somehow convince 2 separate sellers to accept an offer that ties them to each other, now there are 2 home inspections, 2 termite reports, 2 sets of title work, and a whole bunch of other extremely complicated issues. 

It's tough enough to get to closing on 1 property with all the variables that exist. 2 would be wild. Not saying it's impossible, though. I just closed 2 properties last week where one was contingent upon the other, and I represented 3 of the "sides". That's 2 deals that had to work out for either one to work. We made it happen. But that's a different scenario. 

Something else to consider. Coldwell Banker is a large company. There's one in my town. Doesn't really mean much that they are both represented by Coldwell Banker. If it's the same Agent or the same Broker supervising both Listing Agents, you MIGHT have a better chance, but I wouldn't bet on it. 

Hope that didn't come across as too negative. Just sharing my thoughts if I received an offer like you are describing. 

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