Profs, I need your advice! I'm in a final & best situation, offer due tomorrow

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Profs, I need your advice! I'm in a final & best situation, offer due tomorrow

C Rich
chitown, MD · Member since 2012 · 38 posts · 1 vote

I am in a situation where my previous offer was neither rejected nor accepted and the winning bid fell through so the property is back on the market. My R.E. agent is advising me to submit my 'best'. I'm sticking to my original offer which I found fair considering the work that needs to be done and since the listing agent didn't 'reject' it.

Am I shooting myself in the foot?

I like the property and see it as a money maker, but I won't be conned into overbidding or bidding against myself. The only monkey in the wrench is that the property purchaser type (i.e., OO or Investor) makes a difference and I'm not in the 'preferred' category (OO).

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  • Mark UpdegraffBusiness Member
    Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 706 votes
    14y

    Dude, you stole my topic title!

    Stick with your highest and best. There will always be another property if you don't get it.

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  • C Rich
    OP
    chitown, MD · Member since 2012 · 38 posts · 1 vote
    14y

    My bad! Technically, I didn't though. I just need input on success/failures when being nudged by those getting paid on commission as to whether my offer wasn't already my be st and highest.

    Based on the deal, I come up with my best was already offered. However, I'd hate to lose the deal over some crooked asset manager, real estate agent or listing agent pulling in a bid for my offer plus $1.

    I've seen some people insist that buyer side stuff gets written into the contract to say they'd beat any bonafide deal if the deal was presented in writing. Need more info on how that has worked out since everybody's got a new-scam-a-minute to bid bid-rig.

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  • C Rich
    OP
    chitown, MD · Member since 2012 · 38 posts · 1 vote
    14y

    Oh... Good luck on your deal! I can't read the specs. I'm unprivileged to see the forum now that you've brought it to my attention, but I bet we're in the same boat.

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    14y

    As Mark said, if your offer is the highest you're willing to go, just stick with that.

    That said, if you are willing to pay more (the deal is worth paying more), but you just don't want to because you feel like you are being pushed around, I would recommend not letting your ego get in the way, and just submit your best offer.

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  • C Rich
    OP
    chitown, MD · Member since 2012 · 38 posts · 1 vote
    14y

    Thanks, J Scott. My ego constantly clashes with R.E. and mortgage personnel indeed. I've done both those jobs.

    My last deal fell through the cracks and currently, the R.E.A. (listing) is on the line since all of her deals have failed and forced the property back on the market and a price reduction. My deal was fair (I think), and so now I'm in the position where my R.E. agent thinks I should bid higher because the deal didn't get accepted. It didn't get rejected either!

    However, bidding higher would result in me bidding against myself since all the other bidders can't qualify, their banks won't fund or the bidders are unwilling to take the risk that I am. I know the area and have a fantastic grip on what's been sold and at what price.

    Unfortunately, I need an agent to submit on my behalf, so the dilemma is to stick to my guns (which is what I ended up doing) or cave to the not-so-brights that hold the power of "relationship" access which enables them bid submission powers that I don't have.

    I just hope I'm deciding right. Another option is to go with
    a different agent I guess.

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