How soon to submit offer to the "Call for Offers Date"?

Question

Hey All -

Looking for some advice here. My partners and I have located a property that's currently on market that we're interested in submitting a LOI for. The "Call for Offers" date is still a couple of weeks off, but we'll have our ducks in a row in the next couple of days and be ready to submit.

Is it best if we wait until the day before or the day of to submit our LOI? Or should we send it as soon as we're ready? I'm worried that if we send it in too early the broker will use our LOI to bid up other potential buyers that are interested.

If they've put out a "Call for Offers" date on their listing, do they 100% have to abide by that date? My thought is that we could submit our offer with a response deadline of 24-48 hours, to minimize their chance of shopping our bid around. This obviously wouldn't work if it was a really low ball offer, but if we're around or slightly under their Whisper Price I feel like it could help us take it off the market...

Thanks in advance for your thoughts.

John Acklen · Answer

Thanks for the input, all! Much appreciated!

John Casmon · Answer

A broker's job is to get the highest and best offer for their client. If you're going to make an offer early, I would make it contingent on acceptance prior to the call date so the seller knows there's something to lose if they don't accept and "hope" they get a better offer during the call for offers. This strategy works best if you know the whisper price and can hit it.

Russell Brazil · Answer

Even if offers are due on a certain date, if they are an agent who knows qhat they are doing, they will still play all the offers against each other and shop them to get the highest price available. Doesnt matter if its now or after offers are due.

Michael Le · Answer

The broker won't likely shop your bid around and if there was a preferred Buyer that they would share your information with, you'd likely not win the deal anyway. If you make a pre-emptive offer and can convince the Seller you're ready and able to close they could take your offer and pull the listing.

How soon to submit offer to the "Call for Offers Date"?

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