I received several offers on a piece of land valued at 2 Mil+. I know the offers are lower then what I can get.
What is the best way to counter-offer?
Are there any legal issues?
Can I only counter-offer to one buyer at a time? (So that more than one don't accept the counter-offer)
Any advise would be helpful. I've never dealt with multiple offers on a property.
Counter them all and accept the first one that is agreeable to you.. Once you have accepted an offer the others are void. You can also state in your counter that the offers are void if you accept another one first. Are you working with an agent? He or she could advise you further.
Not legal advice but if you counter them all and everyone accepts you now have multiple legal contracts to sell 1 parcel of real property.
Check with your realtor or a laywer on how to proceed in your area.
Multiple offer situations are a GOOD THING :)
See what's legal in your state, but the banks that i've worked with in the past have usually given all interested parties a multiple offer form. The form states something along the lines of "The property is in a multiple offer situation , highest and best bids by XXX".
Hopefully you'll have the parties compete against eachother and get even more out of it. Most of the times i've seen a siutation where there's a issue is with discrimination, and thats why alot of the banks issue forms.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you