More than 1 offer on same property
I am investing in Cincinnati OH and I am having trouble finding a realtor that is willing to put in more than 1 offer for the same property. I don’t know if the seller is looking for a higher price or if they just want to be done with the property. Therefore I want to enter 2 offers, one for an as is lower price where buyer pays everything and one for a higher price where we have inspections and seller pays most things. Any thoughts?!
Talk to the seller agent or seller directly.
Or, I suggest you to go with BiggerPockets strategies: 70% rule, Max allowable offer, or similar. One offer! Keep the communication open with the seller for negotiation.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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You can verbally do this, no need to send two written offers
Quote from @Susie Ivanov:
I am investing in Cincinnati OH and I am having trouble finding a realtor that is willing to put in more than 1 offer for the same property. I don’t know if the seller is looking for a higher price or if they just want to be done with the property. Therefore I want to enter 2 offers, one for an as is lower price where buyer pays everything and one for a higher price where we have inspections and seller pays most things. Any thoughts?!
Ask the realtor to call the listing agent and see the sellers motivation. Agents shouldn’t mind putting in more than one offer, this is the easiest part of our jobs.
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Quote from @Eliott Elias:
You can verbally do this, no need to send two written offers
@Eliott Elias beat me to it. That’s what I would do. Or write one but verbally relay some negotiations on terms. Also the term “hard time finding an agent” implies to me you don’t have just one, and maybe they can sense you aren’t being loyal to them and not wanting to write up tons of offers until you really pick one.
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@Susie Ivanov, I am an agent and I just did exactly this when representing myself. I made 2 simultaneous offers on a property. One with a higher price, normal inspections, but the difficult tenant needed to be ousted before closing and one with a lower price, no inspections, and where the tenant could stay for closing.
Time was important to me. The tenant was keeping people from getting access to the property. So, that was keeping other offers from coming in. So, I wanted to take advantage of that. That is why I chose that approach and why I submitted both in writing.
If this had been a more normal situation, I would have discussed with the seller's agent what offer the seller might prefer and why and just written up one. Since I didn't want to lose any time figuring it out I spent the extra time doing the second offer. It was probably only 15 minutes to generate the 2nd offer since it was 90% the same as the 1st offer.
Quote from @Nate Sanow:
Quote from @Eliott Elias:
You can verbally do this, no need to send two written offers
@Eliott Elias beat me to it. That’s what I would do. Or write one but verbally relay some negotiations on terms. Also the term “hard time finding an agent” implies to me you don’t have just one, and maybe they can sense you aren’t being loyal to them and not wanting to write up tons of offers until you really pick one.
I see what you are saying! Thanks!
This all depends on the communication between your agent and the listing agent. It is quite easy to relay a couple different options to the listing agent and figure out what best suits the seller to write up. Communication and dialogue is key here.
There's no need to provide two written offers. You can always write up one while communicating different options if the seller isn't interested about the offer sent in. If there's clear communication between your agent and the listing agent, you're in good hands.
That's because more then 1 offer on a property is a waste of time. MLS sellers want highest price, they do not really care about fast close dates, etc. those factors have a bit of priority to an already strong offer but that's it. I have only had two clients who wanted to do the multiple offers on properties and neither of them ever bought anything. It tends to be the time wasters. Any good agent is going to prioritize their attention to serious buyers.