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Friday, August 9, 2013

Multiple Offer Situations

Multiple offers normally happen when the seller is the Secretary of Veterans Affairs. VA wants all parties to know that there are other interested parties making bids on the property (usually bids come in very low). Well I was showing a house that the listing agent normally sells VA home. The listing agent told me she already had an offer on the house but she wasn’t presenting anything until Monday (this was Saturday).  So we submitted an offer a few hundred over the price. The agent came back Monday and said to submit the best and highest offer.

I just couldn’t believe that. I mean it wasn’t a VA house and we submitted a good offer with a quick closing. I just never in all my years dealt with anything like this from a regular seller.    The agent said her owner wanted to test the market because it only been on the market for 5 days. So my clients started thinking maybe the agent was trying to raise the price or might be working for the other buyers after speaking with their family members.
Needless to say we loss the bid, because we went the other direction with the bid a thousand dollars and better. My clients were suspicious of the entire deal.

How do other agents handle multiple offers?

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