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06-09-2008, 03:21 PM
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#1 |
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Registered User
Join Date: Aug 2007
Posts: 18
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FSBO Bidding War
We have two prospective buyers for our house. Is there a professional way to handle this?
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06-09-2008, 03:53 PM
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#2 |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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Your realtor should be able to tell you.
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"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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06-09-2008, 07:05 PM
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#3 |
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Spam Swatter
Join Date: Jul 2006
Location: Suburb of Kansas City, MO
Posts: 347
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I've had this happen in my last 2 house sales. There are legal subtleties involved- for example, if the first offer comes in lower but the agent said something like, "we'll consider it" that could be construed as an acceptance. I hope you have a realtor who knows how to handle it.
In one case, my realtor had 3 parties each submit a "Best and Final Offer" and we chose the highest of those 3. In the second case, the second-highest offer was accepted as a backup bid. The first buyer backed out and the second couple got the house. (The wife later confessed that she'd been praying that the first deal would fall through!)
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I am not an investment advisor and I do not play one on TV. I am a seasoned and enthusiastic amateur. My opinions are my own and are not reviewed or endorsed by Kiplinger. Please do your own research based on your own situation before making investment decisions. |
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06-10-2008, 08:28 AM
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#4 |
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Registered User
Join Date: Sep 2007
Posts: 46
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Tell them both that you have multiple offers and ask for their "highest and best".
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Michael Taylor Broker/Owner Rebate Real Estate Indianapolis Real Estate | Indianapolis Mortgage | Fishers Real Estate |
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06-10-2008, 03:07 PM
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#5 |
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Registered User
Join Date: May 2008
Posts: 23
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The best thing to do is to consult a realtor in your case.
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06-11-2008, 09:26 AM
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#6 |
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Registered User
Join Date: Aug 2007
Posts: 18
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FSBO_For Sale By owner
There is no realtor involved as this is a for sale by owner situation. We fell into this, neighbors knew we were thinking of selling and had friends call us.
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06-11-2008, 10:11 AM
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#7 |
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Registered User
Join Date: Jul 2006
Location: somewhere in texas
Posts: 1,455
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if you know a good realtor, you can still hire a realtor to do the negotiating and paperwork for you. you can get them for MUCH less than their normal fee as you are only having them do a very small piece of work on your behalf.
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1MO disclaimer: "you didn't give me enough information to answer your question, so my answer might not be appropriate for you. in any case, don't take advice from me or anyone else on this board. it's not our life. it's not our money. you don't know who we are." "also, i am very arrogant. if your feelings were hurt in this message you probably need to get some thicker skin." buy cheap term: www.i'm_a_dufus_for_clicking_here.com |
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07-06-2008, 09:50 AM
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#8 |
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Registered User
Join Date: Aug 2007
Posts: 18
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Hapily ever after, hopefully
We did a sealed bid. House sold--we're out of a bad financial situation and hopefully onto better days ahead!
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