Friday, August 8, 2008

Multiple Offers- Foreclosures

Yesterday I was in the midst of a multiple offer situation. The property was a Destin foreclosure, a condo near the Gulf of Mexico. There were two offers, and the seller, a bank, asked for "highest and best offer" from each party, a standard practice in the foreclosure industry. While driving back to my office from an appointment, I received a call about the condo on my cell phone. Here is the conversation, I have changed names for the sake of confidentiality.

Buyer: "My name is Joe Garbled and I am calling about your Piper condo! What can you tell me about it?"

Wendy: "Are you an agent?"

Buyer: "No, l am a buyer".

Wendy: "Sir, there are two offers on the property. It may be sold by tomorrow..."

Buyer: "Is the offer cash? Is it under 180,000?"

Wendy: "Sir, I cannot say. Do you want to make an offer on the property?"

Buyer: "Yes, but is the offer cash? Is it under 180,000?"

Wendy: "Sir, I am driving now, cash doesn't matter to this bank, they want the best net offer."

Buyer: "Call me when you know something!!"

I thought the call was quite strange, and it put me into a delicate situation regarding disclosure. The seller had not instructed me to divulge price and terms of either offer. Anyway, I proceeded to follow up with each of the buyers' agents to make sure they had received the multiple offer paperwork from the foreclosure bank. Agent #2 said yes, but his buyer wanted to call me directly to ask me some questions, and he told him not to. I asked, "Is his name Joe?" "Yes".

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

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Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Multiple Offers- Foreclosures* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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