In the event the bidders really want your property out of all the properties available, this procedure can work well. However, you are likely to lose the deal if this is just a person gobbling up cheap real estate the way some people gobble cookies. While the loss of the first bid might sting at first, in retrospect, it leaves you completely open to better offers in the future.
USEFUL TIPS
• It’s most desirable to use this approach when your home has just come on the market or if you have an open house scheduled soon. • Keep in mind that the instant you accept and sign off on a low contract offer—which could be a real estate vulture on the prowl—you’re tied to that contract. While you and your bidder are working on the accepted contract, you can’t accept any other offers. That wastes your valuable time, and could cost you better bids.
NEGOTIATION TECHNIQUE #3: BRING ON THE BIDDING WAR
Did you know there is such a thing as a bidding war? This is usually a carefully crafted situation that can bring the bid on a home above the price the homeowners asked for in the first place. Allow me to explain.
THE PROCESS
• The first thing you do is put your desirable home on the market. 53
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