The Real Estate Battle: Overbidding Tactics Revealed #wholesaling #paynelessflipping

Name: The Real Estate Battle: Overbidding Tactics Revealed #wholesaling #paynelessflipping
Uploaded: 2024-02-28T15:00:33+00:00
Duration: 12 s
Channel: Nathan Payne
Description: In this segment, Nathan Payne and another speaker discuss a prevalent tactic in the current real‑estate market where buyers overbid on properties to lock…

28 Feb 2024 · 0 min

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In this segment, Nathan Payne and another speaker discuss a prevalent tactic in the current real‑estate market where buyers overbid on properties to lock them down without conducting inspections. The buyers then use the inspection period to renegotiate the price, effectively buying time and eliminating competition. Nathan recounts a specific deal where an initial $490,000 offer was deemed too good to be true, leading to a week‑long negotiation that ultimately resulted in a $460,000 accepted offer after multiple lower offers ($450,000) were considered. The conversation highlights the frustration sellers experience due to wasted time and the pressure to choose the highest and best offer amid these aggressive bidding strategies.

That's too good to be true. It's too good that we can't just give it a shot. So they said, give us a week. So then obviously $490,000 was way too good to be true. They, they tried to renegotiate it and we said, you guys are just messing around.
You know what's happening? I'm having this happen a lot on my rehabs, my fix and flips. What happens is buyers are so worried about missing out that what they're doing is they're overbidding without even doing anything with an inspection. Then they buy themselves some time. They go in there, they think about it, they look at it, they inspect it. And then they want to come back and renegotiate. So they're using that high offer to lock it up and get rid of anybody, any other showings. But that's a common tactic right now buyers are doing.
And it was frustrating, right? Because it wasted like a week of our time. We had 2 offers coming at $450,000, and then obviously you say, hey, highest and best. And then one of them came in at $460,000, and we accepted. They came in