Multiple offers

[andy117]

Originally Posted by spears2008

I put in several offers (on different contracts) advertised by the same broker in the past with no problem. I would typically submit my offers in my order of preference and with the "first offer accepted wins" philosphy for contracts at the same resort.

Good luck!

That's kinda what I had in mind.

[ELMC]

Originally Posted by spears2008

I put in several offers (on different contracts) advertised by the same broker in the past with no problem. I would typically submit my offers in my order of preference and with the "first offer accepted wins" philosphy for contracts at the same resort.

Good luck!

Originally Posted by andy117

That's kinda what I had in mind.

And so what do you do when two sellers accept your offer, both thinking that they have a deal? Tell one of them that you were just kidding?

[JMW123]

Not sure why the majority opinion here is to only make one offer at a time. Here is how I look at it;
1. you are looking at several mostly similar, but slightly unique offerings for sale.
2. You know that you most likely are not going to pay advertised price.
3. You have no idea how flexible/firm each advertised price is.
4. You are doing the seller a favor by buying a financial obligation from them that they no longer want/can afford and you want to do so at the lowest price possible.

If you are not in a rush and have months worth of patience, you can set a target price and negotiate one offer at a time until you hit your target price (probably the smartest way to do this and then you can get one of those deals that everyone on these boards ooh's and ahh's in posts with various emoticons).

But, if you have decided to take the plunge and you want it now, like most buyers that ended up on this site by Googling "ROFR" and "Great Price for DVC". You look at the big 4 sites and find lets say 3 listings that fit your needs. Each seller has a listed price and an unlisted "Negotiable price". The only way for a buyer to make a rational choice is to find that "bottom negotiable price" from each seller and take the price/listing that you perceive to be the best deal once you have all the facts.

I say be open and honest with the broker and the seller. "I am looking at X number of contracts and am placing bids on all of them concurrently. The first seller to meet my price point will get my business" I find this is a great way to speed up communication and to get true bottom line numbers back from sellers. Pit them against each other. This is the same way I would buy a new car. Call 4 dealers and ask them each to submit bottom line prices and eliminate the dealers 1 by 1 until you find the one that has the best price/product combination and is willing to negotiate.

This is what I did, and it worked for me. But I was up front with everyone on what my strategy was. "I want a contract and I want it now, but I want the best price available to me at this current time. I don't know how many buyers you have interested, but I do know how many sellers are offering contracts similar to yours and one of you most likely will get my business in the next few days"

Some people may feel different, but until I search the big 4 sites and don't see a single contract for sale, I will contend the sellers need buyers now more than buyers needs sellers, so a seller should not feel scorned if a buyer decides to go with another seller that was willing to meet a better price point. That's the free market at its best.

Oh yeah and as for having 2 sellers both accept your initial offers, if this happens then you are not doing a good job making offers. Your 1st offer should always be too low to get reasonably accepted, just like the list price should always be too high for someone to buy it at face value.

[Dean]

Originally Posted by ELMC

And so what do you do when two sellers accept your offer, both thinking that they have a deal? Tell one of them that you were just kidding?

I think they're saying the same as I, take several contracts and give the broker offers to do one at a time until they get an acceptance. You can also do it by making several offers and presenting them to the seller and letting them know the first one accepted cancels the rest if they don't accept at the time of the call. I have no problem with either of those approaches done honestly but you need a broker who's comfortable and that usually means choosing the method that the broker is already comfortable with if any. If the broker is good about calling and the buyer is easily accessible, it's not necessary but if neither of those are true, it can really help for some situations. It's also possible to make a standing offer if you're looking for something that is hard to find.

[DisneyFansInLINY]

Originally Posted by JMW123

Not sure why the majority opinion here is to only make one offer at a time. Here is how I look at it;
1. you are looking at several mostly similar, but slightly unique offerings for sale.
2. You know that you most likely are not going to pay advertised price.
3. You have no idea how flexible/firm each advertised price is.
4. You are doing the seller a favor by buying a financial obligation from them that they no longer want/can afford and you want to do so at the lowest price possible.

If you are not in a rush and have months worth of patience, you can set a target price and negotiate one offer at a time until you hit your target price (probably the smartest way to do this and then you can get one of those deals that everyone on these boards ooh's and ahh's in posts with various emoticons).

But, if you have decided to take the plunge and you want it now, like most buyers that ended up on this site by Googling "ROFR" and "Great Price for DVC". You look at the big 4 sites and find lets say 3 listings that fit your needs. Each seller has a listed price and an unlisted "Negotiable price". The only way for a buyer to make a rational choice is to find that "bottom negotiable price" from each seller and take the price/listing that you perceive to be the best deal once you have all the facts.

I say be open and honest with the broker and the seller. "I am looking at X number of contracts and am placing bids on all of them concurrently. The first seller to meet my price point will get my business" I find this is a great way to speed up communication and to get true bottom line numbers back from sellers. Pit them against each other. This is the same way I would buy a new car. Call 4 dealers and ask them each to submit bottom line prices and eliminate the dealers 1 by 1 until you find the one that has the best price/product combination and is willing to negotiate.

This is what I did, and it worked for me. But I was up front with everyone on what my strategy was. "I want a contract and I want it now, but I want the best price available to me at this current time. I don't know how many buyers you have interested, but I do know how many sellers are offering contracts similar to yours and one of you most likely will get my business in the next few days"

Some people may feel different, but until I search the big 4 sites and don't see a single contract for sale, I will contend the sellers need buyers now more than buyers needs sellers, so a seller should not feel scorned if a buyer decides to go with another seller that was willing to meet a better price point. That's the free market at its best.

Oh yeah and as for having 2 sellers both accept your initial offers, if this happens then you are not doing a good job making offers. Your 1st offer should always be too low to get reasonably accepted, just like the list price should always be too high for someone to buy it at face value.

Great advice!

[Lizard Valley]

Originally Posted by JMW123

Not sure why the majority opinion here is to only make one offer at a time. Here is how I look at it;
1. you are looking at several mostly similar, but slightly unique offerings for sale.
2. You know that you most likely are not going to pay advertised price.
3. You have no idea how flexible/firm each advertised price is.
4. You are doing the seller a favor by buying a financial obligation from them that they no longer want/can afford and you want to do so at the lowest price possible.

If you are not in a rush and have months worth of patience, you can set a target price and negotiate one offer at a time until you hit your target price (probably the smartest way to do this and then you can get one of those deals that everyone on these boards ooh's and ahh's in posts with various emoticons).

But, if you have decided to take the plunge and you want it now, like most buyers that ended up on this site by Googling "ROFR" and "Great Price for DVC". You look at the big 4 sites and find lets say 3 listings that fit your needs. Each seller has a listed price and an unlisted "Negotiable price". The only way for a buyer to make a rational choice is to find that "bottom negotiable price" from each seller and take the price/listing that you perceive to be the best deal once you have all the facts.

I say be open and honest with the broker and the seller. "I am looking at X number of contracts and am placing bids on all of them concurrently. The first seller to meet my price point will get my business" I find this is a great way to speed up communication and to get true bottom line numbers back from sellers. Pit them against each other. This is the same way I would buy a new car. Call 4 dealers and ask them each to submit bottom line prices and eliminate the dealers 1 by 1 until you find the one that has the best price/product combination and is willing to negotiate.

This is what I did, and it worked for me. But I was up front with everyone on what my strategy was. "I want a contract and I want it now, but I want the best price available to me at this current time. I don't know how many buyers you have interested, but I do know how many sellers are offering contracts similar to yours and one of you most likely will get my business in the next few days"

Some people may feel different, but until I search the big 4 sites and don't see a single contract for sale, I will contend the sellers need buyers now more than buyers needs sellers, so a seller should not feel scorned if a buyer decides to go with another seller that was willing to meet a better price point. That's the free market at its best.

Oh yeah and as for having 2 sellers both accept your initial offers, if this happens then you are not doing a good job making offers. Your 1st offer should always be too low to get reasonably accepted, just like the list price should always be too high for someone to buy it at face value.

I also agree that this is excellent advice.

I made about 20 offers over the course of a month back in the fall. I admit, I was making lowball offers, so nobody was jumping on my offers and saying "yes!!" within minutes. It took sometimes up to 3 days before I got the rejection. At first, I waited for the rejection before making an offer on another contract. But I lost out on some great ones that got snatched up by others because I wanted to be "honest" and wait for the seller's response.

By the end, I had 3 different offers going, with 3 different brokers. But they all knew that I had other offers on the table, and that I'd go with the first positive response. And that's how I ended up with 3 accepted offers! I did follow through with all 3 of them though, because they all had something going for them. In the end, 1 got ROFR'd, and the other 2 are now mine.

Bottom line, if you don't get a response within the day, move on and make other offers. If someone gets back to you more than 24 hrs later, I feel that it's OK to say that they took too long to respond so you moved on.

I also did not need to make a deposit on any of those 20 or so offers - only once the offer was accepted and the contract was received.

[KAT4DISNEY]

Originally Posted by Dean

Timeshares are a little different that regular RE. My understanding is that a deposit is generally expected with a written offer but not with a verbal offer though I'm sure it varies at times.

Sorry - I see I may have not been clear. I was more or less expressing that a timeshare purchase - although it's real estate - tends to be different than purchasing a single family home or a similar type of real estate although in my experience even those transactions do not really take a deposit - just often a show of good faith. I'm not certain if you are saying that a check is expected with a written offer for a timeshare but that's how I'm reading it. I have done an email offer for DVC resale and no deposit was asked for until contracts were signed. And even with signed contracts I have always been given a certain amount of time to submit a check. Not a single DVC resale contract I've done has required a deposit with an offer of any type which is contrary to what some had posted as being normal.

[a742246]

After reading all these multiple offer posts, all I can say "I am glad I am not a resale broker". For all of you who has no patience or has problems with a broker, I hope you now understand what they go thru.

[Dean]

Originally Posted by KAT4DISNEY

Sorry - I see I may have not been clear. I was more or less expressing that a timeshare purchase - although it's real estate - tends to be different than purchasing a single family home or a similar type of real estate although in my experience even those transactions do not really take a deposit - just often a show of good faith. I'm not certain if you are saying that a check is expected with a written offer for a timeshare but that's how I'm reading it. I have done an email offer for DVC resale and no deposit was asked for until contracts were signed. And even with signed contracts I have always been given a certain amount of time to submit a check. Not a single DVC resale contract I've done has required a deposit with an offer of any type which is contrary to what some had posted as being normal.

I think we're saying about the same thing but I did read your previous post to suggest that a deposit up front was standard for timeshares. I think it's far more variable where timeshares are concerned compared to houses or similar.