Discussion in 'Purchasing DVC' started by MIALIAS, Mar 17, 2012.
Log in or Sign up to hide this adverts.
I assume you're not making a deposit?
I wouldn't if only because I didn't want to look like a jerk if I had mulitple offers accepted and I backed out.. Plus if you get a reputation as someone who is making mulitple offers, sellers won't consider you.. be patient an do them one at a time..
Unless you qualify the offer in some way or have a broker make them one at a time then go on to the next, I think it's poor form to do so. If I make an offer, that is my bond subject to the conditions therein. legally it's OK.
No, it is not ethically OK to do this. When you make an offer you must be willing to stand behind it. Doing otherwise is a violation of good faith on your part.
If I am selling a contract and go so far to sign the contract and you cancel on me, I would be angry because no one else could make an offer on my contract while you have it tied up.
If you are making offers on multiple contracts, you'll have to put down multiple deposits. If you cancel after ten days, you lose the deposit and the owner will split it with the resale agent.
Technically, you can make a verbal offer to more than one as you have the right to back out.
In most cases, sellers get back to you rather quickly so not sure it would really be necessary.
However, if you really want a quick response, instead of offering on multiple, I might simply give a very short window to a seller to respond and if you don't hear within that time frame, move on.
I agree this is not ethical. Making an offer that you have no intention to honor if another offer is accepted is just plain wrong. Period. Put yourself in the seller's shoes.
How we did it was we told the broker what we were looking for and what we would pay and if they new anyone who would bite and next day they had a deal for us.
Any offer you make should be a good faith offer. Offers that are not made in good faith are easily detected by both brokers and sellers and they respond appropriately.
When we sold some DVC last year, we had a low-ball offer from a prospective purchaser, which we did not even respond to. Two days later, they offered within $1 per point of what we were asking.
We said no, because we felt they were just "kicking tires" and were not the kind of people we wanted to get involved with...at any price.
After we said no, the broker told us those "buyers" had made about a dozen similar offers and nobody was biting at their bait.
This is the RIGHT way to do it. Don't make frivilous offers you can't back up. Tell your broker the truth and let them match you with a seller.
We had the same a few years ago when we had three contracts on the market. Two were sold just slightly less than we were asking. The offer on the third contract was about $20 less than we were asking at the time which was fair offer. We countered with our original request and were tempted to counter with a higher amount.
Sometimes the buyers think the sellers are desparate to sell their contracts. Others, like us, were just reducing our points. So if we sold, we sold. If we didn't, we didn't.
When making an offer what is usually the down payment? Is it like a house where with the offer they want $1000 deposit? I am searching for BLT resale we want 25-50 points August use year (which will be hard but we are in no rush) so when I see one I want to jump fast.
The issue is that some sellers are desperate and as a buyer, those are the ones I am looking for. I don't care how many say no or how offended they are, only that I get what I want as cheaply as possible under my target price. Obviously if I'm working with a broker I would expect them to be honest and let them know a low ball offer was just that, that's one of the reason I do like private sales, you can often get a cheaper price for several reasons including no sales commissions. I also don't want to waste my time so I need to be "in the ballpark" for an offer. The exception might b for Ebay type situations.
There is no down payment until a price is agreed upon. An offer is just that until it is actually accepted.
I always made many offers at the same time. I put a condition in all my offers that I was making multiple offers and the first offer accepted is what I would use. I also wrote via email that the offer would expire in 24 hours and expire if another offer was accepted. This is how I bought VWL at $46 a point and OKW at $38 point. i highly recommend making multiple offers. It gives you leverage.
Separate names with a comma.