Odd sales tactic for inflating offer?

[bks9581]

We purchased resale back in 2015 and addonitis has finally struck. We aren't in a rush at all and are on the hunt for a good/perfect deal for us. We are more thinking ahead a few years to when we will have to travel at higher point times than we do now. So we decided to add on economically by purchasing at SSR.
Anyway, to my question...has anyone ever encountered a broker or brokerage firm where when you make an offer, you are informed that there is a "bidding war" or the sellers are talking to another interested party? I put in two different offers on https://www.dvcresalemarket.com, and the first, I was told there was a bidding war and to submit my best offer for the seller to evaluate by the next morning. I found it a bit odd and wasn't interested at all in getting in a bidding war so I said our offer was our offer. Today, I made a different offer and was told by the same broker that the seller had another interested buyer at X price point. I find it a bit odd and surprising because these are not newly posted contracts, are not at a low inventory resort and not small point contracts. It's left a bit of a bad taste in my mouth for working with this company so I was curious if anyone else has experienced this type of sales tactic or if I'm reading too much into it. Both of these contracts are still listed as available on the site.
I should also mention that the offers I submitted were in line with what similar contracts have been going for. Perhaps on the lower/average side, but with the assumption the seller would counter.

 

[BillPA]

I think the 'other offer'/'bidding war' is a sales con to get more money out of you. I would just find another broker to deal with.

 

[CarolMN]

I'd tell the broker thanks for the info, but my offer is what it is and is good for 24 hours. After that, I'd just move on.

 

[CaliAdventurer]

I hope they are even presenting your to the seller!

 

[princesscinderella]

We purchased resale back in 2015 and addonitis has finally struck. We aren't in a rush at all and are on the hunt for a good/perfect deal for us. We are more thinking ahead a few years to when we will have to travel at higher point times than we do now. So we decided to add on economically by purchasing at SSR.
Anyway, to my question...has anyone ever encountered a broker or brokerage firm where when you make an offer, you are informed that there is a "bidding war" or the sellers are talking to another interested party? I put in two different offers, both with the same company and the first, I was told there was a bidding war and to submit my best offer for the seller to evaluate by the next morning. I found it a bit odd and wasn't interested at all in getting in a bidding war so I said our offer was our offer. Today, I made a different offer and was told by the same broker that the seller had another interested buyer at X price point. I find it a bit odd and surprising because these are not newly posted contracts, are not at a low inventory resort and not small point contracts. It's left a bit of a bad taste in my mouth for working with this company so I was curious if anyone else has experienced this type of sales tactic or if I'm reading too much into it. Both of these contracts are still listed as available on the site.
I should also mention that the offers I submitted were in line with what similar contracts have been going for. Perhaps on the lower/average side, but with the assumption the seller would counter.

I’d definitely move on from that broker, especially since you aren’t in a rush. I can maybe understand if one of the contracts had multiple offers but for both of them it’s a little too hard to believe.

 

[poofyo101]

We purchased resale back in 2015 and addonitis has finally struck. We aren't in a rush at all and are on the hunt for a good/perfect deal for us. We are more thinking ahead a few years to when we will have to travel at higher point times than we do now. So we decided to add on economically by purchasing at SSR.
Anyway, to my question...has anyone ever encountered a broker or brokerage firm where when you make an offer, you are informed that there is a "bidding war" or the sellers are talking to another interested party? I put in two different offers, both with the same company and the first, I was told there was a bidding war and to submit my best offer for the seller to evaluate by the next morning. I found it a bit odd and wasn't interested at all in getting in a bidding war so I said our offer was our offer. Today, I made a different offer and was told by the same broker that the seller had another interested buyer at X price point. I find it a bit odd and surprising because these are not newly posted contracts, are not at a low inventory resort and not small point contracts. It's left a bit of a bad taste in my mouth for working with this company so I was curious if anyone else has experienced this type of sales tactic or if I'm reading too much into it. Both of these contracts are still listed as available on the site.
I should also mention that the offers I submitted were in line with what similar contracts have been going for. Perhaps on the lower/average side, but with the assumption the seller would counter.

which broker?

 

[bks9581]

which broker?

Not sure I can say a name since they may or may not be a sponsor of this site.

 

[Sandisw]

Not sure I can say a name since they may or may not be a sponsor of this site.

The rule is to post the link to the broker. If it is allowed, it will show up. If it is not, it will show up with ***** and is a blocked site.

 

[bks9581]

The rule is to post the link to the broker. If it is allowed, it will show up. If it is not, it will show up with ***** and is a blocked site.

Thanks, I edited my original post with the broker link.

 

[JETSDAD]

It is quite possible that they have received other offers....I would leave your offer in and see what happens. Watch to see if they go pending anytime soon.

 

[isthisanything]

I had the same experience on a bid in the past week at SSR with the same broker (could've even been one of the contracts you bid on!). That said, I ended up raising my offer and was still outbid, as a different buyer went up to the asking price. So certainly in my case, I don't believe the approach was simply to get more money out of me, though that was a concern when I first heard back from them. In the end, I have no complaints about the process and the transparency from the broker. But after losing that one, I ended up finding a contract with a different broker and have had an offer accepted. I wouldn't have any hesitation to go back to DVC Resale Market if I was in a position to buy again, but I understand the frustration.

 

[sethschroeder]

I put in two different offers on https://www.dvcresalemarket.com

I would ask what was the contract? Was it a "good" price? If its the lowest priced contract for that specific UY then its likely they are getting other people putting in offers (could even be low balls).

Example asking could be $105/point and you offer $105/point while someone else offered $100/point. They come back to both of you for best and final.

I would simply have the price you always open with and the price you are willing to pay in your head. Then offer on every contract that comes up on the market. Lots of people will say no, some will come back with multiple offers, but hopefully you eventually get the contract you want.

Like you said you are not in a rush. Just keep an eye on the ROFR thread and if prices start to increase too much then possibly its time just to pay a little more.

Oh and if you are not already doing it there is roughly 5 or 6 different primary brokers that people use along with some additional fringe brokers that are out there. I would be checking and offering at them all.

 

[bks9581]

Thanks all. I'm not really bothered by not getting these contracts. I'm not offering asking price since I'm not desperate and definitely have numbers in my head for what I'm willing to pay. I've done my homework and been in this rodeo before. This time though I have the benefit of more patience. I guess my disappointment comes with what I perceive are games being played and I've never felt great about giving people business when I feel they aren't being honest with me. I would much rather someone say "hey, I think this is too low of an offer for my sellers, but I will present it and let you know."

His wording regarding the bidding war was: "I have nothing to do with the other buyer so I have no idea what their offer might be." And to "present my highest and best offer."

I was under the impression that you couldn't list your contract with more than one broker so how would he not have anything to do with the other buyer? I don't know...the whole thing just rubbed me wrong with the company. Which is unfortunate because they have a lot of contracts.

 

[fordchevyguy]

I just had an offer accepted through a broker and it passed ROFR today but I thought the process was interesting in a good way.

I saw a AKL listed at $114per point, I offered $106. (this was a Friday going into holiday weekend - MLK day). I received no feedback Friday, so i called broker on Saturday to discuss, she told me that I likely would not hear back until Monday or Tuesday because of holiday on Monday. I told her I was concerned that the party may receive a higher offer and mine would be ignored and basically sitting around for 4 days.

Broker told me that they only show one offer to seller at a time, and no other offers would be presented until either we had agreed to terms or stopped making counter offers.

They counter-offered me at 109 on Tuesday, broker told me that they had other offers from buyers higher than mine, but they had not been presented to seller. I then accepted their counter-offer.

I am really not sure if this is standard or not. it has been 15 years since i purchased my last contract. But i really liked the way i was treated and would diffeerently use this broker again....so my point is some brokers are very good and professional.

 

[Carlnne]

I had the same experience on a SSR- I bid the asking price but was told there were several offers so I bid over ask. I got the contract but did feel icky after- wondering if I was "tricked." But I do believe there were probably other offers since contracts have been selling so quickly. Everytime I tried for a listing that fit what I wanted- it was already quickly gone. So either way- it felt good to quit looking for awhile and send something off to rofr. If I paid a little too much it may just get me past Disney anyway.

 

[DVCSunDevil]

We purchased resale back in 2015 and addonitis has finally struck. We aren't in a rush at all and are on the hunt for a good/perfect deal for us. We are more thinking ahead a few years to when we will have to travel at higher point times than we do now. So we decided to add on economically by purchasing at SSR.
Anyway, to my question...has anyone ever encountered a broker or brokerage firm where when you make an offer, you are informed that there is a "bidding war" or the sellers are talking to another interested party? I put in two different offers on https://www.dvcresalemarket.com, and the first, I was told there was a bidding war and to submit my best offer for the seller to evaluate by the next morning. I found it a bit odd and wasn't interested at all in getting in a bidding war so I said our offer was our offer. Today, I made a different offer and was told by the same broker that the seller had another interested buyer at X price point. I find it a bit odd and surprising because these are not newly posted contracts, are not at a low inventory resort and not small point contracts. It's left a bit of a bad taste in my mouth for working with this company so I was curious if anyone else has experienced this type of sales tactic or if I'm reading too much into it. Both of these contracts are still listed as available on the site.
I should also mention that the offers I submitted were in line with what similar contracts have been going for. Perhaps on the lower/average side, but with the assumption the seller would counter.

I haven’t heard of a bidding war for a DVC contract. I would definitely stand firm on your offer unless they counter. If another buyer offered a price higher than yours, why would they try to get you to match it? That wouldn’t be very fair to that buyer. And it doesn’t matter if you or the other buyer is the one who buys it. It doesn’t make sense. They should just counter if they want more money. Weird.

 

[DVCSunDevil]

I just had an offer accepted through a broker and it passed ROFR today but I thought the process was interesting in a good way.

I saw a AKL listed at $114per point, I offered $106. (this was a Friday going into holiday weekend - MLK day). I received no feedback Friday, so i called broker on Saturday to discuss, she told me that I likely would not hear back until Monday or Tuesday because of holiday on Monday. I told her I was concerned that the party may receive a higher offer and mine would be ignored and basically sitting around for 4 days.

Broker told me that they only show one offer to seller at a time, and no other offers would be presented until either we had agreed to terms or stopped making counter offers.

They counter-offered me at 109 on Tuesday, broker told me that they had other offers from buyers higher than mine, but they had not been presented to seller. I then accepted their counter-offer.

I am really not sure if this is standard or not. it has been 15 years since i purchased my last contract. But i really liked the way i was treated and would diffeerently use this broker again....so my point is some brokers are very good and professional.

That’s interesting. Not sure I would like that if I was the seller, though. I thought the broker’s main responsibility was to the seller? I do like that the first one to put an offer in gets first shot to come to terms on a deal.

 

[FinnFogg]

I had a similar experience with the same broker referenced by OP a couple of weeks ago. I put on an offer on a contract that had been listed for well over a week that I had been mulling over. My offer went in during the evening PT, and I heard back the next morning that multiple offers had come in overnight and to put my best and final offer in by 4pm. I stuck with my original offer, and was informed later that day that there was a higher bid and that was the one under consideration by the seller. The contract was still listed two days later. Then it was gone for a week or so, and then just ‘relisted’ yesterday (same contract number).

I have had good experiences with this broker in the past (and have bought more than one contract through them), so maybe certain sellers are just more demanding, but I have found it more difficult of late.

Luckily I found a different (and better, for me) contract through another broker. Reasonably priced to begin with, and the seller accepted my offer ($6 under asking) within a few hours without countering. Now I just need to make it through ROFR!!

 

[DVCSunDevil]

I would ask what was the contract? Was it a "good" price? If its the lowest priced contract for that specific UY then its likely they are getting other people putting in offers (could even be low balls).

Example asking could be $105/point and you offer $105/point while someone else offered $100/point. They come back to both of you for best and final.

I would simply have the price you always open with and the price you are willing to pay in your head. Then offer on every contract that comes up on the market. Lots of people will say no, some will come back with multiple offers, but hopefully you eventually get the contract you want.

Like you said you are not in a rush. Just keep an eye on the ROFR thread and if prices start to increase too much then possibly its time just to pay a little more.

Oh and if you are not already doing it there is roughly 5 or 6 different primary brokers that people use along with some additional fringe brokers that are out there. I would be checking and offering at them all.

I agree. Always have the high/low “bracket” in your mind and never go above your high. I am of the mindset where I am more willing to negotiate if someone simply counters after I went below their asking, but I won’t budge if it’s presented as a bidding war. If there are multiple offers then my offer is final and the seller can just go with the best offer. Especially for something like DVC where there are other contracts out there.

 

[LYSE]

That broker has always frowned on my offers, granted they are lower than average because I only want "good" deals..I just need someone to say yes and so far that's been with another broker