I have been wanting to flip a house for a long time. I found one recently that seemed to have lots of potential. I look at most foreclosures in the area and just have not seen any deals with enough of a margin to make money. There is no reason to cut things too close.
So I put a bid in on a house this past Monday. There were competing bids for the house. I made a solid offer. They asked for the highest offer by 3:00 p.m. today. I ended up standing by the original bid. Should find out tomorrow if they accept. If so I will post more details and give a general break down of what we plan to do. If it is not accepted, expect to see another post similiar to this one soon.
Asking buyers to make a highest offer is a unique strategy that appears to have become standard in the real estate industry. It takes out the individuals ability to negotiate directly. There is no reason to lose your profits before you start. This is not like ebay where if you bid over the other guy, your bid stands as 25 cents more than the other guys bid. Your bid is what you bid.
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