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I was going to share with you our secret, how we try to put our buyers, if we're in
that situation in, into the best possible position to secure a property, if it is a
best and final situation. Now what we call this is an escalation clause. Now it
may not be possible to do this in certain states, it is definitely possible
to do it in California and actually we've had some incredible responses and
won over some deals for some of our clients in the past by using it. Now how
this works is obviously, if you're in a multiple bid situation there are three
offers on the house and you're trying to get it for your buyer, the seller's
multiple counteroffer comes out, nearly always it will be offer price to be your
best and final price. So basically you have to say this is the maximum that I'm
willing to pay for the property. Now the same in England, same in the US in that
situation- you're basically bidding against yourself. You don't have the
information of what the other parties are willing to pay, so should you end up
paying $100,000 more than the nearest party even, because they weren't willing
to pay that, they're willing to pay a hundred thousand less than you, you're
paying a hundred thousand whether the demand was there or not. So, you're almost
overpaying and bidding against yourself, bidding against the unknown. Now
we're trying to eradicate that situation and also give our buyer an advantage.
We have a thing called an 'escalation clause'. When we write our buyers
counteroffer to go back, what we do is we say- Offer price to be 10,000, 20,000,
30,000 depending on the the price of the property, how much is going to make it
worthwhile for the owner to take our offer over another's. So ten thousand,
twenty thousand dollars over the highest verifiable offer up to a maximum of-
BOOM! So, you talk to your buyer, the only conversation really you need to have is:
Would you be happy to secure this, if you have to pay ten thousand dollars more
than the next person and decide what your max, you want to pay is,
because as long as you have set your max cap of $2.2 million dollars on a two
million dollar property, you're not going to be paying more than that and you're
not going to pay ten thousand more. I always say, when I'm in that realtor
mindset to my buyer, because I don't want them to be turning around having lost
the property not having paid what they were willing to pay for it and then
turning around and complaining to me afterwards, I will always say
what, what is the number where if you lost it for that number tomorrow,
you would be fine with it. You know, you wouldn't kick yourself and
say- "Damn, I wish I'd gone up any more," because you're not going to be paying that
number you bid 10,000 to 20,000 more, if there's another party that's over your cap
you weren't willing to pay that anyway.
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