Yesterday I was in the midst of a multiple offer situation.  The property was a Destin foreclosure, a condo near the Gulf of Mexico. There were two offers, and the seller, a bank, asked for "highest and best offer" from each party, a standard practice in the foreclosure industry.  While driving back to my office from an appointment, I received a call about the condo on my cell phone. Here is the conversation, I have changed names for the sake of confidentiality.

Buyer: "My name is Joe Garbled and I am calling about your Piper condo! What can you tell me about it?"

Wendy: "Are you an agent?"

Buyer: "No, l am a buyer".

Wendy: "Sir, there are two offers on the property. It may be sold by tomorrow..."

Buyer: "Is the offer cash? Is it under 180,000?"

Wendy: "Sir, I cannot say. Do you want to make an offer on the property?"

Buyer: "Yes, but is the offer cash? Is it under 180,000?"

Wendy: "Sir, I am driving now, cash doesn't matter to this bank, they want the best net offer."

Buyer: "Call me when you know something!!"

I thought the call was quite strange, and it put me into a delicate situation regarding disclosure.   The seller had not instructed me to divulge price and terms of either offer.  Anyway, I proceeded to follow up with each of the buyers' agents to make sure they had received the multiple offer paperwork from the foreclosure bank.  Agent #2 said yes, but his buyer wanted to call me directly to ask me some questions, and he told him not to.  I asked, "Is his name Joe?" "Yes".

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

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 Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Foreclosures: Multiple Offers- Deceipt & Subterfuge* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.