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Foreclosures: Multiple Offers- Deceipt & Subterfuge
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 ... more

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