Wholesaling Properties: Competing Against Multiple Offers
The business of wholesaling properties is heating up so how can real estate investors compete and win in multiple offer situations?
Multiple offer situations are on the rise across the country and many that are focused on wholesaling houses full time report that they are finding it difficult and frustrating to get purchase offers accepted and keep up their volume, even though some reports show foreclosures up by triple digits in some areas.
There are definitely ways that real estate investors can work to make their offers more attractive and win a higher percentage of the deals they are interested in. Remember it is all about what the seller and their real estate agent want and what is most important to them. Sometimes they prefer cash offers, other times it is price and speed that is most desirable. Others are looking for fewer contingencies or just bigger deposits. Get to know your seller and agent and how they prefer to work and present good offers.
However, recently some investors wholesaling properties have reported as many as 80 competing offers over home listings they are interested in. How do you compete and win in an environment like that?
Perhaps the best advice in these extreme circumstances is to simply move on. You could be wasting a lot of time on deals that are going nowhere and winning would likely come at such a high cost that you will probably be doing yourself more harm than good.
Certainly not every property in your local market is receiving that many offers so for some investors it may be a case of simply making more offers to keep up volume and a full pipeline of deals.
Those repeatedly running into this issue might find that they need to make some tweaks to their real estate wholesaling strategy. Perhaps the properties that you are targeting and the way that you are targeting them just isn’t the right move at this moment.
The answer might be as simple as slightly sliding up or down the price range of properties that you are shopping for. Or perhaps it is looking at a different property type. In some cases you may have to look to new areas. After all there is a whole world full of real estate out there and not everywhere is this hammered yet.
If that doesn’t work for you consider that a big part of the problem when wholesaling MLS properties can be Realtors double dipping and only accepting offers from their own clients so that they can make twice the commission. You can try doing more networking to better connect with these agents and make sure you are always dealing with the listing broker.
Or the MLS might not be for you and you could try tackling off market homes through direct mail, outdoor advertising, blogging or even going after non-performing mortgage notes.
Click the Join Now Button Below to Get Your 30 Day Risk Free Trial of Flip2Freedom Academy
