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February 17, 2025 | 2.5 Minute Read
As a licensed real estate broker since 2013, I deeply value the relationships I’ve built with fellow agents and brokers. Even though we’re usually on opposite sides of a transaction, I feel a strong sense of camaraderie with most of those I’ve worked with over the years.
However, there are some agents I would rather not work with again—those who mislead their clients by listing a property at an unrealistic price, only to slash it later due to lack of interest knowing full well this would most likely occur. Others refusing to show a property unless the seller guarantees their minimum commission percentage. And then, of course, there’s the classic move: a listing agent claiming multiple offers have been received and demands “highest and best” bids. A property just listed in a high demand area with few active listings makes sense. But, what about a property that has sat on the market for several months?
I came across a listing on the MLS that seemed like a good rental property. The original asking price was $100K, but after sitting on the market for four months, it had been reduced to $75K after several price drops. I scheduled a showing and during my visit, I determined it needed significant repairs—about $50K worth, with the After-Repair Value (ARV) approximately $147K. Therefore, my maximum allowable offer (75% LTV) came out to $60,250 after deducting the repair cost.
To leave room for negotiation, I submitted the following offer:
Tuesday Offer:
Price: $50,000 cash
Terms: As-is purchase
Costs: Split title, closing costs, and attorney fees
Inspection Period: 5 days (to confirm repair costs with my contractor)
Contingencies: No appraisal or financing
Closing Timeline: 30 days or less
Commission: 2.5% to my brokerage
A straightforward, reasonable offer given the days on market, several price reductions, and repair costs.
Their counter offer:
“The seller has multiple offers and is countering them all the same. Please review and submit your highest and best terms by Friday 5pm.”
Price: $75,000
Terms: As-is purchase
Costs: Split title, closing costs, and attorney fees
Commission: 2% of the gross sales price
Additional Requirements: Seller will not accept blind offers; buyers must complete inspections and remove contingencies
Deadline: Offers due by Friday at 5 p.m. (but seller reserves the right to accept any offer at any time)
Really? After 120+ days on the market, there’s suddenly multiple offers? WTF!
My counter offer:
Price: $60,000 cash
Terms: As-is purchase
Inspection Period: 3 days
Contingencies: None
Closing Timeline: 30 days or less
Commission: 2% to my brokerage
On Friday, I received this from the listing agent:
“It’s between your offer and another. Any chance you can increase the price?”
My one word email response to them: No.
An hour later, they accepted my offer.
Lessons Learned
Don’t Fall for the “Multiple Offers” Tactic – Some agents use this to pressure buyers into bidding higher, even when there’s little competition. Stick to your numbers and don’t overpay based on emotion.
Know the Market & Leverage Days on Market – A property sitting for over four months with multiple price reductions isn’t suddenly in high demand.
Have a Strong Offer Strategy – By submitting a reasonable but firm offer, then countering and staying within budget, I showed I was serious enough without giving in to artificial pressure. Stay within budget, no matter what.
Patience Pays Off – Many buyers would have walked away or increased their bid out of fear of losing the deal. Holding firm got me the property at a price that made sense.
Pressure tactics can push investors to make costly mistakes and blow out their budget with offers. Stick to the numbers, trust your instincts, and remember—there’s always another deal just around the corner.
