how to handle final negotiations
How to Handle Bids from Buyers and Negotiate for the Most Money What we have found that is that getting buyers falls in two very important areas: 1. Handling the phone calls from buyers off the advertising and/or the signs calls. 2. Keeping track of the people who call and following up with them to remind them of the auction, or that you are in fact selling the home this week-end. Why? I am not sure exactly. It’s so easy, anybody can accomplish this. You are not cold calling the buyers, or harassing them when you call. They want you to call them to facilitate the bids. Doing an auction is not some big sales pitch where you have to “Sell” something. It’s like talking to your friends. These are the people who are looking for a home in your area, and they are just as scared of the process as you are! In fact one of the biggest factors of success with this auction system is that the buyers LOVE it. It’s like a big party, and they get to buy a home for a good price! Those buyers are going to have the same questions that your mother or family had after you bought the home you are selling. They are easy to talk with, and it builds up your confidence for the hosting the open house. Also you can point the buyers who call to your website for any detailed information they might ask for. Keep track of each buyer!! That is very important. When you are on the phone with them, be sure to get their name, phone number, and e-mail. This is of major importance. Let me break down the bidding process that you give out to the buyers. Script for answering the phone when the buyers call” (Buyer) Hi, I am calling about the home advertised: (Seller/You) Great, thanks for calling. Like the ad said, we are having an auction here this week-end and we are starting the bids at _________ ($97,500.) My name is ________, what is yours? What is your e-mail? What is your Phone Number? Great. What questions did you have about the home? (Then go on to answer their questions.)
Curry Team Final Round Robin Bidding Process How the Bidding Process Works Here’s what you say to the buyers to get them to place a bid.
Getting involved in the bidding process is simple. You DON’T have to be pre-approved for a loan and the bid can be withdrawn at anytime. To get involved simply leave your contact information with the open house host along with the best phone number to be reached at when the final bidding begins (please ask host for date and times). This portion is very important. Why, because we don’t care upfront if they can get financed. We simple care on raising our price to a fair price, and then we determine on Monday if they are qualified. Most good buyers won’t bid, unless they feel confident they can get a loan. If the buyer is not preapproved on Monday, then we move forward with the second best bidder and so on. Here’s how the final round robin bidding process works. We will conduct several rounds in this manner until there is only one bidder left. We call the top bidder and let them know the bidding has begun. Then we call the other bidders, one after the other. Here are the options the bidders have when we contact them. Each time the bidder receives a call, they have one of two options: 1. The bidder can raise their current above the highest bidder by at least $500 to stay in the bidding. 2. Or, they can retire from the bidding process.
We will offer the home to the highest/best bidder at his or her highest bid price. If the highest/best bidder does not meet the conditions of the terms-of-sale or fails to provide pre-qualification or pre-approval that they can get financing within a reasonable time frame, then the home will
immediately be offered to the next highest/best bidder at his or her final bid price. This is an open bidding process and we will tell anyone what the highest bid is at any time. Every bidder will have the opportunity to top the current bid until highest & best bidder is established. The sellers have sole and absolute discretion on whether to accept the highest and best bid. If the bid meets the reserve, or is acceptable to the seller, then the highest/best bidder gets the home at his or her highest bid price. This “Round-Robin” is very important and it’s the easy to also do. You simply call each bidder and handle it this way: (Buyer) Hello. (Seller or Agent) Hi, is ____ Available? You placed a bid at my home this week-end, and I am calling all the interested bidders back, until there is one high bid left and no other bidder wishes to increase above that bid. The highest bid at this moment is _____. What do you want to increase your bid to? It’s truly that simple, and you call each and every bidder until you get the highest and best bid. When I handle bids, I lay out all the bidding sheets on the desk, and each time I call a bidder I pull that sheet. Then I take a red pen and pencil down the increased bid. When a bidder drops out, I set them aside and keep calling. Usually the top 3-4 bidders jump to the top real quick, and then it’s a back and forth between them. TIP: The reason for doing the bidding over the phone is that you can push the buyers to increase their bid while you are on the phone with them. For example: Do you really want to lose this home over $500? It’s perfect for you! IMPORTANT TIP: Once you have had all the bidders drop out and you have the highest and best bid, DON’T jump and call them and scream ‘You won”!! Why? Because the bidder who just lost might change their mind and call you back and say “Can I
TIP: Don’t worry about the “Low” bids, or even bids that are for a penny. Any bid works, we have had bidder start at $10.00 and end up as the winning bidder. Most sellers think, I only want the best buyers though my home, why? The best buyer is the one who is going to buy it for the most amount of $$, nothing more nothing less. So we recommend REALLY, REALLY, REALLY, push for bids, even if they are only $10. We use that as creablity factor to the bid calls to all the bidders. Ask yourself, which sounds better. “We had 3 bids on the home” or “We had 23 bids” it simple, if the buyers feel that they might LOSE the chance at buying the home they step it up! If you where a buyer and your wife loved the home, and then they heard you had 23 buyers interested you would pay more? So this is very important and the MOST important part of the bid and hosting the open house!
increase my offer” and you just threw a can of worms into the entire process! So WAIT 10-15 Min before you call the winning bidder to give them the good news. The next highest bidder is going to be thinking about the house and buying it. A lot of the time, they will call you back and up their bid. If you’ve already called the high bidder and finalized the sale, you can’t go back and sell the home to the other bidder. It’s not just because of ethics or being a person of your word (I’m not going to get into all that right here). Whether you think that’s important, it is likely to turn the high bidder off, and they will think you are dishonest and want to deal with you again. Whereas, if you handle everything properly, and the high bidder falls thru later, you can go back to the original buyer and sell the house to them for their high bid. Bidding Rules This is a sale with an Undisclosed Minimum Reserve. All bids placed at the open house are not legally binding and can be withdrawn at any time. After the final bidding process is over, a winning bidder will be determined. They will fill out an agreement with the price and terms agreed upon on the Monday after the open house. If the highest and best bidder does not meet the conditions of the terms-of-sale, or is unable to get financing to purchase the home, then the home will immediately be offered to the next highest/best bidder at his or her final bid price. . This is a sale with an Undisclosed Minimum Reserve. The homeowners have the right to decide not to execute a contract (acceptable to the owner) at any time before an agreement has been signed. Owner may or may not accept offers below the set Reserve price. Back-up purchase agreements will be taken.
Curry Team Final Round Robin Bidding Process How the Bidding Process Works Here’s what you say to the buyers to get them to place a bid.
Getting involved in the bidding process is simple. You DON’T have to be pre-approved for a loan and the bid can be withdrawn at anytime. To get involved simply leave your contact information with the open house host along with the best phone number to be reached at when the final bidding begins (please ask host for date and times). This portion is very important. Why, because we don’t care upfront if they can get financed. We simple care on raising our price to a fair price, and then we determine on Monday if they are qualified. Most good buyers won’t bid, unless they feel confident they can get a loan. If the buyer is not preapproved on Monday, then we move forward with the second best bidder and so on. Here’s how the final round robin bidding process works. We will conduct several rounds in this manner until there is only one bidder left. We call the top bidder and let them know the bidding has begun. Then we call the other bidders, one after the other. Here are the options the bidders have when we contact them. Each time the bidder receives a call, they have one of two options: 1. The bidder can raise their current above the highest bidder by at least $500 to stay in the bidding. 2. Or, they can retire from the bidding process.
We will offer the home to the highest/best bidder at his or her highest bid price. If the highest/best bidder does not meet the conditions of the terms-of-sale or fails to provide pre-qualification or pre-approval that they can get financing within a reasonable time frame, then the home will
immediately be offered to the next highest/best bidder at his or her final bid price. This is an open bidding process and we will tell anyone what the highest bid is at any time. Every bidder will have the opportunity to top the current bid until highest & best bidder is established. The sellers have sole and absolute discretion on whether to accept the highest and best bid. If the bid meets the reserve, or is acceptable to the seller, then the highest/best bidder gets the home at his or her highest bid price. This “Round-Robin” is very important and it’s the easy to also do. You simply call each bidder and handle it this way: (Buyer) Hello. (Seller or Agent) Hi, is ____ Available? You placed a bid at my home this week-end, and I am calling all the interested bidders back, until there is one high bid left and no other bidder wishes to increase above that bid. The highest bid at this moment is _____. What do you want to increase your bid to? It’s truly that simple, and you call each and every bidder until you get the highest and best bid. When I handle bids, I lay out all the bidding sheets on the desk, and each time I call a bidder I pull that sheet. Then I take a red pen and pencil down the increased bid. When a bidder drops out, I set them aside and keep calling. Usually the top 3-4 bidders jump to the top real quick, and then it’s a back and forth between them. TIP: The reason for doing the bidding over the phone is that you can push the buyers to increase their bid while you are on the phone with them. For example: Do you really want to lose this home over $500? It’s perfect for you! IMPORTANT TIP: Once you have had all the bidders drop out and you have the highest and best bid, DON’T jump and call them and scream ‘You won”!! Why? Because the bidder who just lost might change their mind and call you back and say “Can I
TIP: Don’t worry about the “Low” bids, or even bids that are for a penny. Any bid works, we have had bidder start at $10.00 and end up as the winning bidder. Most sellers think, I only want the best buyers though my home, why? The best buyer is the one who is going to buy it for the most amount of $$, nothing more nothing less. So we recommend REALLY, REALLY, REALLY, push for bids, even if they are only $10. We use that as creablity factor to the bid calls to all the bidders. Ask yourself, which sounds better. “We had 3 bids on the home” or “We had 23 bids” it simple, if the buyers feel that they might LOSE the chance at buying the home they step it up! If you where a buyer and your wife loved the home, and then they heard you had 23 buyers interested you would pay more? So this is very important and the MOST important part of the bid and hosting the open house!
increase my offer” and you just threw a can of worms into the entire process! So WAIT 10-15 Min before you call the winning bidder to give them the good news. The next highest bidder is going to be thinking about the house and buying it. A lot of the time, they will call you back and up their bid. If you’ve already called the high bidder and finalized the sale, you can’t go back and sell the home to the other bidder. It’s not just because of ethics or being a person of your word (I’m not going to get into all that right here). Whether you think that’s important, it is likely to turn the high bidder off, and they will think you are dishonest and want to deal with you again. Whereas, if you handle everything properly, and the high bidder falls thru later, you can go back to the original buyer and sell the house to them for their high bid. Bidding Rules This is a sale with an Undisclosed Minimum Reserve. All bids placed at the open house are not legally binding and can be withdrawn at any time. After the final bidding process is over, a winning bidder will be determined. They will fill out an agreement with the price and terms agreed upon on the Monday after the open house. If the highest and best bidder does not meet the conditions of the terms-of-sale, or is unable to get financing to purchase the home, then the home will immediately be offered to the next highest/best bidder at his or her final bid price. . This is a sale with an Undisclosed Minimum Reserve. The homeowners have the right to decide not to execute a contract (acceptable to the owner) at any time before an agreement has been signed. Owner may or may not accept offers below the set Reserve price. Back-up purchase agreements will be taken.
