Hey,
I have a question regarding the tactic some people use, of short listing multiple properties, and making time sensitive (say 24 hours) offers that are drastically below value. In hope that someone will bite, and you'll be all the happier.
For example, a businessman was walking around my Suburb recently offering properties (with worth at least $1.5 million, typically over $2m) a grand price of $1,000,000 cash with full payment within 1 week. Surprisingly, by the time he got to 10ish offers made, 2 or 3 had accepted. Rich people doesn't mean money-smart people.
Now. Lets say i was to employ a similar strategy, albeit tailored for much cheaper lots. Lets say i can only afford 1 offer, but make 8-10 across a 24 hour period. And 2 accept. Can i bail on one of the offers?
I am aware i have a 5 day cooling off period, so, while some may say unethical, i could rescind the (less favourable) offer and take the other. True? False?
Thanks in advance,
-Will
I have a question regarding the tactic some people use, of short listing multiple properties, and making time sensitive (say 24 hours) offers that are drastically below value. In hope that someone will bite, and you'll be all the happier.
For example, a businessman was walking around my Suburb recently offering properties (with worth at least $1.5 million, typically over $2m) a grand price of $1,000,000 cash with full payment within 1 week. Surprisingly, by the time he got to 10ish offers made, 2 or 3 had accepted. Rich people doesn't mean money-smart people.
Now. Lets say i was to employ a similar strategy, albeit tailored for much cheaper lots. Lets say i can only afford 1 offer, but make 8-10 across a 24 hour period. And 2 accept. Can i bail on one of the offers?
I am aware i have a 5 day cooling off period, so, while some may say unethical, i could rescind the (less favourable) offer and take the other. True? False?
Thanks in advance,
-Will