Backup Bid Update

It’s been a few weeks since I put my backup bid in and I had a couple of other agent friends call the selling agent to “express interest” in the property, hoping to get the message through that there are other buyers willing to bid on this property. If the current buyer misses any deadlines, I want the seller to come to me. So far, I have no reason to be optimistic except the selling agent did let slip that there was some sort of “boundary dispute”. Hopefully that is just the opening I need.

Unfortunately, the seller did not officially accept my backup bid, so even if the first bid falls through, I am not locked in. My bid was below the asking price, but I tried to price it such that it was slightly above the already accepted bid. My feeling is that the selling process has been so long and arduous for the seller that the selling agent (who doesn’t strike me as particularly experienced or skillful) doesn’t want to do anything that will jeopardize the deal. Perhaps he is thinking that if the seller sees a higher bid, it could destabilize what should be the endgame towards his hefty commission.

Continuing to wait…

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