Buyer making two offers to buy one property. Huh?
We have a condo for sale. Today our realtor told us that we'll be getting an offer this Monday. It's coming from the client of another local realtor. The buyer has looked at our condo twice and will look again on Sunday. He's also looking at another unit, priced almost the same as ours.
The buyer is making offers to both condos at the same time. One unit will be listed in first place (presumably ours), the other as a back up. I have never heard of this being done, although my realtor acted like it is not that unusual.
The buyer is ready to move since his house has already sold. I don't see the value of making this kind of offer. Is it just to speed things along, or is it to keep sellers from negotiating? I don't know if we have the opportunity to counter, or if the offer moves to second place if we don't agree to all terms.
Is anyone familiar with this scenario? Is there anything we should know that maybe even our realtor doesn't know about?