Was there really another offer?
Dear Phyllis
My mom asked me to read your real estate questions and answers and get your opinion. Her fiancé and I made an offer on a house in La Crescenta that had been on the market for nearly three weeks. Our agent confirmed with the seller’s real estate agent that there were no offers. When we sent in our offer, the agent told us that they were waiting on another offer and that we needed to make a full offer immediately to secure the home. We increased our offer and the seller accepted. We are happy in our new home but feel like we have been played with. Do you really think you had another offer?
kristen
Dear Kristen
Congratulations on your purchase! One thing to consider is whether the listing agent is representing the client well. If there was another offer, the home could sell for more than the asking price.
It’s natural to be skeptical when you’re told there are other offers on the home you want to buy, especially if the home has been on the market for a while. However, there are several reasons why it might not be a bluff.
• Real estate agents jeopardize their licenses. Real estate agents are bound by codes of ethics and regulations that prohibit them from lying about the existence of other offers.
• Reputation matters: Our agents value our reputation within our industry.
• May be counterproductive. If the agent blurts out another offer and the buyer doesn’t make an offer or participate in a bidding war, you could lose a real buyer.
• In your case, you didn’t have a written offer yet, but the listing agent said he knew of another buyer who was interested. In such cases, the agent may notify other interested parties to ensure everyone has a fair opportunity to submit an offer before making a decision.
Ultimately, I had to make a decision based on my agent’s guidance and the information I was given. Concrete evidence of another offer is difficult to obtain, but given the potential risks for agents and sellers, the information provided about the next offer is likely to be genuine.
Phyllis