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Tonya Brobeck's Blog

By Tonya Brobeck | Mortgage Broker
or Lender in Everett, WA

With All Fairness


Why oh why do agents tell other agents there is offers on their listing when there is not?

I find it deceptive practice to leave the buyers agent under the impression there are multiple offers you are competing on when you are not?

Is this typical practice amongst agents? I understand the theory behind it to generate more offers and higher offers for the seller you work for but what about honesty? What about keeping it transparent? What if a buyers agent who clearly has a qualified buyer, a serious buyer and willing and able buyer is pricing an offer fair and in line with market value?

I believe it can a disservice to the seller should that buyer walk and not be willing to compete if there are really no other offers?

Comments

By Natalee Thurston,  Sun Apr 25 2010, 12:16
This would be an ethics issue..If you find one that is doing this, than they should be reported. The problem is Are you able to verify that there is not? If they are slimy in that way, then they must be in others, as well. Typically there are multiple offers on REO properties and that is understandable. Though, if they are "down right lying" then that is unethical. :) I have had agents or Realtors® tell me that they were going to be writing an offer and then had an agent or Realtor® ask if it was a available. I will let them know that someone had told be that they were going to be writing an offer, though I also tell them, that until I see it...the answer is no, there are no other offers.

Good saying, " Hang around Dog's and you will get Fleas" ;)
By Tonya Brobeck,  Sun Apr 25 2010, 19:08
Natalie that is a good saying! As you know we sometimes know the agent on the other side, sometimes we don't. I am strictly talking about non distressed offers. Everyone I've written has multiple offers regardless of the price range as non distressed home owners are now competing price wise with disstressed homes.
By Karen Parsons-Fiddler,  Sun Apr 25 2010, 19:58
I have an offer right out right now, and I don't trust the agent about the multiple offers. She sent me the form, and tells me that she has full price offers. She had talked to my buyers first, so she knew what they could afford and we offered our highest and best....buyers wanted to try their best. We are also offering Homepath on the Fannie Mae home, which they do like. But I'm just not comfortable with this agent, so don't know.
By Tonya Brobeck,  Sun Apr 25 2010, 20:09
Well the solution I have thought of using the last round is the escalation clause then the other offers have to be revealed....
By Tonya Brobeck,  Sun Apr 25 2010, 20:12
The other day I heard more agents suggest offers are in or coming then agents who do not. That's crazy, I have never told another agent or potential buyer that an offer was on it's way or coming if it's not. Seriously, if you like it, just put your best foot forward. If you know you are competing, again, put your best foot forward and be prepared to walk if you aren't asking full price or have a competive escalation clause.
By Patrick Thies SFR, CNC,  Sun Apr 25 2010, 20:39
Tonya,

when you find out the answer to that question let me know. I once showed a house during a major blinding snowstorm on the Friday of Thanksgiving weekend that had been on the market for 495 days. Wrote an offer on Saturday, and yes you guest it, was told that there was another offer on it. My buyer didn't want to get into a bidding war so he walked. Funny, it never showed up as under contract. Hmmmmmmmmm.
By Tonya Brobeck,  Sun Apr 25 2010, 20:44
Wow Patrick I believe that story. I'm watching these last 2 closely including the listing agents if they don't go into contract. I don't appreciate being lied to or decieved. For the most part we are just trying to put together realistic prices in this market place
 
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