A listing agent can suggest and recommend to a seller to lower the price of a property that has been on the market for a while but it is up to the seller to decide whether or not to lower the price. The listing agent only works for the seller and must follow the seller's instructions. Again, if you are working with an agent, your agent assist you with this by talking to the listing agent. It is really in your best interest to have a real estate agent represent you, if you do not have one.
DC is a hot market from what I've read, likely to expect competition on the "good" properties and be prepared to go in over asking price. Ask your agent to run a buyer CMA for that house and maybe its underpriced, and the 70 market time reflects thanksgiving to christmas lull.
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If you are looking for a conspiracy behind every tree, YOU WILL FIND ONE.
The reality may be there is an offer the seller will be considering.
The agent is giving you an opportunity to be noticed.
The agent is indicating that a low-ball may not serve you well.
The agent is indicating the owner has not signed the offer.
The agent is indicating the opportunity to buy this home will not last forever.
The agent is suggesting, if you are a buyer, you need to get in the game.
Now.let's put the shoe on the other foot.
What about the one who HAS submitted the offer, the one you assume to be fake.
They may present a question, "IF I've submitted and offer, is it 'right' for the agent to collect other offers?" This buyer who actually submitted an offer, a real buyer, can suspect a conspiracy behind every tree, concluding that receiving additional offers will result in a 'Highest and Best" ultimatum. So, to this real buyer, you are the fake player!
You can't have it both ways.
One waterfront listing gets floods of offers on a cyclical basis. Feast or famine. It's uncanny. If there is one offer, there will be two more. Yes, it has been on the market more than 70 days. Maybe the price will be reduced. It is more likely it WILL sell for 99% of current list price. At waterfront price points the wait is economicly justifiable.
Annette Lawrence, Broker/Associate
Reamx Realtec Group
Palm Harbor, FL
Its unethical if it is not true. There is a possibility the offers have presented to the seller, and the seller may not have agreed to any... at the moment. I know it is odd and unusual, but it does happen.
You could ask your agent to present the offer to the seller in person
No is not common practice and is extremely unethical to do so. 70 days on the market is not so bad, depending on exactly where the house is. If you can give us the address, we can look up the history of the listing to see what changes have been made to it. It's possible this house was on the market before, expired and they listed it again at a lower price then just sat there for a while.
This can also just be a quirk of the market. I had listing in DC that went for 3 months with nothing, no showings, no offers and then....boom! In one week we had four offers. We're still scratching our heads over that one, because the offers all came in during the holidays which are typically a slow season.
If you want to make an offer because you like the home, do it. If not, don't. It's pretty much that simple.
You're asking questions that can be resolved by any competent realtor. I'm curious to know why you're not working with a realtor who represents your interests. The services of a realtor are free to you as the buyer. The listing agent will collect the entire listing commission (by listing contract) regardless of whether or not you are represented.
If the house is in the DC metropolitan area and it's been on the market for 70 days, it's overpriced. Possibly, if the price is above $1.5M, it may not be overpriced. In that price range, houses simply take longer to sell.
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I don't want to misunderstand your use of the verb. Are you saying that they seem to be collecting offers? Your contract can specify duration if you require a response from the seller within a certain time frame. This is not a good strategy to use with banks (REO or short sale) as they will let it pass if it doesn't suit their agenda. In a multiple offer situation the listing agent will usually go back to all offers and ask for best and final. Do you mean the agent has said there were five offers but implied none were worth following up on?
Don't chide the seller for not lowering the price, you may resent the question when you're the seller. It can seem like an act of desperation to chase the market down with the result being buyers sitting back waiting for more price drops. If there have been five offers, chances are you're not going to see a price drop (not that your offer wouldn't be for less) since the property is getting attention.
It is not common practice for agents to claim to have offers when they don't. It is virtually certain that they have five offers. While it is possible that they are lying to you, isn't there also the risk that by lying to you that they might chase you away?
All the best,