As others have said, your agent is correct in saying that there is no way to find out if there is another Offer nor, what the other buyer is offering. Your agent can ask the listing agent if the seller will allow them to share the other Offer price. 9 times out of 10, they won't but, it's worth asking.
I'd like to think that this is not a ploy because I have seen several multiple Offer situations in recent months--especially on the good short sale and foreclosure properties. When your agent notified the listing agent that you were going to be submitting an Offer, the listing agent likely notified all showing agents who had a buyer with possible interest, that an Offer was coming in. The other agent was doing the best that he/she could to represent the seller's best interest in getting a high enough bid that the bank will accept. Their goal is to get an amount to the bank that they will accept in short, so that they (the sellers) can avoid foreclosure. I've seen homes that sat for months and months get multiple Offers after not receiving any over those months. Or perhaps the other Offers that came in were simply rejected because they were so low that they knew the bank would not accept.
If you really love this home, I'd give it my best shot at getting in the home. Your agent is probably going to ask the listing agent to be sure that the sellers sign your Offer so that you have an executed Contract and no other higher Offers can 'knock you' out of the running for this home as you await bank approval.
Best of luck!
This happens ALL THE TIME. Just this past week it happened twice to my clients. When it rains it pours. And when you find the house you love, someone else will love it even more.
Give it your best. Make your best offer. And get a STRONG financing letter that is FULLY APPROVED. With a short closing date. All of these make a difference.
If you liked this post, GIVE ME A THUMBS UP!
Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.
charlotte mls realtor home listings
In this world, we have people who stretch and bend the truth, and there is nothing that we can do about it, except avoid them, if possible.
They probably did receive another offer; I would believe that, I want to.
The unfortunate part is that you were not able to negotiate, back-and-forth, with them: They came back asking for your best offer; putting everything on your shoulders. You would prefer to keep bidding, until you got it, or you reached your limit. But, it doesn't work that way.
All you do is give them your limit-bid and if it doesn't work; move on.
Your Realtor was right; stick with him.
good luck and may God bless
My advice: Forget about whether the other offer is real or fake. Do you want the property? Then write the best offer you can, taking comparables sales and your purchasing strength (FICO score, downpayment, escrow closing time period) into account. The lender is the ultimate decision-maker here, so, if your offer is chosen to go to the bank, don't be surprised if you get a higher counter-offer from them. Short sale transactions require a lot of courage and patience but they do work!
Good Luck in your negotiation!
I have been in this scenarios a few times recently myself...I had a short sale with no offers; lot of showings then all of sudden I had three offers within four days. So, if it is priced right and a good deal then it is probable.
Your agent can ask the lsitign agent aboput the other offer but the lsitign agent in under no obligation to reveal who it is. Unless the listign agent or another agent in theri office is presenting the offer. Then it becomes what is known as dual agency and they have to disclsose it to the other parties.
I do not think the intention or the motive of ithis was to drive yoru offer up. It is just the market right now.
Mary H. Schurr, ABR, ALHS
SFR-Short Sales & Foreclosure Resource Certified
QSC-Quality Service Certified
RealtorÂ®/Broker NC & SC
Helen Adams Realty
Randolph Road Office
you 'really, really, really Love'. I would listen to the advice you are getting if you want to get this home.
Mary E Petrarca