Home Buying in 08328>Question Details

Brtl000s, Home Buyer in 08328

Right to see other offers

Asked by Brtl000s, 08328 Tue Sep 8, 2009

I live in New Jersey. I wanted to put a offer on a house for full price $134,000 with 4 grand back for closing. My agent told em there was already two full price offers on the table and if I wanted to bid I need to go aleast full price ($134). My question is, after I put in a offer do I have a right to see the other offers to make sure the agent isnt trying to increase the sale price. The realtor works for the same company as the listing agent.

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Brt: Sorry, you have no "right' to see anyone else's business. Do the other bidders have a right to check your bank account to see if your offer is any good?

Now, as far as trusting the agent you are using. I have no idea if they are working as a seller's agent or as a dual agent. It would seem that neither do you or, at least, if you do, you are not telling us.

Some people are suspicious of everybody and every thing. Others are perhaps too trusting. If you are not sure that the agent you are working with is on the up and up, you are sort of stuck at this juncture. Having taken your offer to the seller, the agency has certain rights too. One of them is to be paid for what they have done for you.

You can always look at it this way, if it makes you feel better: If the agent is so sneaky, why would he attempt to get more for the seller and, in the process, rock the boat, jeopardizing his commission for the few additional dollars that would be his/her share of the commission?

If the property is priced right, there well may be more than one offer on the table. One sure way to test this is to refuse to bid higher than you have and if there really are other offers higher than yours they will get the property and you can just go and find another house to bid on. There is no real penalty, excepting you won’t get your first choice. Who knows, maybe you’ll find a better one anyway.

If your agent is any good, they should have given you the price of comparable property sales and the listing price of other properties on the market right now. If you have that information, you’ll at least know what price range you should be in with your offer. Even in the poor market of last spring, our office had three different properties with bidding wars.

Mr. Howard has a “thing” about dual agency and recommends you get your own buyer’s agent. Not that if you are so deeply suspicious that you won’t wonder about them trying to get a little more out of you just as well. Also, there are very few agents working in agencies that don’t take listings. If you really want to use only a buyer’s agent, you will not be able to look at any houses that their agency has listed, because, in this state at least, no one in the agency can work as a buyer’s agent on a property that the agency has listed. They must either be seller’s agents or dual agents.

By the way, your current agent should have explained all this to you.

Best of luck.

Bill Holt
0 votes Thank Flag Link Tue Sep 8, 2009
The seller has the right to release the information.
Each of the persons making offers have the right to release the information about their own offers.
None of the persons making offers normally have a 'right' to see the offers of others.

If you don't get this house you should think twice about using an agent to look at a house listed with that agent's company. As you know from the disclosures your agent made to you (as required by law) - your agent is a dual agent and can not give you the full representation that a buyer's agent can. Dual agency is something that homebuyers wanting full representation should avoid.

Paul Howard, Broker/Owner
NJHomeBuyer.com Realty
An Exclusive Buyer's Office
856-488-8444
Web Reference: http://www.NJHomeBuyer.com
0 votes Thank Flag Link Tue Sep 8, 2009
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