The standard AAR Residential purchase contract that almost all Arizona Realtors use does not require the seller to disclose the existence of any other offers or any information related to any other offers prior to contract acceptance. Howerver, you and your agent may be using a different purchase contract offer form that affords you certain protections and rights. So, without knowing the full details of your forms and your contract, it is impossible to accurately answer your concerns.
So, if you did utilize the standard AAR contract forms with the boiler plate clauses, the seller is not obligated to prove to you that any other offers exists. However, you are entitled to receive an official, seller - signed/initialed rejection of your offer if it was not accepted by the seller.
You should be addressing these concerns to your current agent. You really need to trust the information that your agent gives you, but it sounds as though you don't . If you don't trust your agent, work together to create an environment of trust with him/her or find another agent that you can and will trust.
PAUL WELDEN PLLC
Exclusive Buyer's Agent
Good question. Short sales can be frustrating. However, there are gooo buys out there and they tend to be in better condition for the buyer than foreclosures.
In some cases the listing agent and seller advertises they are only taking one offer to the bank. However, the bank can ask to see more offers. The seller/bank can accept any offer they wish.
I am assuming your offer was not accepted by the bank, maybe just the seller?
The seller or bank do not have to diclose the details of other offers. If your offer is the best however, the bank is not going to want to accept an inferior offer. So, this tells you something.
In some short sales the bank accepts no offers, thinking they would be better and receive a better offer, if the seller was out of the property. Usually, the bank is better off with a seller still in the property taking care of it.
May I wish you the best. In this market, I am confident you will find a good deal.
Jeff Masich, Realtor
Arizona Homes and Land
First Weber Group
Certified Distressed Proeprty Expert
Just let me add an entirely different comment to the mix:
It doesn't matter whether there's another offer, or what that offer (if it exists) might be. Doesn't matter at all.
What matters is what the house is worth. You make an offer equal to or less than the value of the home. Don't worry about other offers, real or fictitious.
If there aren't other offers, all the better. You have no competition.
If there are other offers, they'll either be higher or lower than yours. If they're lower than yours, fine. Yours is higher; yours is more likely to be accepted.
If those other offers are higher than yours, you probably won't get the house. So what? Did you want to overpay? Let's say the house is worth $300,000. You bid $290,000. Someone else bid $310,000. That's good for you. You didn't overpay. And the house may not appraise for $310,000. The contract may fall through and it'll be back on the market.
There are other techniques that your Realtor can tell you about to allow your offer to rise in response to competing offers. But it should only rise up to the value of the home--in our example above, $300,000. Not above. If someone else wants to overpay, let them.
Hope that helps.