Hello Buyer,

I truly believe that if the agent is saying they have multiple offers, they do have multiple offers. I am working with several buyers at this time. Some are concentrating on short sales and REO's whereas others want only regular sales.

In both categories I am having to deal with multiple offer situations. Believe me, the market is changing, but the buyers are still not believing that. They are listening to the media which is behind in its data collection, plus they are talking about the country not specific to the Bay area. The inventory is rapidly decreasing since the banks are not releasing too many foreclosure properties, therefore everything on the market that is priced right is selling with multiple offers.

Things may change if too many foreclosure properties come on the market again but as of right now, it is once again a multiple offers situation.

When deciding how much to offer, you need a good buyer's agent who will do the comparables for that neighborhood and justify what range to offer in. Keep in mind in a multiple offer situation you need to put your best foot forward since you may not get a second chance. The seller's agent may give multiple counter offers or they may run with the best offer in hand.

Whatever the case, get yourself an agent who will look out for your best interest . I would be very happy to assist you. You can reach me at 510-279-9580.

Meena Gujral
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca. 94539
510-279-9580

Hello Mr. /Ms. Home Buyer,

I would like to say that you have always asked very intelligent questions. Please
Don’t call your self confused buyer! You are making others think right. You see, how many agents have spent time writing the answer to your questions and how long/detailed the answers are!

If you have your buyer’s agent you are going to trust what ever she/he says in reference to number of offers etc. Similarly trust the seller’s agent too. If you have doubts that the agent is not telling the truth and if you have written an offer on that property, you can request the broker/manager of that agent to verify number of offers for you as a courtesy. If the seller’s agent is the sole owner of the company it makes it difficult to verify that.

I would say find your self a best buyer’s agent by interviewing at least 2-3 agents
And work with one, who you think can take care of your interest first, who is experienced,
knowledgeable and trustworthy.

Good luck to you,

Charo Bhatt
510-381-2105
CharoBhatt@gmail.com http://www.InstantHomeValue.info

thanks everyone ... will consider an agent based on some opinions posted here

Hi Confused Buyer,
There is no way to "verify" the claim from a Seller? not a listing agent, but a Seller - that they have multiple offers?? So the Seller is selling themselves (For sale by owner) and you as the Buyer dont have an agent either? There are legal forms and requirements in a Real Estae transaction, and soooo many aspects that you may not even realise there are..... If you want to go through a transaction and sleep peacefully without worry, find yourself a good professional Realtor and work closely with him/her, and let them guide you before, during and after the home buying process.
We are seeing many multiple offer situations, so i wouldnt doubt that......specially in properties under 800K
Contact one of us, check out websites, and let a Realtor help you throught the process....the Seller pays us commission, you dont!
All the Best, be well and safe, regards,
Nina Daruwalla

Dear confused:

First of all, let me clarify a misunderstanding you seem to have. When buying real estate in California that is listed for sale by a real estate agent, there is no such thing as a “stand alone buyer.” If you do not have a buyer’s agent representing you, then the listing agent, by law, becomes your buyer’s agent. It’s called dual agency and there are a number of good reasons to avoid it, ESPECIALLY with an agent with whom you do not have a previous relationship.

Real estate is based upon trust and, as you know, trust is earned through relationship. I am baffled why people trust the most important financial transaction of their lives to a total stranger in a dual agency situation; especially when, most of the time, the motivation is the attempt to save a few dollars. It can come back to bite you and cost you far more in the long term than you might saved up front.

Having said that, let’s get back to the idea of trust. The real estate community is fairly small and, if an agent has been practicing for a while, he or she knows many of the other agents they come into contact with. They learn which agents they can trust and which ones are not as competent or trustworthy. Word gets around when a Realtor makes claims that are not true acts in an unprofessional manner.

Even though the purchase agreement and related documents are contractual forms, at the core of a real estate transaction is … trust. I have to be able to trust that the agent who tells me there are multiple offers is indeed telling me the truth. And I hope that the many agents out there that I deal with on a regular basis – agents who, by the way, frequently read the material I write and see me online – have learned to trust me as well. As Realtors, we don’t have any special tools to help us discover what is happening behind closed doors on the other side of a transaction. All we have is trust. And, at the end of the day, in my opinion, that is far more significant than the contract itself.

No way to verify. Generally an agent would not say there are multiple offers unless there are. It is not in their best interest to bluff. In this market right now if the house is priced well and in a good location it will get multiple offers. In the last few months buyers have become more competitive due to the slow down in inventory. Offer what you feel comfortable with.

Hello Confused and thanks for your email.

Although it may be difficult to understand, saying that you have "multiple offers" on a home does not actually increase the saleability of the property. In fact, the words "multiple offers" tends to dissuade, rather than persuade, individuals who may be borderline buyers from putting an offer in on the home. Thus, I have no reason to believe that the seller or seller's agent is being untruthful in stating that the home has multiple offers, because there is simply no "upside" to lying about offers. Unless the property is extremely desirable or located in a highly desired area (and there are a few of those around), a bidding war is not a guarantee by using the words "multiple offers."

While I can appreciate your desire to "go it alone" as you say, I need to ask why, as a buyer, you are choosing not to work with a Realtor in your area? Some of the issues and problems you are now experiencing could easily be remedied with the help of a qualified real estate professional. If you're worried about the fees, a licensed agent may work as a facilitator for you to help you find a home AND save you money. There are options available to you that provide you with savings while preventing you from having to work blindly through a system for which you have little knowledge and trust. I've worked with many Trulia homebuyers in the past months as a facilitator and each wanted, intitially, to do this themselves or were disillusioned by services they received from a previous agent. Each time, the buyers tell me that they now know why it was better to have an agent by their side--even when the agent is a facilitator who performs limited searches for the client.

Why not read my blog here on Trulia about the benefitis of using a Realtor as facilitator and see if you might benefit from professional help.

Good luck and happy house hunting!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty