Home Buying in 23456>Question Details

Joe, Home Buyer in 23456

fake offers from a selling agent

Asked by Joe, 23456 Thu Jan 19, 2012

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I almost find it difficult to take this seriously;
its like an arguemnet between two teenagers.
Do you think a verbal contract could, or would be taken seriously?
Do you not think that the Agent was playing you like a fiddle?
This has so many red flag in it, I wouldn't touch it with a 10 foot pole.

Good luck and may God bless
1 vote Thank Flag Link Thu Jan 19, 2012
So many answers for something that really isn't a question.......merely a statement!

To complete this statement, "Fake offers from a selling agent.......shouldn't be taken seriously."

Respectfully,

Bill
1 vote Thank Flag Link Fri Jan 20, 2012
If an offer is not in writing, it's not "real." You need to document it, put it in writing, for it to be legitimate. Oral offers are as good as the paper they are (not) written on.
0 votes Thank Flag Link Fri Jan 20, 2012
Let's see if I've got this right.

At no time did you make a written offer.

At no time did you receive any real indication that another offer had been made.

At no time did you receive any real evidence that the siblings had rejected your verbal non-binding, non-enforceable non-offer.

Everyone's playing all cutesy with "Does this offer have a '2' in it?" [I'd have bid $185,222 just to say "There you go!"]

In the future, if you're interested in a property, make a written offer.
0 votes Thank Flag Link Fri Jan 20, 2012
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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Joe,

First of all, your offer should have been in writing to start with. An offer is not a legally binding contract unless it is in writing and signed by all parties. The listing agent can ask for the "highest and best offer" if multiple offers are received. However, there should be a final date/time that all offers should be submitted in order to be fair to all buyer parties. This back and forth is just not acceptable and should not be acceptable to you or your agent.

Also, when I am working with a buyer in your situation, I ask the listing agent for at least the first page of the contract showing the sale price as proof of a higher offer. But again, that is really an unfair way to go about this. He/She should not be pitting buyers against each other and going back and forth. It should be one shot and all buying parties should make their highest and best offer by a deadline and then those offers should be submitted to the seller to review and to acccept ONE offer or to reject them all. As a listing agent in this situation, I have had multiple offers and some were for the same price. The seller has to consider ALL aspects of the contract and chose the best offer based on all of the information. One buyer may have more money down and not have much to finance or paying in cash. In that case, the cash offer could be accepted over an offer that is being financed, even if that offer is lower as a cash deal is in most cases, a DONE deal.

Trying to purchase a property that a developer is interested in can be challenging to say the least as they may have the cash to close the deal or an open line of credit with a bank that does not require standard underwriting. Don't be "played" here. Make a written offer, state that it is your highest and best and move on if they do not accept. You never know, they may call you back later and say that the other party backed out and they would like to accept your offer if you are still interested. I have had that happen before and that is better than feeling like you are being "played". Good Luck!
0 votes Thank Flag Link Fri Jan 20, 2012
Well, Joe, people do all sorts of things, but here's my take.

1. It's foolish for an agent to lie about there being another offer, or to lie that you need to hit a specific number in order for your offer to be accepted. If there isn't another offer, or it isn't at that specific number, and you're scared away, the listing agent has nothing.

2. You can write an offer with a meet-or-beat clause, that says something to the effect of you'll pay as much or more than any other offer, so long as it's a valid offer and they show it to you. My MLS has this as a stock form; you may need an attorney's help with this.

3. My personal feeling is that it doesn't matter as much what other people think the property is worth as it matters what YOU think the property is worth. It's great to play the game of, "If I could get it for 'X,'" but the risk is that you might actually GET IT for "X!". So you should know what it's worth to you before you start talking price, and then figure out how to get there (or better).

All the best,
0 votes Thank Flag Link Thu Jan 19, 2012
Ron, Thanks for your response. My eyes are open now!
0 votes Thank Flag Link Thu Jan 19, 2012
here is another try a little direct: do selling agents tell buyers that they have offers on properties when they dont?
0 votes Thank Flag Link Thu Jan 19, 2012
"Do selling agents tell buyers that they have offers on properties when the don't?" It is ethically and morally wrong to do so and in violation of board rules and regs, so I would have to answer no. Does it ever happen, I personally have not seen it in the 25 plus years I have been in the business. Now a realtor may be told an offer is coming in on a property by another agent and if they share that with another buyer they are just doing thier job so that you don't come back when its sold out from under you, and complain that they didn't say anything.
Flag Tue Aug 20, 2013
Demonstrat you are serious
Put in a written offer with back up documentation.
That is what a Seller wants to see
0 votes Thank Flag Link Thu Jan 19, 2012
Ok here are some additional details; I am interested in a property listed for 219000. The value is in the land not the house. When I initially viewed the property the listing agent stated they had a verbal offer from a developer and it was rejected because it did no have a 2 in it. Then I went to see the property again and the listing agent stated that they have just received a written offer from the developer that was going to be presented to the owner (4 siblings of the estate). I told my agent that I was interested in the property and I would consider an offer. The listing agent said just make me a verbal offer to present we offered 175K the listing agent said that I did not beat the developer. I then offered 185K and was told that it beat the developer and my verbal offer would be presented to the siblings. Three days later I was told that it was rejected. Last week my agent called and asked the listing agent that we were going to submit a written offer for 185K. The selling agent stated just wait a few days because the siblings may change their mind. Today my agent received a call stating that the developer put in an offer with a 2 in it and did I want to counter. I do not believe that an offer from the developer has been submitted, how can I find out for sure? In addition I thinking of putting a written offer in for 185K just to see if it is rejected. Any thoughts advice on how to proceed
0 votes Thank Flag Link Thu Jan 19, 2012
No clue what you are saying.
0 votes Thank Flag Link Thu Jan 19, 2012
If you're looking for some sort of answer you must give more info than that.
0 votes Thank Flag Link Thu Jan 19, 2012
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