Rippling_bro…, Home Buyer in Larimer County, CO

Competing Offer Disclosures

Asked by Rippling_brook, Larimer County, CO Sat Apr 18, 2009

We have made two reasonable offers on a piece of property with little activity in N. CO, which is owned by Fannie Mae. As we have neared the end of our negotiations weve been informed of a offer from a third party. However the agent will not disclose any information concerning the offer. We are leery of the existence of an offer due to the opportune timing. It seems that he is urging us to raise the purchase price for self gain.

What is the best course of action to take?

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Answers

2
Did the listing agent ask you or your Realtor to submit your highest and best offer after the other offer came in? I have listed a few foreclosure listings and any time there is more then one buyer on the property the bank or lender will tell the listing agent to get a highest and best offer from each buyer. Typically there will be a highest and best disclosure for you to sign as well. You usually will not be able to find out what the other offer is. That is usually a rule that the lender abides by. As the other answer said if you love the house you might want to raise your price. And the other answer is right about the Realtor doing it for self gain. Usually it won't end up making much of a difference at all to the listing agents commission. Also another offer can be submitted on a foreclosure up until an offer is accepted. Since you were still negotiating a buyer was still able to make an offer. Personally when I have listed a foreclosure property and have two offers I make a copy of the e-mail or the screen from the bank or asset manager asking for a highest and best offer and send it to the buyer's realtors. That way there is proof I'm not making things up.
0 votes Thank Flag Link Mon Apr 20, 2009
Raise the price if you love the Home and can not live without it, or call the other Agent's Bluff. Sometimes more than one offer will scare a buyer away so not many agents will lie about it for personal gain for a few more dollars and risk getting nothing by scaring you away.
Brian
0 votes Thank Flag Link Sun Apr 19, 2009
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