Asked by Jeff, Livonia, MI • Wed Mar 16, 2011
A few weeks ago, I was working with a client (buyer) who submitted an offer for a bank-owned house. He offered a price lower than the asking price, and the bank came back with a counter-offer. My client countered a couple thousand dollars below the bank's counteroffer, then the listing agent came back with a "highest and best" request, saying that there were multiple offers. My client decided not to make another offer, and then later the listing agent said that the other buyer backed out too.
I am really wondering if there actually was a second offer, or if it was a bunch of BS by the listing agent to try to get more money out of my client than he was actually willing to pay. If this is the case, is it illegal for a listing agent to request highest & best for a multiple offer that doesn't actually exist?
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