Most Realtors are both honest and ethical. I wonâ€™t say most are stellar, dynamic, or outstanding in knowledge or going the extra mile. Only a few fit that bill. Most, however, give you a straight answer about what they know.
Yes, I have dealt with a handful of Realtors who pulled, or attempted to pull a fast one.
The odds are that if a Realtor tells you there are multiple offers, there really are multiple offers. As a listing agent, when asked, I will identify whether I have offer in hand, or a verbal indication of one to come. I also add the disclaimer, â€œWho knows if the promise of such will materialize. It mayâ€¦or may not.â€ I donâ€™t want to tell another agent that I am getting another offer for sure, because too often, the written copy never arrives. I also donâ€™t withhold info about possible offers, because sure as the sun comes up, that one will show up 15 minutes after I finish talking to the other agent.
There are agents, and buyers, who disassociate with a property as soon as there is an offer, because they donâ€™t want to get into a bid war. Who knows if the offer in hand is any good? I encourage all to submit their offer anyway. Donâ€™t avoid putting in an offer because one is already thereâ€¦..it might be low, it might have a contingency, or be weak in some other capacity. The sellers agent canâ€™t tell you an offer is weakâ€¦..so, you donâ€™t know.
For buyers, determine what a property is worth to you, and know your walk away number. Make your offer and it does not work, be willing to say, â€œnext.â€
For buyers, donâ€™t assume that the presence of another offer is a reason to walk away without making your offer. Donâ€™t let the frenzy of multiple offers force you into auction style bidding beyond the value you perceive in a property.
For buyers, donâ€™t assume that Realtor is fabricating or imagining other offers. I have been in several situations in the last year involving multiple offers. More than likely, the Realtor is telling the truth.
Deborah Madey - Broker
Peninsula Realty Group