I've presented an offer for purchase of a single family home. The Owner advised of interested buyers

Asked by Jj, New York, NY Sat Feb 2, 2008

considering purchase. Subsequently, the Seller's Agent response is that the Seller just recieved a bid closer to the asking price. While I am interested in presenting an alternate bid, Is the Agent obligated to communicate the bid ? Or, do you have suggestions on how to best approach a counter-bid?

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8
Bill Eckler, Agent, Venice, FL
Sat Feb 2, 2008
I agree with previous responders and would suggest that you provide notice of your initial offer being your "final offer" and let the chips fall where they may.... Unless of course, you have to have this house....and then price is no object.
1 vote
Jesse C. Tur…, , 94939
Sat Feb 2, 2008
I agree with both Gail and Tom. In this market there are plenty of opportunities for great homes out there without having to get involved in a bidding war. This isn't 2005 any longer...you are in the driver seat this year.
1 vote
Gail Gladsto…, Agent, 11743, NY
Sat Feb 2, 2008
It is against our Code of Ethics to divulge the amount of an offer.

Do not get caught up in emotional bidding. Think very carefully about what you believe living in this home is worth to you. Do not bid beyond your ability to enjoy the home and still have a life.

It is sometimes helpful to have a Realtor who is representing your best interests, who can help you through a bidding process and also run market comps for you on the home of interest.
Web Reference:  http://GailGladstone.com
1 vote
dploves2sell…, Agent, Woodbury, NY
Tue Feb 24, 2015
It is a violation of The Code of Ethics to say what the offer is. Whether or not it is the asking price, you need to present your best and final offer. Sometimes this may be above the list price depending on the circumstances. Make sure you think carefully and go over all of your finances.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Mon Dec 31, 2012
The listing agent should present ALL offfers received until one is accepted.

Give your best and final offer if you decide to change your original offer.

Do not be afraid of investors. Many sellers prefer to sale their home to a family. I recently closed a deal where the seller was very firm on wanting to sale their home to a family who would live in it and cherish it as she did.

Best of luck to you!

Kawain Payne, Realtor
0 votes
Jerry Cibuls…, Agent, Southold, NY
Thu Dec 10, 2009
New York State license law requires the agent representing the seller to present all offers. Including the time the home may be under contract unless advised otherwise by the seller. If you are looking to purchase a home that has other offers on the table, you may be interested in working with an agent in a buyers agent capacity. It is the terms and structure of an offer that is important to the transaction. The quality in which that information is conveyed can make a dramitic difference in the final outcome. Do your research on working with a qualified agent that is going to help you achieve your real estate goals.
0 votes
Joan Bischoff…, Agent, Southold, NY
Fri Oct 17, 2008
Hi Buyer,

Allow me t explain something - I don't know if you are still looking to purchase a home...
The sellers agent is working for the seller -duh- and would like to get as much money as possible for his client's home. He or she is not obligated to tell you the amount of competing offers , it wouldn't be fair to the other offers.... You -from the seller's perspective- should just make the best offer you are able and willing to make. this way the highest offer is made, not just one a little above the next best one..Consider yourself selling a home - you would want the same thing.

And I echo the sentiment you should really work with a buyers agent who represents YOUR interests! We just started a firm and are especially looking for buyer clients like yourself, working for the best interest of the buyers!

thanks, JOAN BISCHOFF!
0 votes
;, , Riverhead, NY
Sun Feb 17, 2008
While the selling agent is obligated to present ALL offers to the seller, it might behoove you to get a buyers agent that will be with the seller's agent when the offer is presented (as is the right of a buyer's agent in New York).
Web Reference:  http://optionsrealty.com
0 votes
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