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BUYER BEWARE - SELLER'S MARKET MAY HOLD YOUR OFFER HOSTAGE FOR DAYS
It seems because it's a seller's market, "listing" agents tends to take advantage of home buyers and hold your offer hostage to see if more bids will come in. Secondly, there are listing agents stating that there are other offers on the property that you made an offer on just to see if you will play the game of "raise your bid buyer." The listing agent will then send emails to home buyers to start the bidding wars and begin seeing how much you really want the property. Home buyers spend hours, days, and weeks looking for their next home, only to be faced with industry bidding games that interfere with a home buyers personal, and many times professional schedule. I'm not sure if this is common practice, however; I have learned that on a recent occasion, a listing agent withheld an offer from the seller, which he/she represented in order to entice the buyer to raise their offer by stating there were higher offers on the property already when if fact there were no other offers. Listing agents will hold your offers for days at a time before ever getting back with you. Buyers are left wondering whether or not their offer was accepted only to learn it was not. So the three days you took off work to look for your new home was wasted, cost you money and bled into your personal vacation time. Not a practice you want to have happen over an over when buying a home. In this market, the reality is, it's not when it will happen, it's how many times it will happen. Three days in which YOU the home buyer could have been looking for other property.
YOU DON'T HAVE TO PUT UP WITH IT!
While I fully have learned that this seems to be the status quo in a seller's market, you don't have to put up with it. When you want to put an offer on a property, tell your agent to contact the listing agent and tell them you will give them 24 hours to make a decision. If the listing agent comes back and says no, then the listing agent or the seller is not truly ready to sell. I have learned one one occasion that a listing agent wasn't communicating to a seller that an offer was made to see if more bids would come in which resulted in the buyer withdrawing their offer as a result of the games. To tell buyers and buyer's agents that there are other offers when in fact there were not when attempting to get the buyer to raise their bid, is not uncommon practice these days however unethical it may be. When a listing agent uses this practice, it's not only unprofessional to his/her potential customer, it's disrespectful to the home buyer to keep them lying in wait when they are giving the listing agent business. If a listing agent has any ethical sense of customer service, he/she should consider that home buyers will begin to take notice and refrain from looking at house that are listed with this agent and agency in hopes to avoid these kind of practices This practice will continue until home buyers take a stance to stop this practice. Purchasing a home is a very laborious task and interference like this practice is not productive for a home buyer with what little spare time people have today. In close, before placing your offer on a home, contact the listing agent before placing your offer and ask the listing agent that if you were to place an offer could he/she agree to a 24 hour response on a yeah or nay answer. Make sure you place that 24 hour response on your offer to keep everyone on the same page. We have all heard that you don't get out of life what you deserve, rather you get only what you negotiate. Good Luck home buyers!