A question about "multiple offers" (Charlotte: real estate, broker)

[pink caddy]

I'v asked this question in the real estate forum but did not get any responses.
Perhaps I can get a qualified answer from realtors on board.

When there are (supposedly) multi-offers on a property, and one is asked for their "their highest and best" offer, what information (in Charlotte N.C.) is the broker w/the multiple offers required to give? Can one ask what the offers are? Contingencies?

Second part:One poster in the real estate forum stated that in NJ the competing broker must show the contract, if asked, that was entered into if your bid should not be accepted. At least, that's the way I understood it. Does that practice sound correct for Charlotte? I would imagine that any actions by agents or brokers to mislead bidders by saying there are "multiple bids" would be punishable by a fine or suspension?

TIA
je

[Charlottean]

Not required to give any information. When there are 2 or more offers, we are supposed to post the information in MLS with a deadline and notify all parties for "highest and best" to be submitted by.

The seller can allow the listing agent to reveal some information but typically that doesn't happen.

[Belmarin]

The listing agent cannot reveal any of the terms of the offers without the consent of ALL the offering (buyers) parties involved in the transaction. This permission must be in writing.

[pink caddy]

Thank you both for your answers. I'm still troubled by the fact that the higher offer they have in hand could not be bettered by revealing to another bidder that "I have $xxx are you interested in placing a higher bid"? Wouldn't that be part and parcel of getting the best possible deal for the seller??

Pls. excuse me if I am failing to see the logic about the current system. If it was a sealed auction bid process I would understand it but without specifying it is that type of bidding procedure, I just don't get how it helps the seller.Case in point is that I have lost houses that I would have paid the seller more for if given the opp. to bid again against a revealed offer.

John

[Metallisteve]

I know you're in a different ball game than the typical home buyer John, but this is why the best advice I got while buying our first home was to ask myself: "Do I like this house?" If the answer is yes, then bid/make an offer like it! If the answer is anything other than yes, then you shouldn't be there! In other words, don't screw around with low balling. It does nothing but bad things...creates animosity between the seller and buyer, reduces and/or eliminates any good will the seller may offer to the buyer (e.g. as simple as cleaning the house when they move out), and puts unnecessary risk into your bid process (meaning someone could come knock your bid out of contention with a "normal" bid). Of course this is a delicate line to walk between overpaying and just paying a fair price.

As I said, John, I know you're in the wheeling-and-dealing market for real estate and not necessarily looking for a home to buy, rather you're looking to turn a profit which requires a low purchase price. In that case, my logic doesn't work (at least not optimally). But I thought I'd throw it out there for the folks who may be reading this and looking to buy a home.

[pink caddy]

Originally Posted by Metallisteve

I know you're in a different ball game than the typical home buyer John, but this is why the best advice I got while buying our first home was to ask myself: "Do I like this house?" If the answer is yes, then bid/make an offer like it! If the answer is anything other than yes, then you shouldn't be there! In other words, don't screw around with low balling. It does nothing but bad things...creates animosity between the seller and buyer, reduces and/or eliminates any good will the seller may offer to the buyer (e.g. as simple as cleaning the house when they move out), and puts unnecessary risk into your bid process (meaning someone could come knock your bid out of contention with a "normal" bid). Of course this is a delicate line to walk between overpaying and just paying a fair price.

As I said, John, I know you're in the wheeling-and-dealing market for real estate and not necessarily looking for a home to buy, rather you're looking to turn a profit which requires a low purchase price. In that case, my logic doesn't work (at least not optimally). But I thought I'd throw it out there for the folks who may be reading this and looking to buy a home.

I agree w/you 100% about a "regular" person buying a home. There are too many homes out there to buy so why chase?

In fact, my question is more of knowing what the rules of the game are.Not me chasing. Remember, I'm in the same boat...plenty of houses for me to buy. Absolutey no reason for me to chase but wanted to know if we're all playing with the same rules.

Now, you'll probably ask if I think we're all playing by the same rules as far as disclosures. You prolly know enough about me to answer that question. LOL.

John

[gkleoni1]

Personally if I actually had multiple offers I would glad disclose information. Seems to me it would get to ball rolling much faster & keep all potential buyers interested instead of losing them to the next house. It just is not a sellers market right now & for a seller to pretend otherwise is kind of stupid.

[pink caddy]

Originally Posted by gkleoni1

Personally if I actually had multiple offers I would glad disclose information. Seems to me it would get to ball rolling much faster & keep all potential buyers interested instead of losing them to the next house. It just is not a sellers market right now & for a seller to pretend otherwise is kind of stupid.

Exactly my point and the reason for my post and confusion. I just don't get it.

[gkleoni1]

Originally Posted by johne482

Exactly my point and the reason for my post and confusion. I just don't get it.

Well John you are welcomed to come make an offer on my house & I will tell you anything you want to know down to my shoe size!

[south.charlotte&union]

As Belmarin said, rule is you need permission to disclose. It is not always a good strategy -- there have been situations where buyers do not want to be in what they think is a bidding war, and then drop out. Never had both drop out though, thankfully