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Old 02-16-2012, 06:07 PM
 
16 posts, read 21,448 times
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Hi...I'm just wondering if anyone else has had the experience of having their "buyers' agent" (already an annoying "innovation" unique to this area in that they're required) contact a listing agent regarding an offer on a property, only to be told that just that day there's "another offer."



Really. It seems to be a suspicious norm, given that I've had it happen with different agencies, on properties that have been on the market for over 10 months and also those on for less than 1 month.

Quite the coincidence. I haven't decided whether the listing agents are lying or whether they're calling all their investor buddies and saying, "move quick or you will lose this property" --- which is legal but stinks.

I'm going to go complain to the realtors' board, but would love to first hear from others with similar experiences.

The first time it happened to me, I was encouraged to put in a "back-up" offer. (I passed, and the property with the so-called "accepted offer" is still on the market one month later.) This time I was pressured to put in an offer that very night, and make it my "best, final" offer or I would lose the place. It took 2 days for me to get in my offer and somehow this "other" offer has not preceded mine as the listing agent is graciously going to submit both offers "simulataneously." And there may now be a third offer. Are simultaneous offers normal here?

Thanks so much for sharing any similar experiences to draw on!
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Old 02-16-2012, 10:08 PM
 
Location: Phoenix, AZ > Raleigh, NC
15,094 posts, read 19,053,475 times
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Are you looking at short sales?

I'm not a realtor, and I'm much more familiar with the market in AZ than NC. But in AZ the scenario you stated has become commonplace for short sales. Right now, A shortsale in a good neighborhood that is in good condition will go quickly, with 3-7 backup offers.
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Old 02-17-2012, 03:14 AM
 
Location: Morehead City, NC
1,676 posts, read 5,360,577 times
Reputation: 1245
Dixiedoxie,
I am a licensed NC real estate broker and an accredited buyers broker. I do not actively seek clients anymore.
First-It is not a requirement to be represented by a buyer's broker. You can go it alone.
There are certain markets-like the New Bern Market (I have found through experience) that the selling agent will almost always say they just got another offer from someone else when you express any interest in their listing. You can't prove if they do or not but after many years of always having the same markets give the same response.................
Bill Hitchcock
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Old 02-17-2012, 04:11 AM
 
Location: Greenville, NC
2,078 posts, read 5,046,220 times
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In North Carolina you are at the whim and wimsey of whatever policy your local RE agent feels is appropriate. My sellers agent turned down the opportunity to get a backup offer. When I called to complain my agent told me it was considered unethical to get a backup offer. Huh?
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Old 02-17-2012, 05:44 AM
 
Location: Swansboro, NC
107 posts, read 215,354 times
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A lising agent is bound to present any and all offers to a seller. Backup offers happen frequently especially on very desirable properties that are either a good value or location. If you want to put in a backup offer, your buyers agent should prepare it. If they do not. Maybe you need another agent.
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Old 02-17-2012, 07:46 AM
 
Location: Sneads Ferry, NC
11,266 posts, read 19,818,967 times
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Quote:
Originally Posted by Bill Hitchcock View Post
There are certain markets-like the New Bern Market (I have found through experience) that the selling agent will almost always say they just got another offer from someone else when you express any interest in their listing.
Bill- What is the point of a lie like that? Do they want to keep all the commission? Are they trying to get a better offer out of you?
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Old 02-17-2012, 09:22 AM
 
16 posts, read 21,448 times
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I believe Bill, goldenage, and yes, I was given a very hard sell to raise my offer, and give my "best, final" offer.

I will find out more as this unfolds, but I was strongarmed by more than one's buyer's agents to "sign" with them, and they definitely make it sound as if this is the only way you can work. Plus many won't work with you if you've been with another agent. This is a horrendous situation for buyers, because then we're waiting on one person to show us the properties we want to see, we only get the benefit of one person's perspective, and we can't really make a choice after going out with more than one agent.

I'm sure they believe the system is beneficial to buyers---they have to--- but it's not.
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Old 02-17-2012, 09:27 AM
 
Location: New Jersey
784 posts, read 1,636,719 times
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Dear Dixie... being real for just a moment.....

the realtors believe that "system" is beneficial to the buyer just like the politicians in Washington believe THEY are acting in OUR best interest..... clearly it is NOT the case in either situation ...... if it acts like a duck.....!!
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Old 02-17-2012, 09:32 AM
 
16 posts, read 21,448 times
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Quote:
Originally Posted by CrystalCoastHost View Post
A lising agent is bound to present any and all offers to a seller. Backup offers happen frequently especially on very desirable properties that are either a good value or location. If you want to put in a backup offer, your buyers agent should prepare it. If they do not. Maybe you need another agent.
Exactly, CrystalCoastHost. The listing agent is bound to the seller to present any offers. So why, when I was about to make an offer was I told to get it in that very night because another buyer was also making an offer that very day...and then it took the entire next day to get all my info in for the offer. So, what happened to this sudden other offer? Mine is not being called a "back-up" offer. I was told the offers (including possibly a third offer) were being presented simultaneously?

I sill think the minute the listing agent heard an offer was coming in he called all his investor buddies and said, bring your "best, final" offer now because we're presenting an offer to the bank on this property.

As I mentioned, legal...but stinks for someone looking for her own place to have to compete in such an unlevel playing field.
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Old 02-17-2012, 09:37 AM
 
Location: New Jersey
784 posts, read 1,636,719 times
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As I said... welcome to the real world..... is it right ? Of course not, but it IS the reality.
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