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Old 10-02-2009, 09:39 AM
 
53 posts, read 113,087 times
Reputation: 55

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How do you know? I'm interested in a short sale that has been "approved" by the bank for sale. My agent spoke with selling agent who said the home had three other offers and gave a clue as to the dollar amounts. The home appraises out at $336 recently by the bank. The agent said that two other offers were just below this amount and the third was just above.

So how do we know this is even true? How do I know there are other offers? Could the agent just know the dollar amount a bank is likely to accept and using this as a tactic to get me to offer in that range?

I know most of you agents would never engage in such conduct, but you know this happens. So basically, to get the home I want, according to the selling agent, I will need to make an offer above the recent appraisal.
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Old 10-02-2009, 10:04 AM
 
Location: Tempe, Arizona
4,511 posts, read 11,921,580 times
Reputation: 2193
Quote:
Originally Posted by latergator2008 View Post
...So basically, to get the home I want, according to the selling agent, I will need to make an offer above the recent appraisal.
Not necessarily. It depends on all the terms, price being one. Your financing may be more solid, amount of down payment, cash if you can, closing date, inspection requirements, etc. The bank is looking for the best offer with the most chance of closing as soon as possible.
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Old 10-02-2009, 01:20 PM
 
Location: Barrington
45,851 posts, read 34,057,457 times
Reputation: 15318
There is no way to tell if the listing agent is blowing smoke or not.

Pricing significantly below area local area closed comps is a strategy being used to create excitement for the property and a multiple bid situation.

In other words the ask price on many short sales is often a gimick.
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Old 10-02-2009, 01:25 PM
 
Location: Fuquay Varina
4,565 posts, read 6,649,763 times
Reputation: 11320
Put your bid in on what you think the house is worth and what you can afford. Don't place a bid higher than you want to because you think someone else might be bidding also.
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Old 10-02-2009, 01:26 PM
 
Location: Salem, OR
14,013 posts, read 32,919,893 times
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I had a bank take $25,000 less for a cash offer. Terms matter. If the high bidder is FHA and you are not. You have a really good shot of getting the house with a lower offer.
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Old 10-02-2009, 02:02 PM
 
53 posts, read 113,087 times
Reputation: 55
Quote:
Originally Posted by middle-aged mom View Post
There is no way to tell if the listing agent is blowing smoke or not.

Pricing significantly below area local area closed comps is a strategy being used to create excitement for the property and a multiple bid situation.

In other words the ask price on many short sales is often a gimick.
A suit and subpoena takes care of that little issue and probably will rid the world from another seething, bottom feeding, unethical realtor.

Agent expresses mutiple offers. Agent expresses mutiple offers that are cash, when they are FHA. Agent indicates a dollar amount. If agent is lying and the buyer ends up lawyering up later on.........ooooooooooooops. There goes another career of easy money down the toilet.
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Old 10-02-2009, 02:09 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,921,580 times
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Quote:
Originally Posted by latergator2008 View Post
A suit and subpoena takes care of that little issue and probably will rid the world from another seething, bottom feeding, unethical realtor.

Agent expresses mutiple offers. Agent expresses mutiple offers that are cash, when they are FHA. Agent indicates a dollar amount. If agent is lying and the buyer ends up lawyering up later on.........ooooooooooooops. There goes another career of easy money down the toilet.
So you would sue every agent that indicates multiple offers on the off chance that some may be lying? I hope you have a ton of $ to finance those lawsuits and counter suits that would result. Of course, by your logic, all agents are unethical liers.
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Old 10-02-2009, 02:14 PM
 
53 posts, read 113,087 times
Reputation: 55
Quote:
Originally Posted by rjrcm View Post
So you would sue every agent that indicates multiple offers on the off chance that one may be lying? I hope you have a ton of $ to finance those lawsuits and counter suits that would result. Of course, by your logic, all agents are unethical liers.
By law in most states, all offers are required to be kept on file. Got that so far? A suit does not cost much to file with the subpoena granting access to the past offers. If they did not exist, then there is a major issue.

If you fail to see the seriousness here, then you are blind. A person might be inticed to over pay tens of thousands for a home based on false suggestions of offers with dollar amounts. This is against the law!

It also allows a selling agent to assure a sale, since he or she knows specifically what dollar amount the bank will move, or sit on a home. get a buyer to submit a higher offer through false information, assures the bank will accept the offer and they make their comission.

I do not believe most agents would engage in this conduct, but you do have to admit, it probably does happen.
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Old 10-02-2009, 02:20 PM
 
Location: Tempe, Arizona
4,511 posts, read 11,921,580 times
Reputation: 2193
Quote:
Originally Posted by latergator2008 View Post
By law in most states, all offers are required to be kept on file. ...
Don't know about most states, AZ only requires that accepted contracts be kept on file, not unaccepted offers.
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Old 10-02-2009, 02:33 PM
 
Location: Boise, ID
8,043 posts, read 23,730,195 times
Reputation: 9334
Quote:
Originally Posted by rjrcm View Post
Don't know about most states, AZ only requires that accepted contracts be kept on file, not unaccepted offers.
Same here in Idaho. A listing agent must only keep accepted contracts. The selling agent must keep all offers made, whether accepted or not, but not the listing agent.
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