Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
How can you tell for sure if a house has an offer and its not just a trick to get you to offer more? I'm not asking for a specific house, I'm asking in general.
House listed for a long period of time, no more open houses - you make bid, suddenly lo and behold there's another offer on the table - that's a trick.
No sure way to really tell, that's why real estate has such a bad rep - no transparency!
The listing agent should be forthcoming in the truth, if there is in fact an offer on the table. The only way a house shows a change in MLS status is if it goes into contract ( with an accepted offer ) and the listing agent will update the listing with "pending" , "in contract" or "sale pending". Sometimes once the property is in contract the home gets taken out of MLS completely.
I disagree with the comment that there might be some indiscretion if the agent says there is an offer but the home has been on the market for several days. There are many short sale and foreclosure listings on the market in LI - you need to check the MLS and see if it is marked s "short sale" or "REO". In the case of a short sale, the house may be on the market for an insane amount of time and offers are sitting on someone's desk at the bank pending approval for the short sale ( which is tends to be a long process for the most part). Then you come along and want to submit an offer as well...and there ARE in fact other offers on the property waiting bank approval. Same with a REO...the bank may be holding out for a time to see multiple offers on an REO so that they get the best number. In both cases you would want to go in with your best offer if you are really in love with the property.
Bottomline, the property is worth what someone is willing to pay for it. You are going to decide what the property is worth to you. If it is a regular sale go in under what you think the property is worth and if the seller wants to entertain your offer you will counter back and forth with them until you both agree on a price. If the other offer is better the seller may go with it. It doesn't matter if there is a "fake offer" on the table or not, as long as you stick to buying at a price that you think it is worth.
How can you tell for sure if a house has an offer and its not just a trick to get you to offer more? I'm not asking for a specific house, I'm asking in general.
I think if you make an offer, and the realitor gets back to you, the house never had an offer on it!
I called a RE agent Sunday to ssee a house and was told there are several offers on it, so I said "Thanks" and went to hang up. She stopped me and asked if I want to see the house. I said, "Why? You have offers"
She stammered and tried backtalking. I mean, if you're gonna lie, at least get good at it.
I had an accepted offer on a house almost 3 weeks ago. After inspection and a round or two between lawyers making revisions on contracts, we are still not signed. So, at times it just takes a couple of weeks. I see how it can lead to suspicion though.
I think if you make an offer, and the realitor gets back to you, the house never had an offer on it!
I called a RE agent Sunday to ssee a house and was told there are several offers on it, so I said "Thanks" and went to hang up. She stopped me and asked if I want to see the house. I said, "Why? You have offers"
She stammered and tried backtalking. I mean, if you're gonna lie, at least get good at it.
Your first statement isn't true as a blanket statement. A house can have multiple offers on it presented to the seller at one time. Agents will continue to show houses sometimes with accepted offers because the home is not technically off the market until the property is "in contract". A home could have an accepted offer but then a few days later another person comes in with a better offer and the seller can choose to go with that offer or ask the first buyer to move their price in line with the second offer. The seller will choose which one he/she will entertain based on different criteria that makes the seller comfortable - i.e. who has a pre-approval letter, who has less contingencies, etc. An agent will actually WANT multiple offers on a house...that's a good thing...especially in today's market where many buyers have trouble obtaining financing and the contract could fall through.
Some agents might try and psych you out to get in "frenzy" mode to buy a property by saying it is hot with offers. But if you stick to purchasing a property at what you think it is worth this doesn't become a problem.
Your first statement isn't true as a blanket statement. A house can have multiple offers on it presented to the seller at one time. Agents will continue to show houses sometimes with accepted offers because the home is not technically off the market until the property is "in contract". A home could have an accepted offer but then a few days later another person comes in with a better offer and the seller can choose to go with that offer or ask the first buyer to move their price in line with the second offer. The seller will choose which one he/she will entertain based on different criteria that makes the seller comfortable - i.e. who has a pre-approval letter, who has less contingencies, etc. An agent will actually WANT multiple offers on a house...that's a good thing...especially in today's market where many buyers have trouble obtaining financing and the contract could fall through.
Some agents might try and psych you out to get in "frenzy" mode to buy a property by saying it is hot with offers. But if you stick to purchasing a property at what you think it is worth this doesn't become a problem.
I looked at a foreclosure a few months ago. The house was pretty much gutted. The RE agent said, "I have several full asking offers". I laughed. My wife laughed. The agent grimmaced. Of course, the house is still sitting there.
I looked at a foreclosure a few months ago. The house was pretty much gutted. The RE agent said, "I have several full asking offers". I laughed. My wife laughed. The agent grimmaced. Of course, the house is still sitting there.
1. Good example of why to have a buyer's agent.
2. Doesn't really matter that the agent said "we have several full price offers" because you and your wife weren't willing to pay that amount for it ( I'm assuming because you say you laughed).
Unethical business will exist...that's why people need to be informed consumers.
The listing agent should be forthcoming in the truth, if there is in fact an offer on the table. The only way a house shows a change in MLS status is if it goes into contract ( with an accepted offer ) and the listing agent will update the listing with "pending" , "in contract" or "sale pending". Sometimes once the property is in contract the home gets taken out of MLS completely.
.
Only for the public and if your RE puts you on Listingbook, you can continue to see what is happening to the property.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I said, "Why? You have offers"
