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Old 02-13-2008, 07:10 PM
 
69,368 posts, read 63,880,475 times
Reputation: 9383

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Quote:
Originally Posted by olecapt View Post
Nice neat clean little deal. Nothing big. Showed a client who we have worked with before a set of houses on Sunday and made an offer Monday AM. Squeezed a little but not a lot. Sent it to the sellers agent noon on Monday with a response by Tuesday close of business.

Bug the agent a little Tuesday in the early PM. Staff claims it is in the pipeline. Request a call from the agent. Get call. Claims clients are in afternoon long neighborhood thing but that he will run them down and get a response this evening.

Finally at 8pm we get the response. They buy the price...minor change to the seller paid costs and some admin details. Goody - we are there...

But...right at the end...a multiple offer clause. Basically that says the seller must again approve an accepted counter before it sticks...

Sheeet....The way I read it is the sellers agent stalled to get another offer in and then hit both potential buyers with a counter based on our offer. Told me the counter to both was the same. So basically he has given the other buyer an opportunity to top our bid. Or we can top our own bid.

What do you say? Fair tactic? All is fair in love and RE? If the offer came from his office I will certainly go after him for failing to present the offer in a timely fashion. However I have reason to suspect the offer came from my office.

Is he guilty of an ethical violation which made his client more money?

What would you do in my shoes? Meet the clients at 8:30 and have to explain to them how the deal has gone weird. I see the choices as ..

Counter all changes out.
Hold...sign the counter
New counter up $1.
New counter up $x000.

And of course walk..."we don't play silly games"

Client however wants the house.
I just had a similar action happen to me. Property sat vacant, on the market for 2 1/2 years.. (no joke).. The day I put an offer in, 4 other offers come in. My offer was a no questions, as is, write the check, cash out the door offer, others were contingent upon financing, selling other property etc.

I itold them I was not playing games and walked. Other deal fell through, house back on the market.. I've moved to other deals. They lose..
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Old 02-13-2008, 07:17 PM
 
276 posts, read 1,453,631 times
Reputation: 165
Quote:
Originally Posted by AnthonyB View Post
Is the sellers agent from Jersey? That is standard practice here - plus plenty of "phantom buyers" always appear at the last minute (on houses which haven't had bids in months). It appeared to work in 2005 (on idiots), not working so well these days, quite a few sellers have lost decent deals recently with this game playing.
Buyers should be willing to walk and not be pushed around, especially when there are a ton of properties in the market.
That's interesting. I'm in NJ, and I'll admit, we were those idiots who bought into the whole "put your best and final number on the table, there are multiple offers". This was in Dec 2003. The house had been on the market for 9 months and was a dump! We asked our realtor if she thought this was true and she told us it must be, since the other realtor could lose her license and face heavy fines for lying.

I subsequently did an informal poll of some friends who bought in the area between 2000 and 2006. Out of 16 buyers, 14 were all told "multiple offers on the table, give us your best and final number". Now I'll grant you most of that time was in a seller's market, but I will not believe all of these homes had multiple offers. As a realtor, why wouldn't you do this, knowing there is virtually no way you could get caught?
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Old 02-13-2008, 07:17 PM
 
Location: Sputnik Planitia
7,826 posts, read 11,726,444 times
Reputation: 9044
multiple offers in Las Vegas? Not sure why the buyers would do that considering the amount of inventory out there and Las Vegas being Foreclosure Ground Zero! It definitely seems they are ignorant of market conditions but as a RE can you explain why you haven't advised the buyer to tell the seller to stuff it and walk because there are 100s of other houses to see? Is this house somehow one of a kind and unique??
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Old 02-13-2008, 07:45 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,079,873 times
Reputation: 2661
Quote:
Originally Posted by k374 View Post
multiple offers in Las Vegas? Not sure why the buyers would do that considering the amount of inventory out there and Las Vegas being Foreclosure Ground Zero! It definitely seems they are ignorant of market conditions but as a RE can you explain why you haven't advised the buyer to tell the seller to stuff it and walk because there are 100s of other houses to see? Is this house somehow one of a kind and unique??
Well it might be because we know that, with the buyers specifications, there are two other homes available both likely more costly than the one in question. Odds of successful deal just went from eight out of ten to one out of ten.

These buyers know pretty precisely what they want...as do most buyers we deal with.

Even working an inverstor who simply wants a good deal you end up with two or three houses reasonably quickly.
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Old 02-13-2008, 09:46 PM
 
Location: Barrington
63,919 posts, read 46,487,374 times
Reputation: 20674
Quote:
Originally Posted by AnthonyB View Post
Is the sellers agent from Jersey? That is standard practice here - plus plenty of "phantom buyers" always appear at the last minute (on houses which haven't had bids in months). It appeared to work in 2005 (on idiots), not working so well these days, quite a few sellers have lost decent deals recently with this game playing.
Buyers should be willing to walk and not be pushed around, especially when there are a ton of properties in the market.
This is what my gut is screaming.
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Old 02-14-2008, 10:40 AM
 
Location: NJ
2,210 posts, read 7,010,247 times
Reputation: 2193
Quote:
Originally Posted by kristin1 View Post
That's interesting. I'm in NJ, and I'll admit, we were those idiots who bought into the whole "put your best and final number on the table, there are multiple offers". This was in Dec 2003. The house had been on the market for 9 months and was a dump! We asked our realtor if she thought this was true and she told us it must be, since the other realtor could lose her license and face heavy fines for lying.

I subsequently did an informal poll of some friends who bought in the area between 2000 and 2006. Out of 16 buyers, 14 were all told "multiple offers on the table, give us your best and final number". Now I'll grant you most of that time was in a seller's market, but I will not believe all of these homes had multiple offers. As a realtor, why wouldn't you do this, knowing there is virtually no way you could get caught?
You're not an idiot. It was a rushed market and realtors played it to the hilt. Only if you are a suspicious B*&%$rd like me will you notice that it happened ALL the time and on the most unlikely properties. It worked for the sellers and realtors, why worry about ethics?

My pleasure now comes from seeing these exact same realtors now get badly burned as they appear to be one trick ponies who didn't realize that the market changed in timely fashion and change their pitch. Pity for the sellers using them who are watching their properties chase the market down in confusion.
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Old 02-16-2008, 11:11 PM
 
Location: Knoxville
1,155 posts, read 3,376,557 times
Reputation: 372
According to you later findings, by the house selling for under you offer, then it seems you have a gripe or beef with that agent. Once they went past the time limit, then you should have walked. There are bad apples in all walks of life, and beware the next time you have to deal with that agent.
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