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I would consider disclosing such an offer only if it was pretty sound. Then why not?
In general I would tend to believe such disclosures. RE Agents may mislead but they don't generally lie. There may, for instance, be other conditions to the high offer that the agent is not disclosing. Or it may be financed and subject to an appraisal.
If an offer appears too good to be true it probably is. So you counter with a big EMD and an early forfeiture and see what happens.
Legally, the agents cannot disclose offers, even accepted ones. We went through this just recently. Many times, a realtor doesn't know the price until it is public knowledge.
Legally, the agents cannot disclose offers, even accepted ones. We went through this just recently. Many times, a realtor doesn't know the price until it is public knowledge.
Sounds fishy and like a scam to me.
Ahhh Bull. With seller permission the listing agent can disclose anything. And permission is seldom hard to get.
You can often get a hint if not the exact number when asking for comp reasons. "Got over list." for instance.
My agent says the house is not worth the list price based on comps but the market supply of homes here is very low.
Quote:
Originally Posted by FalconheadWest
Everything is about supply and demand. If the supply of homes is "very low" like you state, then the house is still worth what someone is willing to pay for it with not allowing another buyer to buy it. Market demands what it demands.
But it still has to appraise (if financed, of course). If the $25K puts it well above market, then make your market offer and let the cards fall where they may. Do you want to pay more than the home is worth?
Legally, the agents cannot disclose offers, even accepted ones. We went through this just recently. Many times, a realtor doesn't know the price until it is public knowledge.
Sounds fishy and like a scam to me.
If the seller authorizes the disclosure, he most certainly can, at least in my market, and I believe just about everywhere. In some cases, it might even be the seller calling the shot, thinking that such a disclosure will cause the second buyer to come in above that price.
I was going to put an offer in on a house this morning when my agent called to inform me that the seller's agent said they received an offer that was $25k above the list. I've never had this happen before and am surprised the agent told us this. Can I assume that this information is reliable?
NO, Realtors lie to up their commissions. Pay what YOU are comfortable with, and not what an RE tells you too! The mortgage does not come out of the RE's pocket, it comes out of yours, and if you're not careful you may loose your home to foreclosure should something happen to your job.
People need to pay what they can afford, and not what some inconsiderate seller/realtor thinks they should. This is how they drove the market up back in 2006....I don't think we want THAT to happen again do we?
Remember if the floors suck they can be changed, and so forth, the mortgage can't be changed once you take one out.
NO, Realtors lie to up their commissions. Pay what YOU are comfortable with, and not what an RE tells you too! The mortgage does not come out of the RE's pocket, it comes out of yours, and if you're not careful you may loose your home to foreclosure should something happen to your job.
People need to pay what they can afford, and not what some inconsiderate seller/realtor thinks they should. This is how they drove the market up back in 2006....I don't think we want THAT to happen again do we?
Remember if the floors suck they can be changed, and so forth, the mortgage can't be changed once you take one out.
The listing agents job is to get the sellers house sold for the most amount of money, and/or best terms.
Which of the following would you prefer if you were selling your home?
Prefer that the listing agent would get the most money for your home? or
Prefer that the listing agent sell it very low so you don't have buyers pay more than they can afford and you won't drive the market back up?
I would price the house for what it is really worth, and not inflate the price to create useless bidding wars. Which is exactly what we did when we sold our last house back in 2005.
Quote:
Originally Posted by Captain Bill
The listing agents job is to get the sellers house sold for the most amount of money, and/or best terms.
Which of the following would you prefer if you were selling your home?
Prefer that the listing agent would get the most money for your home? or
Prefer that the listing agent sell it very low so you don't have buyers pay more than they can afford and you won't drive the market back up?
[quote=algia10;27307589]NO, Realtors lie to up their commissions. [quote]
That's just silly. Do the math. The extra commission (net to the listing agent) for an extra $25K isn't enough to make a difference to the realtor. It's our job to help the seller get the best price possible, given the value of the house which we cannot change.
It's funny, when it's the other way around, people complain that the listing agent is trying to lower the price to get a quick sale. It's not the realtor that sets the price. It's the seller that sets the list price, and the market that determines the sales price.
Here, it's completely legal to disclose other offers unless the seller says no, or the seller signs a non-disclosure agreement with the buyer before the offer is submitted.
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