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It's in the sellers best interest to not reveal multiple offers until ALL offers are on the table. Then there is a notification protocol to let everyone know about the other offers so every party has a chance to give it their best shot.
What? Do you know how much sense that doesn't make?
"Don't reveal ALL multiple offers until you receive ALL the multiple offers before revealing them."
Let's see if I get this right. A offer comes in on a Monday.. and the next day you get a second offer, but you're NOT going to reveal that fact to either party because.. well because "how do you know that you're NOT going to get a third offer the week after that.. and a fourth offer that next month"?
Of course, you also don't know if you'll receive a fifth or sixth offer seven or eight months after the first one. With all that being the case, why even reveal them at all considering you have NO idea what future offers are waiting for you to consider?
Never could understand the thinking of some people.
If a buyers agent calls and asks I will tell them the truth that there is one or more offers if my seller says OK. I might only tell them there is a lot of interest in the property and leave it at that.
But if an agent calls and says they are sending me an offer, I'll tell them Thank you bring it on. If at that time I tell them there may be 2 others we received last night, this could prevent them from submitting the offer. Their offer might be the best one and my seller would never see it.
Keep in mind I work for the seller in this situation, not the buyer. I do what my seller directs and if he instructs me to never reveal there are multiple offers then that is what I do. I do not want to cause any situation that prevents offers from coming his way or scares away a potential buyer.
Is that hard to understand ? Maybe you missed about the 1st 5 words of that post where I said.... It's in the sellers best interest.
Cowboy, your logic makes no sense except for this:
Quote:
Never could understand the thinking of some people.
NO.. I did NOT miss your first five words, ie: "In my sellers best interest". But then remember, you continued on saying: ".... to not reveal multiple offers until "ALL" offers are on the table."
The fact that you continued on with your statement by using the clarifying "ALL offers", I was trying to bring out the point that the word "ALL" would have to include those that could be brought forth in the future.
Now if you had said "ALL offers AT THAT TIME" (which at that point would have had a specificity to it), then I would have been able to interpret your post differently.. and thus we wouldn't have to have had some of these posts.
Now if you had said "ALL offers AT THAT TIME" (which at that point would have had a specificity to it), then I would have been able to interpret your post differently.. and thus we wouldn't have to have had some of these posts.
I believe most people here completely understood my point.
Well since it seems you are the only one posting that he meant offers until the end of time, most people reading here would conclude that you are in the minority that did not understand what he meant.
It is a message board and many times people need to read between the lines. Moderator cut: personal - off topic
Here's a simple R/E Seller/Agent scenario that not only shows/explains what I'm talking about.. but also proves my point.
1.) Seller requests Agent to reveal "ALL offers" on listed property.
2.) Seller receives first offer.
3.) Sellers Agent receives additional offers at a later time.
4.) Under what criteria and at what point are those other "(ALL) offers" revealed?
5.) After revealing #3 above (under criteria #4), how do you know you're NOT going to receive other "(ALL) offers" in the future?
Now the answers NOT brain surgery here people. It's a simple question.. with a simple answer. It's either 1.) After a specific period of time.. or 2.) After a predetermined number you'll reveal "ALL offers". It's that simple!!! Unless and until that fact is known, then the generalized phrase "ALL offers" becomes open ended. How can one NOT understand that?
It's an old topic, but can anyone give me any recommendations/comments?
It looks like our buyer's agent had a collusion with the seller to drive the price up. He rushed us into something that looked like a good deal. Then he called us, and told that there were multiple offers (true or not) which are quite higher, but if we increase the offer, the seller's agent his "friend, brother-in-law or whatever" will push the client to accept ours. We increased the offer to the one that looked like the market price, and it was immediately accepted. Then we learned (comps and multiple sources) that the market price was lower. We said we wanted to resubmit a lower offer, the seller agent trying to convince that the house is worth much more, ours just relaying this info to us. Shouldn't our agent at this point be offering to help us to resubmit another offer? Then they both asked us to drop the original offer, as the seller's agent wanted to proceed with another one. We said we wanted to resubmit a lower offer, but it looks like they have better ones. Our agent relayed to the seller that we were not interested in the house. The house is now listed for sale again. Our agent keeps asking if we want to make offers on other houses, or talk to him, any other help etc. My husband wants to make offers on other houses we viewed, with us dealing with market analysis and making decisions, and leaving this agent to do only the paperwork. The agent is very competent, only miscalculated us as suckers, and we don't trust him. I was quite straightforward with him, and it looks like he understood he might lose us. What kind of problems can we expect if we proceed in this manner? We've never been through the whole process before. If we get another agent, we cannot buy the properties we already viewed.
It's an old topic, but can anyone give me any recommendations/comments?
It looks like our buyer's agent had a collusion with the seller to drive the price up. He rushed us into something that looked like a good deal. Then he called us, and told that there were multiple offers (true or not) which are quite higher, but if we increase the offer, the seller's agent his "friend, brother-in-law or whatever" will push the client to accept ours. We increased the offer to the one that looked like the market price, and it was immediately accepted. Then we learned (comps and multiple sources) that the market price was lower. We said we wanted to resubmit a lower offer, the seller agent trying to convince that the house is worth much more, ours just relaying this info to us. Shouldn't our agent at this point be offering to help us to resubmit another offer? Then they both asked us to drop the original offer, as the seller's agent wanted to proceed with another one. We said we wanted to resubmit a lower offer, but it looks like they have better ones. Our agent relayed to the seller that we were not interested in the house. The house is now listed for sale again. Our agent keeps asking if we want to make offers on other houses, or talk to him, any other help etc. My husband wants to make offers on other houses we viewed, with us dealing with market analysis and making decisions, and leaving this agent to do only the paperwork. The agent is very competent, only miscalculated us as suckers, and we don't trust him. I was quite straightforward with him, and it looks like he understood he might lose us. What kind of problems can we expect if we proceed in this manner? We've never been through the whole process before. If we get another agent, we cannot buy the properties we already viewed.
I would have a talk with your agents broker. If what you are saying here is accurate I then it really looks as thought your agent is not looking out for your best interest and we do have an obligation to do that. Your agent can be told by his broker to release you from your buyers agreement if you feel you were not represented fairly.
An agent that is doing the job correctly will provide you with comps before you make an offer and if he/she is looking for suckers to take advantage of they shouldn't have the license. There is a code of ethics we are required to follow. He should be selling used cars.
Problems to expect? Possibly getting cheated again.
Your agent can be told by his broker to release you from your buyers agreement if you feel you were not represented fairly.
Our agent has a broker license, does it mean he owns the agency itself? I looked at the web site, usually they list their agents, but this one doesn't, he's probably the only one. We didn't sign any agreement with the agency, but we cannot buy the same houses with somebody else because he showed them first. Or could we? Who can release us from the procuring clause? What he did wasn't right at all.
The thing with the comps, he provided them initially, but they were kind of skewed towards more expensive properties. Looking at the map, he provided as comps houses concentrated in a small, probably more expensive area (far from the house in question). By accident, there was a very comparable house (almost a twin, but bigger) recently sold right next door, he didn't include it. When we told him about it, he started arguing that the house in question was nicer. The whole thing, looked like he was with the seller, rather then with us.
Another question, the agent brought us to a new development area, introduced to a builder's agent, and she showed us a couple of houses, he went with us. The houses were not on the list to be shown by our agent. Who would get the commission in this case? Can we contact directly the builder's agent, she gave us her business card.
Last edited by whiterabbit2; 11-05-2011 at 12:14 PM..
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In The Sellers Best Interest..
What Is The Correct Answer To...!!..?
