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So as you may have seen in my other thread, my house that I wanted sold. So the realtor (the listing agent of the house), who I think breached her fiduciary to the seller by not calling me when she had an offer on the house when she knew I was an interested buyer, told me about ANOTHER house in the same neighborhood and is encouraging me to make a backup because it's under contract. The contingency expires tomorrow and I feel certain based on the timeline, it was the inspection contingency. She is able to neither confirm or deny this. She spoke with the selling agent who says although this was a multiple offer situation, they accepted no backup offers and if we put one in now, we would be first in line. We asked what was to prevent the seller from going back to the other buyers to ask for bids if there were so many bids. But they didn't. She is really pushing us to make a back up offer so I guess she knows the deal won't go through. (She is the selling agent on this house, so she KNOWS what they are haggling over). Ethics violation here?
Anyway, my question is, does it seem like maybe they found something substantial in the inspection? Because if the buyer really wanted this house and there were multiple offers, why would they walk away unless it was something significant? I know they could have gotten cold feet, realized they overpaid, etc....but something just doesn't add up here to me.
My first thought is the best reason to have a back up offer is to put leverage on the first buyer to not make any inspection requests.
They can simply tell the first buyer no on everything they ask for because they know they have you waiting in the wings.
I have requested backup offers and I’ve been a back up offer. There’s nothing unethical about what she’s doing, necessarily... But It is most likely to benefit her client and not you.
I think in this situation if you don’t think there’s other back ups and you do think they are falling apart over some inspection issue... It doesn’t really hurt to do it, but you can also tell her that if that negotiation falls apart you could have an offer to her in an hour. She wouldn’t quite have you to use to pressure the other buyer and you wouldn’t be committed if you’re still looking.
That’s my first thoughts knowing this much about the situation though!
So as you may have seen in my other thread, my house that I wanted sold. So the realtor (the listing agent of the house), who I think breached her fiduciary to the seller by not calling me when she had an offer on the house when she knew I was an interested buyer, told me about ANOTHER house in the same neighborhood and is encouraging me to make a backup because it's under contract. The contingency expires tomorrow and I feel certain based on the timeline, it was the inspection contingency. She is able to neither confirm or deny this. She spoke with the selling agent who says although this was a multiple offer situation, they accepted no backup offers and if we put one in now, we would be first in line. We asked what was to prevent the seller from going back to the other buyers to ask for bids if there were so many bids. But they didn't. She is really pushing us to make a back up offer so I guess she knows the deal won't go through. (She is the selling agent on this house, so she KNOWS what they are haggling over). Ethics violation here?
Anyway, my question is, does it seem like maybe they found something substantial in the inspection? Because if the buyer really wanted this house and there were multiple offers, why would they walk away unless it was something significant? I know they could have gotten cold feet, realized they overpaid, etc....but something just doesn't add up here to me.
Thoughts?
In this market, if you sit on the sidelines, you will lose. In this case the listing agent obviously had a good offer that the seller accepted. I don't believe she was obligated in any way to reach out to someone kicking tires. If you like a house, put in an offer.
In this market, if you sit on the sidelines, you will lose. In this case the listing agent obviously had a good offer that the seller accepted. I don't believe she was obligated in any way to reach out to someone kicking tires. If you like a house, put in an offer.
We weren't 'kicking the tires'. We were there at an open house on a Sunday. Came back for a second showing on Monday. We toured the school on Tuesday and it went under contract Wed night.
We weren't 'kicking the tires'. We were there at an open house on a Sunday. Came back for a second showing on Monday. We toured the school on Tuesday and it went under contract Wed night.
I know every market is different, but I am curious about why you didn’t put an offer on Tuesday? Where I live you wouldn’t have the luxury of taking time to check out the schools. If there is an open house the majority of the time you need to be prepared to out an offer in the night of the open house. Even the market I’m buying in which is a sellers market, but not as crazy, if you want time to think then there is an extremely high chance someone else will beat you to the punch.
We weren't 'kicking the tires'. We were there at an open house on a Sunday. Came back for a second showing on Monday. We toured the school on Tuesday and it went under contract Wed night.
I have no idea where in the country you are house hunting. However, it seems to be a pretty universal truth nationwide that houses are selling quickly. In my market, it would have been under contract Sunday or Monday or likely even sooner if showings are not delayed or a deadline set for offers.
Your agent should be acclimating you to the realities of the market. If they're not, then perhaps you've hired the wrong person to represent you.
As for why weren't you notified that they had an offer . . . I'm sorry but that's just not going to happen. Every single buyer (without fail) who's ever said to me "please let me know if you get an offer!!" upon being alerted to the presence of an offer has always responded basically with "OK I'm not interested." If you really like a house then you make an offer within the timeframe the market allows. If you don't know what that is then you need to find someone who can help you be an informed buyer.
I always tell my clients "sure you can wait to make an offer but waiting around just gives someone else time to make an offer." This is true even in a buyer's market. I've had to deal with multiple offers even when houses would typically sit on the market for a month. So make a smart decision but make a quick decision. People who need 2-3 days to "think about it" or to do research on to the Nth degree do not do well in this type of market. Decisive people are ruling the day right now.
I know every market is different, but I am curious about why you didn’t put an offer on Tuesday? Where I live you wouldn’t have the luxury of taking time to check out the schools. If there is an open house the majority of the time you need to be prepared to out an offer in the night of the open house. Even the market I’m buying in which is a sellers market, but not as crazy, if you want time to think then there is an extremely high chance someone else will beat you to the punch.
Quote:
Originally Posted by MikePRU
I have no idea where in the country you are house hunting. However, it seems to be a pretty universal truth nationwide that houses are selling quickly. In my market, it would have been under contract Sunday or Monday or likely even sooner if showings are not delayed or a deadline set for offers.
Your agent should be acclimating you to the realities of the market. If they're not, then perhaps you've hired the wrong person to represent you.
As for why weren't you notified that they had an offer . . . I'm sorry but that's just not going to happen. Every single buyer (without fail) who's ever said to me "please let me know if you get an offer!!" upon being alerted to the presence of an offer has always responded basically with "OK I'm not interested." If you really like a house then you make an offer within the timeframe the market allows. If you don't know what that is then you need to find someone who can help you be an informed buyer.
I always tell my clients "sure you can wait to make an offer but waiting around just gives someone else time to make an offer." This is true even in a buyer's market. I've had to deal with multiple offers even when houses would typically sit on the market for a month. So make a smart decision but make a quick decision. People who need 2-3 days to "think about it" or to do research on to the Nth degree do not do well in this type of market. Decisive people are ruling the day right now.
So the situation is that....we weren't going to move until my husband retired in 5-8 years. Now my husband can go full remote. I have a daughter who is a senior next year and a sophomore. So I wanted them to see the high school and I wanted to check it out. My older daughter doesn't want to move her senior year so I thought seeing the school might help. The band program is great there, much better than ours and that kind of sold her a bit. I was trying to consider my whole family. We literally found out maybe in Feb we could even do this so it's quick. And when you have an established life in a place for 16 years, you can't just make a rash decision. I will know next time a house comes up. I honestly didn't expect it. We were driving around looking at 2 open houses and one popped up on my phone that I hadn't seen. Turns out, it listed that day and it was in my desired neighborhood so we went to see it. The house closed up at 4 and we called the agent and weren't able to get there until 4:08. We looked at it that day, came back the next day, toured the school the next day and the next day it was under contract. Geez. People on here are kind of testy for what reason, I am not sure.
We weren't 'kicking the tires'. We were there at an open house on a Sunday. Came back for a second showing on Monday. We toured the school on Tuesday and it went under contract Wed night.
I sympathize with you, but like I said, that doesn't work in this market. You need to have already done your due diligence beforehand. You need to figure out where you want to live, figure everything out, and when a house pops up be prepared to instantly make an offer. Your agent should have already made you privy to all of this.
She has a fiduciary duty to her client to share all written offers not to share maybe might make an offer. It's not her job to call everyone who went to a showing and say "My client has an offer do you want to make one?" For all you know she told her client about other viewings and there were multiple offers and they went ahead and picked the best one.
In this market buyers don't have a lot of leverage so do your research and when you want a house make an offer.
It's not an ethics violation to accept a back up offer in order to leverage someone under contract. There are a myriad of issues that cause people not to close like financing, job loss, etc. You would want to do your own inspection and get a real disclosure. If they are aware of house issue discovered by the first buyer and don't tell you about it then that is a issue. Don't ask "why aren't they closing" ask "Have any new inspections added any issues to the house?"
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