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I'm not sure about your market but it happens like that here. Considering they just lowered the price, it might be even more likely. Put in your best offer and see what happens. Remember, no one is making you do anything. Use your best judgment and accept the outcome as the best thing for you.
It seems unethical for an agent to do this, but I've had my own suspicions about houses we offered on. In one case, there was a higher offer that came in while we were in attorney review. The sellers asked us to match the offer and we declined (no desire to start a bidding war in a buyer's market). We ended up offering on another house and at the home inspection the seller's agent said he had another family seriously interested if our deal fell through. Both houses had sat on the market for over 6 months. I think it's the law of attraction - as soon as you express interest, it's like a magnet.
Of course, it could be a bluff. The bottom line is you have to offer only what you are comfortable paying for the house. The best advice I've read here is to avoid getting emotionally attached to a home before you have keys in hand at closing. In this market, where prices still seem to be dropping and there is a lot of inventory, there's no reason not to walk away if they want to drive your offer up and you don't want to pay more.
I think I've been told this at least three times. And every time, when the deal fell through there was no buyer waiting in the wings snapping up the property. The one of the three that did sell took an additional year and sold at 85% of our final "that's not enough, it's worth a lot more than that" offer.
Add to that scores of homes we expressed interest in to then be told we'd better make a move fast because "there's a lot of interest in this one" that sat and sat and delisted and sat lowered price and sat.
At this point, unfortunately, I believe nothing a seller's agent says.
It's been my experience as a buyer and agent that when the listing agent says there is another offer on the table, there usually is another offer and it closes. Your milage may vary.
Consumers are wary and are as likely to walk away from a potential competition as they are to engage. The risk of loosing the buyer is too great to risk the sale with smoke and mirrors.
This is not the same thing as creating a sence of urgency. Way too many properties continue to be listed with the " this one won't last" and it's still amongst the unsellables a year later. One needs to maintain their sense of humor.
Actually, I had a house that lingered on the market, we dropped the price, and then an offer came in and a second agent called my agent wanting to low ball. When she told him we were negotiating with another party, he basically called her a liar. She was so upset about it personally (despite being a very good professional - I would have been too) because by law she couldn't give him more information than that (as he knew), I wanted to call him up and tell him off. I understand why it may not seem believable and the agent was entitled to believe whatever he wanted to but it's pretty unethical to accuse a fellow agent of unethical behavior when you don't have the facts. So, it's entirely possible that it's true about another offer.
It's not surprising that the house may not be sold to the first party with a contract, yet no one swoops in to buy it. Often when a buyer is told there is already an offer on the table, they move on quickly and find another house. They don't wait around to see if the offer closes. So it's entirely possible that there were two possible bidders at once, and then they both go away. And both bidders may have not bid as high as the seller wanted. But they both may in fact have existed.
It's been my experience as a buyer and agent that when the listing agent says there is another offer on the table, there usually is another offer and it closes. Your milage may vary.
Consumers are wary and are as likely to walk away from a potential competition as they are to engage. The risk of loosing the buyer is too great to risk the sale with smoke and mirrors.
It's been my experience as a buyer and agent that when the listing agent says there is another offer on the table, there usually is another offer and it closes. Your milage may vary.
Consumers are wary and are as likely to walk away from a potential competition as they are to engage. The risk of loosing the buyer is too great to risk the sale with smoke and mirrors..
Very true. Asking to increase the price is risky. It they do that - it means they are either willing to risk or really have another offer. It is up to the buyer to stay in the deal or not.
The reason the seller starts to receive other offers while attorney review period, is because other people who were considering the same house see that it is not marked "under contract" and that prompts them to act quickly. There is not miracle.
I think I've been told this at least three times. And every time, when the deal fell through there was no buyer waiting in the wings snapping up the property. The one of the three that did sell took an additional year and sold at 85% of our final "that's not enough, it's worth a lot more than that" offer.
Add to that scores of homes we expressed interest in to then be told we'd better make a move fast because "there's a lot of interest in this one" that sat and sat and delisted and sat lowered price and sat.
At this point, unfortunately, I believe nothing a seller's agent says.
Well , those may be not such great houses then, if nobody snapped them and you did well by finally working away from them too. Better late then never.. for the buyer. The seller should have taken other offers than yours while they were on the table or it is too late. But you can never tell. Perhaps they could see a stronger buyer in you.
I usually can see myself it there is "a lot of interest" or not. It is easy to see, just do your homework.
there are not so many great houses reasonably priced in my area. If I see one - I know there will be competition. The only thing one has to do -is to determine the value of that house for himself and do not go above it.
I do not understand why one even has to believe anything or disbelieve anything. Just make your own calculations.
The reason the seller starts to receive other offers while attorney review period, is because other people who were considering the same house see that it is not marked "under contract" and that prompts them to act quickly. There is not miracle.
Another regional difference..... In my area the listing is updated to a "A/I" state meaning attorney review inspection and in most cases remains in that state until closed. Vey few agents update a listing from "A/I" to " pend" anymore.
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