Real Estate News & Commentary

Are There Really Other Offers Coming in on this Property?

Expertise: Real Estate Marketing, Personal Development, Real Estate News & Commentary, Mortgages & Creative Financing, Real Estate Investing Basics, Landlording & Rental Properties, Flipping Houses, Personal Finance, Business Management
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I was recently reading a discussion on our forums, where someone asked “How can you know for sure if someone is really making another offer? What if this happens…is there anything you can do?” There were some good responses on the forums, but I wanted to share a little story about a situation I recently [...] View the full article: Are There Really Other Offers Coming in on this Property? on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

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Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of
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    bsanson
    Replied almost 13 years ago
    I Learned this the hard way!!! Reply Report comment
    bsanson
    Replied almost 13 years ago
    I Learned this the hard way!!!
    April Shipowick
    Replied almost 13 years ago
    YOu really cannot believe Real Estate agents. The honest ones are very infrequent. If you have to deal with one though, here are a few tips: Check on their local reputation See if they are known for hard work or “working it”. Usually we find they work it, but don’t know the meaning of hard work or follow through. See if they will work for 3% instead of 6%. Don’t buy from the listing agent. Their loyalty is to the seller not the buyer. I’m sure you can see the point there. We have certainly learned that one the hard way. Always try “for Sale by Owner” first. It can literally save you thousands and even hundereds of thousands of dollars. April Shipowick
    Vicki Porter
    Replied almost 13 years ago
    It is hard to explain, but when selling property I have often had the experience that a listing will receive two offers on the same day – whether it is a new listing or one that has been on the market for awhile. A buyer has to make an offer that is appropriate whether the agent says there is another offer or not, because you can’t really ever know. Even if there were no other offer at the time the buyer submits one, another could come in before acceptance. Reply Report comment
    Vicki Porter
    Replied almost 13 years ago
    It is hard to explain, but when selling property I have often had the experience that a listing will receive two offers on the same day – whether it is a new listing or one that has been on the market for awhile. A buyer has to make an offer that is appropriate whether the agent says there is another offer or not, because you can’t really ever know. Even if there were no other offer at the time the buyer submits one, another could come in before acceptance.
    Vicki Porter
    Replied almost 13 years ago
    It is hard to explain, but when selling property I have often had the experience that a listing will receive two offers on the same day – whether it is a new listing or one that has been on the market for awhile. A buyer has to make an offer that is appropriate whether the agent says there is another offer or not, because you can’t really ever know. Even if there were no other offer at the time the buyer submits one, another could come in before acceptance. Reply Report comment
    Vicki Porter
    Replied almost 13 years ago
    It is hard to explain, but when selling property I have often had the experience that a listing will receive two offers on the same day – whether it is a new listing or one that has been on the market for awhile. A buyer has to make an offer that is appropriate whether the agent says there is another offer or not, because you can’t really ever know. Even if there were no other offer at the time the buyer submits one, another could come in before acceptance.
    Vicki Porter
    Replied almost 13 years ago
    It is hard to explain, but when selling property I have often had the experience that a listing will receive two offers on the same day – whether it is a new listing or one that has been on the market for awhile. A buyer has to make an offer that is appropriate whether the agent says there is another offer or not, because you can’t really ever know. Even if there were no other offer at the time the buyer submits one, another could come in before acceptance.
    Steve Ladin
    Replied almost 13 years ago
    Great post! As a real estate broker myself, I see this “technique” used quite often. I’ve represented multiple buyers and it frustrates me to no end why an agent would do this. It’s VERY unethical and should be against the law. I’ve actually walked away from deals just because of dishonest agents presenting these “phantom offers.” You never know what else they have made up!
    Baashyam
    Replied almost 13 years ago
    I agree with what “April Shipowick” said above… I would also follow the same -for Sale by Owner- option always.