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02-20-2009, 10:54 AM #1
Renter
- Join Date
- Feb 2009
- Posts
- 1
Finding out the number of offers on a real estate
I'm about to buy this foreclosure for a certain value, about 385. I have a real estate agent, and she's my buyer's agent.
I made initially made a offer for the 360 to the seller. My real estate agent said that's pretty low offer.
I got a call from her saying later after submitting the contract that there are 2 other offers, and I should raise my bid for the place, so I raised my offer to my higher limit 385 and won the offer.
It's not that I don't believe my agent, but I'm questioning the selling agent. Is there a way to tell how many offers there were on the property without talking to the selling agent? I don't want to know what the offers were for, but just that I've been told the truth.
Is it possible to find out the number of contracts submitted to the bank?
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02-23-2009, 12:44 PM #3
Condominium
- Join Date
- May 2007
- Location
- Minneapolis, MN
- Posts
- 138
The bank won't tell
It's hard for buyers to believe that there would be multiple offers on a property in this market however, the good deals out there are going fast and there are frequently multiple offers. I've recently been seeing deals sell for $40k over the asking price. The banks are pricing some of their inventory aggressively to be sure it sells and that often results in additional interest and therefore multiple offers. Also, agents are bound by ethics rules and lying about multiple offers would certainly violate these rules. Most agents aren't going to risk having their license suspended over such things.
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