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06-09-2011, 03:54 PM #1
Renter
- Join Date
- Jun 2011
- Posts
- 1
Dual Agents/NJ & multiple offers???
We put an offer in on a home that is represented by our agents partner. After months of this home not even having another showing besides us, our agent informed us, within hours of being ready to go ahead with our offer, that they had another showing a week ago & it looks like another offer will be coming in tomorrow or so.
How do we know if they really get another offer or if it's just an attempt to try to drive up our offer a little or make us anxious we may need to offer more? While I know it's not ethical to try & create a bidding war & it wouldn't make sense to lose a possible real deal in this market by fibbing about another, but that doesn't mean it can't happen. Do we have any right to ask for any sort of proof?
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06-13-2011, 05:48 AM #2
Moderator
- Join Date
- Sep 2007
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- Outer Banks
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- 1,281
It is not uncommon for the universal mindset to kick in and multiple offers appear on a property that has sat around for a long time.
It is also not uncommon for some agents to fabricate the situation.
You can do 2 different things.
1. Walk away from the property and put your plans on hold while you wait to see what happens with the other offer. If the property never goes under contract then you can ask your agent for a copy of the other offer. If they tell you it is confidential they are wrong. The listing agent and your buyers agent have nothing that makes them keep the failed offer secret. In this market most buyers do not want to compete with other buyers and with so many properties on the market there really is no need.
2. Pretend the other offer does not exist and make your offer just like you would if there was no other offer. Negotiate your offer like it was the only one. Ask your agent to not mention the other offer again.
Remember, as a civilian there is nothing to prevent you from contacting the seller direct.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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