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Dishonesty or Coincidence?

How strange that a property that has been on the market for over 50 days without a single price reduction just happens to get another offer coming in the day I'm ready to submit an offer for less than asking price. What are the odds of that happening more than once?

As Realtors we have a primary obligation to protect and promote the interests of our clients, but we are also obligated to treat all parties honestly.

I'm obligated to counsel my buyers that the listing agent is presenting a second offer. My buyers are just as apt to wonder about such a coincidence.

Maybe I'm just a suspicious cynic, but if a fictitious second offer is used to further the seller's interest, what really happens is that it lowers the public's trust in our profession.

Sandy Nelson
Realtor for Olympia Area Real Estate
www.sandynelsonrealestate.com

Posted by Sandy Nelson Realtor® Olympia Real Estate on 07/25/2007 05:55 PM

Comments (10)

realtor, integrity, sandy nelson

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10 Comments on Dishonesty or Coincidence?

JUL

2007

LOL....sounds like desperation on the other end. Do people think we don't look to see the history on that house? I know I look it up.

We've had it happen twice this year - both properties had been on the market a few months (we were the listing agent) - it actually happened twice in MAY - so who knows what was happening in May.

I am a listing agent and don't work with buyers. Surprisingly it happens all the time. I've even had one that was on the market over 120 days and had 3 offers on the same day. No sure why it happens but it does. I'm sure the buyers agent thought something sinister was going on but it wasn't.

I had a home on the market over 70 days. You guessed it no interest. One day last week I got a call someone was Writing an offer on my listing . Woo Hoo ! Not 15 minutes later I get another call -Someone else was writing an offer??? I did NOT want to tell either agent that I had multiple offers, because I knew they would think I was bluffing (which by the way I have NEVER done)but my client wanted me to so...Just wanted to say it is possible,and it has happened to me.

Our office handles several listings, and yes, I see it happen over and over again, too. It can be the wierdest thing, and you just know the buyer's agent thinks you're trying to pull a fast one.

Maybe the stars get in a certain alignment that favors that particular property ,,,,,, <s>

Before I submit an offer I always call the other agent and ask if they are expecting an offer. If the answer is no, then I would be suspicious of the new offer. Either way, all you can do is represent your client the best way possible.

JUL

2007

Frustrating, yes. But I would need repeat instances of this happening before I would say it is suspicious. Good Luck!

Becky,

I guess this must have happened to you before, too.

Linda, Christina, Cait, Cheryl,

Thanks for reaffirming that this phenomenon really exists and that it is not necessarily a ploy by the listing agent.

Gary,

I like your idea of asking about other offers first. Of course that doesn't mean that after I submit mine, others can't come in.

Larry,

I've had it happen three times. That's why I'm suspicious. Maybe it's just my luck.

Is there any rule that would require them to share who the other agent is? Or any way to check if that is true? That makes this business feel like a poker game!

I guess there's always the escalation addendum. It's a little like poker in that it ups the ante incrementally until it reaches a predetermined limit. If there's really another buyer in the game, the other offer would have to be produced. It has its advantages and disadvantages. I don't like it because it lets the seller know the top price the buyer is willing to pay for the house.

Sandy

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