You Are One of Multiple Offers! Is the Other Agent Lying?
I believe it would be a pretty accurate statement that the general consensus is that the housing market in Southeast Michigan is still in the crapper. That's not to say it's a "bad" market- that's all relative. Unit sales are up and prices in some areas look like they may be stabilizing, but still a lot of homeowners out there who are upside down on their mortgages. I don't think we've seen the end of foreclosures, short sale listings are on the rise, unemployment is still high and one number I can't find is the underemployment rate.
Crapper! So with all this horrible housing market combined with this crappy economy, with the media blasting to the world that sellers are desperate and bank owned homes are being given away- how can there be multiple offers on a house? Is the other agent lying? How often has a buyer's agent heard that question? And how can we blame our buyers for asking?
Dear Mr./Ms. Buyer,
Most of the agents in the Oakland and Lapeer County areas are REALTORS, which means they belong to the National Association of Realtors, aka the NAR. The NAR has a code of ethics that prohibits agents from lying about pertinent facts and we're supposed to treat everybody honestly. There might be an occasional agent who would lie in an attempt to squeeze more out of you, but if I ever caught one lying to me about multiple offers, I would take them up on ethics charges in a heartbeat. I promise.
The fact is that our inventory is low and much of what is for sale is overpriced. So the few, properly priced homes are receiving competing bids and often selling at or over asking price.
So unlike the skit on an old Cheech and Chong 8 track (that I can't play- no working 8 track player) this is one instance of even though is looks like crap, smells like crap and tastes like crap- it really isn't crap.