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185 Comments on Whether Or Not We Have Multiple Offers Is None Of Your Business
Be careful with how you deal with a multiple offer situation. I have changed my procedures and now get the Seller's instructions in writing at the time the listing contract is signed because of one terrible experience. As a Seller's agent, I encountered multiple offers and the Buyer's agent was so angry that the Buyer's agent filed an Ethic's complaint against me. Here's the background: Buyer's agent NEVER asked if there were multiple offers. Buyer's agent submitted an offer that was $125K LESS THAN ASKING PRICE and told me that the offer was based on "land value". Someone I showed the property to had me write-up and submit a full price offer the same day. Both were cash. I called the Seller's to notify them that I had two offers (did not disclose any terms) and asked them what they would like me to do, they said to bring them over and they would review them that evening. They did not want to do "Highest and Best" until they reviewed the offers. Obviously they accepted the one that was full price & were upset that someone had offered such a low amount for the home they had lived in for 25 years and would tear it down. When I told the Buyer's agent the Sellers accepted another offer - she hit the roof, screamed at me, etc. etc. Then filed the Ethics complaint. At the hearing (about 9 months later), she ranted and raved, called me all sorts of names. I was so taken back that I was speechless. I could not believe the Ethics Board let her speak to me in that manner. She said if her Buyer had known there was another offer, they would have increased their asking price. Her entire arguement was hypothetical and baseless. Result: I got a letter in my file for a year. No fine or other penalty. I am still upset by the whole thing.
I agree you do not have to disclose multiple offers.
What I do have a big problem with is the REO agents that keep the properties ACTVE while waiting on the seller to sign the addendum's. I have wasted many hours showing homes showing as ACTIVE and Available in the MLS that are really under contract. I look up the property get no reply when I call the agent drive across town to show it spend an hour in the house drive back across town write up the offer and send it in. The next day I get we are under contract just waiting on the addendum to get back from the seller and are not taking any other offers. I end up wasting 3 or 4 hours showing and writing offers for nothing. It makes us look like a fool to our clients.
We all work for our clients. However all of us including our clients would be better off with some professional courtesy. I believe we can do a great job for our clients without jerking each other around. It certainly would help the reputation of our profession which in turn is good for our clients.
Good post. You are quite right that you must protect your seller's best interests. However, some sellers want the multiple offers.
Excellent post and comments! I wish we could do business like that over here where it is still the norm to ask and disclose whether multiple offers have been received. It must just be the "Aloha"!
Outstanding post and responses.
Everything is a negotiation.
All situations are different, sometimes I may give information up on behalf of my client's best interest, other times NOT.
Great post. If you ever open a brokerage in the Mid Atlantic let me know ;)
Thank You, as a sellers agent I needed to hear this!
I honestly can't imagine NOT calling the listing agent before writing an offer. Too many times the information in the MLS is not valid in terms of listing status. Also, as much as the listing agent has a duty to his seller, if he's willing to tell me things that will help my buyer I'm certainly not going to turn down that information.
Great post Bryant...as always I appreciate your honesty and straightforwardness!
I wish that most agents were as direct as you...I would gladly work a transaction with you.
If only you were in California ~~
In our listing agreements between Broker and Seller there is a box where we can indicate whether or not the seller wants multiple offers to be disclosed. I usually recommend they say, "Yes."
However, after reading your reasons for not disclosing multiple offers, I am inclined to agree with you that it may not always be in the sellers best interest.
I too have had agents tell me that their buyers had changed their minds and had decided not to submit their offers because they did not want to get into a bidding war.
Thanks for inspiring some thought.
You got that right! And then some!
You make some great points and you ARE representing your client's best interest...that is apparent. But listing agents do need to realize that when a buyer's agent tells you that their client is interested, will make an offer, they should not advise the client to "Go ahead and sign this offer" until all offers are received. I recently had that happen to me and it was horrible. The agent had to meet us at the property (UGH) as there was no lockbox. She talked and talked to my client during our showing which was not only annoying to both me and my client, but really made her look like an idiot to my client after all was said and done. She NEVER mentioned anything to us about receiving another offer over the weekend (this was a Monday morning showing) and rejecting it due to a home sale contingency...she just showed us the property and talked her head off about how great it was. My client was ALL IN. We just went to lunch to discuss her offer and I was headed back to my office to write it. We even told her that she would be hearing back from us. Before I could get back, I got a call from this agent stating that her clients decided to accept an offer they had received over the weekend as the buyers would drop their home sale contingency. Would not let me submit an competiting offer or anything. In my opinion, that is bad business. It also angered my client to no end and I am still dealing with the fall out as she has not let go of that property and it has been hard to find another that compares. I don't think you would do that, but some agents do and it is FRUSTRATING! There is nothing wrong with getting two or more offers as it surely will bring your client more money in the end...just as you indicated. So, when other agents use words like "greedy and lazy", it sure if how I felt when my client was shut out without a chance. Great post - does make a good point.
As you said, each case is unique for both buyer and seller. Sure it is frustrating when a listing agent doesn't give us all the information. But that doesn't mean they aren't doing the best thing for their client. Depending on the buyer's reaction to not having all the information they want, it could work out better or worse for the seller. The agent's responsibility on both sides is to do what is best for their client.
Great Blog, Great information for Realtors, buyers and sellers. Thanks for sharing this detailed information about how real estate should be handled. The Marcus Rice Team with RE/MAX Allegiance in Richmond Va agree with this blog.
Yes, BB, each offer should be handled on it own merit.
You are totally on the mark. I read it as 'sour grapes' from a buyers agent who apparently hasn't learned that lesson yet. Right up there with offers that are accompanied by a long list of why the property is so horrible and not worth the sellers price.
I am several months late on this and I'd love to read all of the comments but don't have time. I agree with almost everything you said. The only thing that I don't agree with is:
Telling me you will provide a pre-approval and/or proof of funds tomorrow does my Seller or your Buyer no good. Without these items the offer will not be presented. It’s a non offer.
This may, however, be a state to state difference. Our contracts allow for proof of funds or loan approval letters to be submitted within a certain period of time after acceptance. As much as possible I send them with the offer and of course as a listing agent prefer them to be with the offer and it can absolutely affect an offers chances if there is a multiple offer situation. But, we are also required by Idaho law to present ALL written offers and as timely as possible. Not presenting it because we didn't have proof of funds would actually be violating the law.
Otherwise, I think you are right one :-) -Kasey
Hi Chris. Unfortunately unless yo have a fully signed and accepted cpontract rthe seller can do they choose. Continuing to market a property after a contract has been accepted is quite common. Sellers can and should accpet back up contracts.
If you want to be informed of other back ups and offers then you need to make this clause aparet of your contract. The seller is under no legal obligation to give yo any info related to thier transaction UNLESS the contract states they must.
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