44 offers came in on a listing. I was a bidder. Seven offers were countered. (Not us.)
How do I know? Because I know a few of the agents who wrote offers. Some of them were in my office. One told me the listing agent had a buyer of his own.
I talked to a buddy who had a listing. He got 15 offers and he had a buyer in the running too. Me: Did you double end? Him: No. Somebody else beat us. Me: What do you think when there were 44 offers and the listing agent double ends? Him: There's always a fine line when you double end with multiple offers.
Another realtor told me there was probably "inside information."
Another realtor told me, "It sounds fishy."
Our legal counsel has told us that most of our lawsuits are the result of double agency. Some of the things he said:
- Do not become and undisclosed dual agent.
- Do not disclose to seller that buyer will pay more, or disclose to buyer that seller will take less.
- Do not write two offers on the same property for two buyers at the same time.
- Do not write two offers for the same buyer on two properties at the same time.
- Do not represent a second buyer on the same property until the agency with the first buyer is terminated.
- Do not, as a listing agent, handle your own offer in a multiple offer situation.
I'm not saying the listing agent is a crook, but maybe he is. What are the odds of winning out of 44 offers?
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