I've Been Told Another Offer is Coming But We Haven't Received It Yet

When I hear that I remind the LA that clients are continuing to view other homes as the offer has a (usually) 48 hour time limit to hear from the seller. We may find something else and cancel the offer. If the seller is not heard from in the time frame they are not interested in selling.

Assuming the listing agent is telling the truth, s/he's in a no-win situation.  If the listing agent doesn't say anything to agent #2, and agent #1's offer materializes prior to agent #2's, then agent #2 is upset and feels the listing agent wasn't honest.  If the listing agent tells agent #2 what agent #1 said, but then agent #1's offer does not materialize then agent #2 feels s/he was lied to.  

CA Agency Law requires both agents to be honest with both principals.

Interesting discussion on how to ruin a sale for your client.  I always say not all agents are created equal and stupid can't be fixed.  This listing agent is doing no good service for their client.  In a hot market these situations tend to cover up the inadequate behavior of bad agents.  In a slower market I would track this agent and swope in when their listings get expired.  Thanks for this post.

It happened to me but I knew the Broker so I bellieved her. But again I agree with you 100% and I think a way to eliminate a situation such as this is put the agent on a timeline. " I have another offer but I should have it in hand by 5 pm." But either way all offers are to be presented to the seller, so now or later, if they miss out that's on them. Their agent isn't working for them is my opnion. We have to motivate buyers too.

I agree with putting listing agent on a timeline and stick to that date.

Tammie - I have been told by other buyer agents that they have an interested buyer, and I should be expecting an offer soon. More times than not, that offer never comes in. It's always better to negotiate an offer already received. 

I can relate to this. I recently submitted a full price offer on a house the day it was listed. The agent held it for a week and said the owner was thinking about it, had an open house  that weekend ,and the following Monday told me her office sold it for over asking price at the OH. Not very ethical but it happens all of the time

                                                                                                                   Thank you for sharing your thoughts on this! Have a nice weekend!

Great discussion!  Couple of things come to mind:

If the agent is stalling to "shop your offer" and lying about the circumstances, she is violating the Code of Ethics.

If this is the way she operates as a rule, add a time limit on the offer. 

If you are showing another of her listings in the future, do consel your buyer client of the probable bidding environment. 

I have to agree with Jay #133... there are a lot of people creating unnecessary hype. Several markets are good right now for sellers, but the agent is the filter and in our area, he/she should be presenting the offer unless there is a letter on file with a date set to review first offers. Good luck...

My late mother, a Silicon Valley real estate legend, had a famous saying, "The only offer that counts is the written one in my hand RIGHT NOW."

Hi Tammie, I also believe that if a buyer is really interested in a home for sale, he or she will put it into writing.