Faking It: We Have Another Offer
It happens, specially in this hot market.
Agents want to take the benefit of low supply and high demand, by creating an artificial demand even when it does not exists!
One way is to ask for submitting the offers within couple of days of an overpriced listing on market. They learn the lesson on 3rd day when there are no offers.
Another way is - faking an offer.
Here is a re-blog of Bob Haywood 's post.
I
f you sell real estate, it doesn't take you very long to figure out that our industry is full of all sorts of people who do their business in all sorts of ways.
What is always interesting is when a real estate "professional" takes an offer personally and gets all bent out of shape. You want to say to them, "Uh excuse me, it's your job to present the offer here, not get emotionally bent out of shape because you don't like the terms and conditions." Once, we had to ask the agent if she was refusing to present the offer. She meekly replied, "No," presented the offer and guess what? We negotiated it into contract and closed the deal.
One of the tactics I hate the most is when the listing agent suddenly indicates that there is another offer on the property after you have begun negotiations. Now stay with me here. This actually happens. And it can happen a lot when the market is hot. It's what we call a multiple offer situation. I've been on both sides when this happens.
But this is not what I'm talking about.
What I'm talking about is when the house has been on the market for nearly a year and you have buyers who make an offer. And then, after negotiations have begun, suddenly you are told, "We are getting another offer. You'd better hurry and give us your best counter offer!"
I had this happen recently. It was a bluff. We know it was a bluff because
the seller never stopped negotiations or called for highest and best offers. Further, after our negotiations fell apart, the property did not go pending with the other offer. And finally, the listing agent never told us that the other "buyer" decided not to submit their offer. It felt like a bluff because it was a bluff. The buyers could tell it was a bluff and so could I.
In Oklahoma, we don't have to prove to potential buyers that another offer has actually materialized or not. I personally think there should be some form of accountability that proves there is another viable offer. Otherwise, it is entirely up to the agent's ethics.
And sometimes that can be pretty shaky ground.
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