I Was In A Multiple Offer Situation... Or Was I?

By
Real Estate Sales Representative with BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE

How many times have you represented your Buyer in a multiple offer situation and you weren't the successful Buyer, and always had a suspicion that perhaps there really wasn't another bonafide offer?

What safeguards are there in place to verify that there was another offer? There are at times some agents who conduct themselves in an unethical manner, and we would always wonder if indeed there was another offer at all.

If I am presenting an offer and I am of the belief there are competing offers I always insert a clause to say that I am submitting the offer  with the understanding that there are competing offers.

I add an additional clause that says if I my offer is accepted that the Listing Agent will provide me with the name and contact information of the competing agents, and failure to do so within a specific time period will render my offer null and void.

We also have introduced a form here in Ontario more than a year ago now, that must be signed by the buyer with the date and time they are submitting their offer, and how it is submitted  (i.e. in person), email, fax. etc., to the Seller.

When presented to the Seller, the Seller must then sign that they received the offer, date and time, and how it was received (in person, email etc.)  If there is a counter offer, the Seller must insert the time and date the offer was countered, and in turn the Buyer acknowledges receipt of the offer, date and time, etc., etc., so there is a chronology of events

It really is helpful in holding everyone to a high ethical standard and being transparent.  It is also the law here now, and this form must be submited with every offer.

What safeguards do you have in place where you live?

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Mississauga and Streetsville Real Estate


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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices
Location:
Ontario Peel District Mississauga Streetsville
Tags:
mississauga real estate agent
streetsville real estate agent
gloria valvasori streetsville real estate agent buyers in streetsville homes for sale in streetsville neighbourhood values

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Rainmaker
344,076
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Few of my buyers want to get into a "highest and best" situation for exactly the reasons you are highlighting.  And I really hate it when I have more than one offer on a property because I know that unless the other agents know me, they are probably thinking that I am pulling a quick one!

Jan 04, 2017 07:02 PM #1
Rainmaker
505,790
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Marnie Matarese that is exactly why I insert those clauses into any offer I submit when in a multiple offer situation.  If I am the listing agent and get multiples, I conduct them in a very orderly fashion, not disclosing any information to anyone, and always disclose to every agent how many offers there are..

Jan 04, 2017 07:06 PM #2
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Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

That's an interesting idea, Gloria.We don't have a form as you describe here in California. I am always very careful with how I treat agents and their buyers when in a multiple offer situation, which is pretty common here these days.

Jeff

Jan 04, 2017 07:42 PM #3
Ambassador
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Get Results Team...Just Call (408) 252-8900! - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

This is an intriguing idea, but not one we do here in California:  add an additional clause that says if I my offer is accepted that the Listing Agent will provide me with the name and contact information of the competing agents, and failure to do so within a specific time period will render my offer null and void.

Jan 04, 2017 09:37 PM #4
Rainmaker
2,298,808
Rebecca Gaujot
Perry Wellington Realty, Adam Conrad, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Very interesting and clever. We do not have any forms like the ones you mentioned in this post. I agree that it would be very helpful and would hold everyone to a high ethical standard.

Jan 05, 2017 06:33 PM #5
Rainmaker
298,737
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

I only wish we had something like this in IL.  It feels like we are in the wild west with homes barely making it to day one on our local MLS and there are multiple offers immediately.  It seems that listing agents instead of negotiating on the first offer they are using the "multiple offer" situation as a way to "cut to the chase".  Whether there are actual "multiple" offers or not it is getting old.  I personally believe in working the first offer until the seller gets whatever price they want.  First come first served is my motto.  

More transparency needs to be put into place by our National Association of Realtors or local MLS.

Jul 11, 2017 09:04 AM #6
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Rainmaker
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Gloria Valvasori, Accredited Senior Agent

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