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Let's Get Real-No Fooling Around..Multiple Offers!

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Real Estate Broker/Owner with Align Right Realty K1 Group BK3584545
offers.jpg

 

My Pet Peeve is When Real Estate Agents Take Multiple Offers on One Listing!

     

     I believe that if a real estate agent has an offer(s) on a property, they should make it known if the property is still listed as active.  Once we find out, the buyer can make the decision before going to the property if they still want to view.   

     My Why:  I feel the agent is wasting my time, the buyer’s time, and our gas when we go see a property that has multiple offers.  It's crazy too me.  I deal mainly with buyers.  Once I find that the property is active, I take my buyer out to see the property.  Once they view and like, we are ready to write an offer only to find out the real estate agent has multiple offers on the property.  After a few rounds of submitting offers, the buyer can become frustrated and can possibly want to give up with the home buying process.  The buyer can start thinking you are not telling the truth and start calling other real estate agents behind your back. 

     When I decide to take more than one offer on a listing, I let the real estate agents know in advance.  It’s up to them if they want to move forward on showing the property.    

 

     I can accept the madness only if it’s any of these three reasons:

1.  Let me know upfront if you have offer(s) on the property

2.  A hot property and you may want to keep it on the market for a few days and then select the best offer with your seller (I would still disclose that I have offers on the property).

3.  If it’s an investment property, I can halfway understand because most of those are cash deals.

     Some agents have no limits on the offers they accept and keep the property active.  If you want a higher offer, list it for that amount and stop wasting my time.  Make the money and go to the next deal.  You may have another reason but DISCLOSE before I go show my clients your listing.  

          This is my real estate pet peeve and you cannot talk me out of this one!  No more fooling around-get real.  

Show All Comments
Kathy Streib
Cypress, TX
Home Stager/Redesign

Karen- not being an agent, I have no personal experience to offer.  It would seem to me that being up front is always a good practice. 

Apr 29, 2017 04:17 PM
Dr. Karen Lewis, Broker 954-2489149

No problem..Send me your info..You are in my area. 

Apr 29, 2017 04:40 PM
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Interesting perspective Karen. But think about it.... the listing agent has a fiduciary duty to the seller-client to get the highest possible price and the best terms and conditions - all combined into the best offer.

And it's not always price driven! The buyer-client deserves an opportunity to buy a property if they really want it, even if others want it as well, at their price and conditions and when to stop - that's the free market at its best. A multiple offer situation allows a buyer to put a stop-offer where the pricing, terms and conditions are no longer desirable.

When I have a buyer in that situation, I'm ok with it - but I educate them, I explain what happens and how it works, and I help them with strategies - strategy to stop the buying and a strategy to win the multiple offer. The buyer is always in control and makes the decisions. And sometimes a buyer cannot get into the multiple offer scenario. It's more work for sure.

I was in that exact situation two weeks ago.

I'm always ok with competition... 

Apr 29, 2017 04:18 PM
Dr. Karen Lewis, Broker 954-2489149
Align Right Realty K1 Group - Fort Lauderdale, FL
No Compromise When it Comes to Our Clients!

Hi Richard Bazinet

I understand from your end but I'm in the contest on what per peeve I hate and this is one..   

Apr 29, 2017 04:39 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Karen,  In my area and the markets I serve it is very common practice for listing agents to set an offer deadline and state that deadline in the MLS. I call before I write an offer and ask ... do you have any offers in hand?  If so, how many? Are they over list price? If yes, $10,000 Over?  If yes, $20,000 over? I keep at this until we are somewhere near the highest offer. 

Every market is different.  There are so many things that peeve me (LOL) ... anything that is perceived as playing games or being dishonest ... are counted in my peeves. 

Thank you for participating in the contest!! 

Apr 29, 2017 05:37 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is not a practice to let agents in my area know before they show if an offer is in the works. We don't consider it done until accepted and there is always the chance that the offer on the table is not a good one. Once it is accepted it is marked in MLS and agents have a heads up that they will be in a back up postion.

Apr 29, 2017 08:35 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

In our market with many homes that are newly listed buyers really should assume that there will be multiple offers, and may be some right off the bat. Buyers have to decide if they want to participate in a multiple bid or not, and most do, if they want to by. Often we see see listing agents setting a time frame for offers to be received but not always. Best to check so you know what you and your client must deal with.

Jeff

May 02, 2017 07:34 AM
Dr. Karen Lewis, Broker 954-2489149
Align Right Realty K1 Group - Fort Lauderdale, FL
No Compromise When it Comes to Our Clients!

Jeff, we have it the same way..It's just one of my pet peeves that I hate..I also hate that when the property has an accepted contract, then get out of active status..One of my real estate pet peeves..

May 02, 2017 07:40 AM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

This is tricky, and I ge why it's a pet peeve, but the listing agent may be walking the line of being helpful with the buyer's agent and buyers but also doing their duty to the sellers and what is in their best interest.  Some buyers or agents may choose not to show or offer on a house with offers on it already, but who's to say the current offers are good or being accepted?  The seller/agent don't want to lose out on the opportunity for a better offer to come along by someone who doesn't to mess with it, but could just be the offer that wins the bid.  Its a tough market out there in many places. -Kasey

May 03, 2017 08:15 AM
Dr. Karen Lewis, Broker 954-2489149
Align Right Realty K1 Group - Fort Lauderdale, FL
No Compromise When it Comes to Our Clients!

Hi Kasey

Agree with you and understand. Still a pet peeve. Lolllll

May 03, 2017 08:41 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

There is no obligation to conduct multiple offer bidding. Also, highest offer is not always best offer. Buyers need to make clean offers with their best price if they want to reduce the risk of competing in a multiple offer free for all.

Jul 10, 2017 03:56 AM
MLS Offers
MLS Offers - Las Vegas, NV
Simplifying the offer negotiation process.

We just pubished a blog post on how list agents can better handle multiple offer situations while keeping buyer agents updated as to the status of their client's offer. Often times list agents can get overwhelmed managing multiple offers and this can lead to frustration from buyer agents. Staying organized and communicating well are very important in these situations. 

Multiple Offers Made Easy For Realtors®

 

Oct 20, 2017 01:31 PM
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