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There are No Such Thing as a MAYBE OFFER!

Our offer for a Corporate Relocation was placed last Thursday.It`s a strong offer with no contingencies.

The Listing Agent sent the Corporate Addendum,which our buyer agreed to sign.

We heard back from the Listing Agent last night. They wanted to discuss our offer for the 3rd time in three days.
I`ve written thousands of offers, I`m very familiar with "putting together" an offer,so became very curious where this agent was coming from.

The Conversation is as follows:
Listing A: We were wondering can you`re client "Up the offer?"...

Me: Did you receive a counter offer from the Relo Company?

Listing A: Actually No! We may have another offer arriving within the next day or so..

Me: A MAYBE OFFER? You`re kidding me, right?

Listing A: Well, it would be better if you spoke to the Buyer just in case!.

Me: You want me to call our buyer and tell them to Up an offer based on a Maybe Offer, is that right?

Listing A: Yeah! That way your Buyer can be assured they have the home!

I don`t about you, but there is no way in God`s Green Earth I`ll call a buyer and explain to them increase their offer based on a "Maybe Offer" that hasn`t yet arrived... It`s like biding against yourself.

There are No Such Things as a MAYBE OFFER!

Posted by Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission. on 06/02/2008 05:33 PM

Comments (55)

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55 Comments on There are No Such Thing as a MAYBE OFFER!

JUN

2008

I don't think I could call and tell my clients that either. They would think I was just about nuts. But it also sounds like the sellers agents is being greedy.

CJ,

You maybe correct. It`s a tactic they learn from some motivational Guru, I guess...

Aah, the famous "I have another offer bluff" done very poorly. Shame on the listing agent. Maybe you should give them the equally famous " There is another home down the street that my client is also interested in" retort? After all, there seems to be a lot of product for sale right now and that might make the listing agent sweat a little.

DS,

My attitude is to not get involved with the gaming aspect.

You`re right though,maybe I should have given them the Inventory speech..

There's a "may-be offer" any time. You never know when an offer may come in so this is really no different. Sounds like they are just trying to get more money at this point.

KG,

There`s a "MAYBE OVER" around the corner...LMAO..

3 times in 3 days and we`re not biding against ourselves...

Scott - I think if I were you, I would remind the other agent that the offer has an expiration date and if the buyer doesn't accept, it is considered a no and your buyer will need to move on.

I`m not really worried. The Buyer is confident we`ll get the home, so am I...

It`s part of the mind games some agents are taught..

First of all...LOL @ Dennis' equally famous "There's another house down the street" response!

Scott (great last name, btw),

Seems like at this point you've gotten a pretty good idea as to the kind of agent you're working with. I think if it were me, I'd pack up my toys and go home. Possibly discuss the matter with your buyers...and see if it's okay by them to simply give a time-based ultimatum to the seller (which is probably already part and parcel of your original offer anyway.)

I'd give the seller til tomorrow morning at 9:00 am (smirk)...or some timeline you and your buyers can live with....and tell them all bets are off if you don't have a full acceptance by that point. I'd also contact the other agent's broker...and inquire as to whether "Maybe Offers" are the way his/her agents normally do business?? The liability for losing a bonafide offer as a result of playing these kinds of games is wayyyy too high for a broker to condone that kind of practice!

It'll be interesting to see how this turns out!

Good luck!

Dave

David Daniels
President/CEO
www.FlyersToYou.com
Ph: (951) 652-8365

There's always a maybe offer around the corner... for the love of Pete.. we need to purge some of these agents. I despite this kind of game playing with a purple passion.

JC,

Yes, you have to love the old school approcah to RE.

David,

Are you the same fellow who was with Cardeco Mag?

Oops...I just read the above posts...and they pretty much say the same thing (posted while I was typing and pouring myself another cup of coffee.) Sorry bout that!

Hmmm....

The more I contemplate the situation....the more I think I'd be tempted to contact the corporate relo direct (from information gleaned off the corporate addendum)...and inquire as to the status of the offer, as the other agent is wanting to negotiate the whole thing by phone. Oh, I know...I know...it's unthinkable to ever contact the other agent's clients...and in any other situation, I'd agree...but in this situation, I'm just not sure.

Yikes!

Awaiting the outcome with bated breath...

Dave

David Daniels
President/CEO
www.FlyersToYou.com
Ph: (951) 652-8365

Scott,

You mean there's another Dave Daniels out there??? <grin>

Nope...wasn't me.

Dave

I would just put in a time frame with ana acknowledgement of either accept..reject or counter..if there isn't a counter than tell them it's non negotiable and you need to know whether or not to just move on if they have something better. But if your buyer wants to wait then you'llhave to play their game

David,

Yes there is...

It`s a small world.....:)

Scott... My first question is "Where did the listing agent get their license"? Did they. That is upsurd to counter offer an offer that is in outerspace. I would do the same thing you did... NOTHING.

NB,

Been down this road.

Home has been on the market since 2/07.This is the 4th Brokerage who`s taken over the listing.

Price dropped over $130K,, should i be worried??")

I don`t think so.....

VO,

Old school mentality....

It`s so typical of "why the market" went amok when prices jumped $5K every other day..

These Realtors believe they`re still in 2004....

We see these types in rentals as well..

It's unfortunate that so many of these LAs try to play games with "competing offers". Half of the competing offers never arrive, and many that do won't be as good as the offer that was already in.

"Maybe?" Either you have multiple offers or not. A simple yes, no or counteroffer...pretty basic stuff!

My attidute on this maybe offer is: If mine is the only offer convey it! negociate in good faith and lets get answers to THE CURRENT questions before we worry about fake compitition. If seller's agent decide to wait they may loose both potencial deals. The bird in hand trumps any maybes right now.

Steve

Scott: Instead of going to your Buyer to discuss raising the Offer to meet the BS Offer, you should tell the LA that you're meeting with your Buyer to discuss withdrawing the Offer and dealing with an HONEST LA who actually values an Offer in this market! The question for me is...does the bank know that this LA is acting upon the LA's interests and not the bank's?

Debe in Charlotte

Scott, Ditto on all the statements above. I agree that it's disappointing to have the listing agent take such risks...

To protect your buyer, you could send over an Escalatory Addendum though, which states the Buyer will increase their offer price by a fixed dollar amount (up to a maximum) price IF there is a bonafide competing offer. The escalatory addendum is great because the listing agent has to prove there is another offer before the contract price can be changed. During the "boom," I used this clause a lot...and interestingly enough, I've used it lately with "short sale" properties to make sure that the listing agent isn't giving me a bogus line when they say there are other offers.

I "may be" pregnant. Either I am, or I'm not. Enough said...

Kris,

Are you cheating on me....?")

LaShawn,

It`s always hard to believe what some agents do and think they`re in the right!

Debe,

I`m with you on this one...

Letting you know to be prepared is one thing. Upping an offer with no other bid is not ok. Who really knows IF they will get an offer. Just tell her to call you IF and when they get another one.

A maybe offer...isnt that like being kinda pregnant...???

Scott, there seems to be a lot of this type of stuff going on. I have lenders who are thinking about lending money for loans. It is very easy Yes or No.

Maybe they should encourage the relo company to get you an answer... What's with people these days.

Are these folks with the SearsRoebuck real estate school??? Where do these things come from??

The last time someone told me that they had "another offer coming in", my buyers wisely withdrew theirs and we found another house.

No way my buyers are going to negotiate with themselves.

I just had a similar conversation, it was more exhausting then frustrating at this point: given the market conditions. I simply asked the other agent to either counter, accept or have her client's sign off that they have rejected our offer so we can move on. The next morning she called to tell me that the seller's accepted our original offer. Made me wonder if that was their original response all along?!

This is one of the reasons I hate Realtors. It is the Head In Butt Syndrome.

Remember that old saying about a bird in the hand being worth 2 in the bush.... WHY don't people get it?

Hi Scott - good grief! Maybe that agent needs to be reminded of the inventory available for your buyer to choose from. Who on earth in their right mind would negotiate with themselves? Bet that agent wouldn't, and never should your buyers be expected to do so.

I like Lenn's "SearsRoebuck Real Estate" - that sounds about right....

Ann

Scott, I have had the very same thing happen to me! Same thing. I don't want to rant too much about it since the culprit is no longer with us but it did happen. This person let it drag on for several days...I knew it was because of a MAYBE and he was the one trying to bring it to the table. Ugh.

I'm sorry this happened to you. Let us know what happens...Later in the rain~Deb

I hate stuff like this. It's why good deals go away. A greedy agent gives up a bird in the hand for one in the bush. Hopefully, his listing will expire and he will end up with what he is supposed to. ZERO

You have to love that agent. He is trying to get a better offer from you. Just a dumb way for him to do it. What if doesn't cut it.

I agree. I have a listing and my client from Chicago tells me they want to write an offer. I submit the paperwork, work out the details, and "poof" the client disappears. The seller is excited and they buyer has gone awol! What's up with that?

I didn't want to tell my clients about the "maybe offer" but they wanted me to negotiate dates, etc. I won't discuss any "I want to make an offers" w/my sellers again. It's too painful.

The "maybe" offer could be presented "when pigs fly"!! Sorry just had throw in some humor. :-))

Well your buyer would then be negotiating with himself!

Grief! I would certainly give the buyers a call and tell them of the conversation, sometimes they will give the, "Well, let's just move on answer" but yes I would let it be buyers choice after he has the information.

It is a rotten tactic and even if the agent thinks another is coming! Fooling around 3 days, I hope that was the sellers wishes!

First of all, I don't think the listing agent is too ethical! And for goodness sick, does the listing agent still think this is a seller's market!

The other agent better hope that maybe comes in before the offer expires. That annoys me.

Pretty lame request.

Well Scott, maybe they've gotten agents and buyers to move with that response.

I received a "If your buyer is still interested they should get their offer in now because we are seeing a lot of action" response from a listing agent on a home last June. That home is still for sale today!

Enjoy the fact that you are operating on a higher level.

Be like water. "If you are confident you have an offer coming in, then I would be happy to pass on your counter-offer to my clients. When can I expect your counter-offer in writing?" If the listing agent insists on you voicing the counter, insist that he be part of the conversation. Let the conversation flow right through you. This covers you in the event the owner/broker tries to seperate you from your client and save/earn a commission. I'm sure that happens much less in residential but I got stung once in a commercial deal so I know it happens. This also protects your client relationship because it makes it clear who the bad guy is: not you. And if/when the owner screws this deal up, you and your clients are already offering on a different house. That said, get em out looking now and let the owner know it!

JUN

2008

"Home has been on the market since 2/07.This is the 4th Brokerage who`s taken over the listing.

Price dropped over $130K,, should i be worried??")"

I would be tempted to call the other agent back and say after some consideration they're actually concerned they may be offering too much and they've decided to lower their offer by $25,000. Please present our new offer as soon as possible, thanks.

A maybe offer is worth the paper it's not written on. No reason for your client to bid against himself, especially if you're in a buyers' market.

This is so interesting you wrote this happened to you as almost the exact thing happened to us with an offer we had made. What is up with these agents? Yours was a corporate relo and ours was a foreclosure. Maybe they are offering some class someplace that suggests this is the way they should be doing this. But no way!

Sears Roebuck might be a bit upscale...maybe the Dollar Store... :)

Scott...

This seems pervasive lately ... everyone wants to enter verbal offers and counters ... not to mention the agent running interference. Congrats on the feature!

Maybe there is and Maybe there is not...I would let your buyers know of the possibility. MAYBE the listing agent was inexperienced and was actually trying to do you a favor....Putting in an escalation clause may assure your buyer of getting the hosue they truly LOVE and MAYBE that won't cost them another nickel. Step back and look at it this way and take your emotion out of it...MAYBE you will be the winner with an accepted offer !

I would have said to the listing agent that I could care less that you have a maybe offer. Your buyer has three choices by the time limit on the offer:

1. Take the offer

2. Counter

3. Let the time limit run out on the offer and do nothing.

I don't tell my buyers anything unless it is worth telling them. I don't let anybody play any games because if you let this happen you are the one that ends up looking like the unprofessional fool. I feel the same way about maybe offers as I do verbal offers. It only took one time for me and I nipped it in the bud. If I let it happen again I am the fool.

Great post!

Make it a great day and good luck!

Right, It has exactly the same value as a Verbal Offer from a buyer :) Someone wants you to show all your cards before they will even ante up with a signature.

Hi that is such game playing! Good that you did not play along! It seems to me to be down right unethical. I thought Realtors took an oath and swore to follow a code of ethics. Why would anyone do that to their own buyer. The saying comes to mind is "What comes around goes around!"

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