It's not the first time that my clients deal with a multiple offers situation. Actually, 100% of my buyers are in front of that situation.
But today, I'm beginning to think there is more to a multiple offers. It is a way to inflate a sale price!
When my buyer made an offer to this overpriced property in a not so attractive area for about 10% below the asking price, I thought this could fly. He saw the property, got the cons and pros in mind and after all, it was sitting on the market for the last 464 days. Yes, 464 days on the market.
So I wrote that offer for him. The next day, I had an email from the listing agent : we are in a multiple offers and I need your buyer's highest and best for tomorrow 10:00!!
Are you serious?? 464 days and the day I make an offer, there is another one on the table?? I had to call the listing agent to have it straight. Over the phone, he had not 2, but 4 offers!!!
Your listing is sitting there for 464 days and in one day, the same day, with no listing change, with no zoning change, 4 buyers decided to make their offer??!!??
Well, I don't buy it. And unfortunately there is little I can do. I could do nothing when those agents came to my client to negotiate a sale price because "with a last name like yours, I thought you didn't speak spanish". I could do nothing when this agent "never received my offer" but sold it 3 days later, getting a lower price than my buyer but a whopping 6% for getting both side. So I know I won't be able to do a thing against a fake multiple offers situation in order to get 5% more from my client and a higher commission for you.
You will end into my black list.
There are 2 kind of agents out there : those who work for their clients and those who work for their wallet.