Auction Effect or Silent Auction?
Your buyer is pre-approved with an amazing, local lender.
They have been coached.
They are ready to put an offer in right away.
They are willing to go over asking price.
They have the love letter handy.
They have the lender waiting to make a call to the listing agent.
You show them a great home they fall in love with so you call the agent:
Buyers Agent: "Do you have any offers on 123 Main St?"
Listing Agent: "Yes"
Buyers Agent: "Can you tell me how many offers are on the property?"
Listing Agent: "No"
Buyers Agent: "Can you tell me what the highest and best offer is?"
Listing Agent: "NO, I can't do that!!! - Have them bring their highest and best"
Buyers Agent: "What if I can talk them into a higher and better if they know what the current highest and best is?"
Listing Agent: "I cannot disclose that with you"
END OF CONVERSATION!
This is a conversation you may have found yourself in.
Either you were the listing agent or you were the frustrated buyers agent.
So the question is, for those agents who refuse to disclose the highest and best offer. Why?
Don't you think that disclosing that could result in higher offers and therefore result in your seller netting more?
Without disclosing the price, you are essentially relying on a silent auction.
Our team, with permission from the seller, disclosed a price on a condo. We ended up getting three people into a true auction and resulted in selling the condo for $20,000 more than we ever expected!
Wouldn't it be in your sellers best interest to disclose the highest and best to get even higher offers.?
It would save buyers agents time if they would only know the house they are offering 30,000 over asking price currently has an offer for 31,000 over asking price. Maybe with a little convincing the buyers would come back with an offer 32,000 over asking price.