Profile picture for luckynkitty

Buyer's agent responsibility

If my realtor told me that there is another offer made on the property that I just made an offer on, should I be concerned about it? My agent probably thought that I offered too low but she did not say anything but then late at night she emailed saying that another offer was made hours after I just submitted mine to her.
  • August 12 2013 - US
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Answers (10)

When there are multiple offer, the seller may tell all parties involved to send their highest and best offer to them and then decide which one to go with. It is not only the sale price that they are looking at, but money down, financing, close date, etc.  If you think your offer might be too low, just ask your realtor and then re-submit another offer if your really want to get the home. You can also have your agent call the listing agent and make sure they know you are really wanting the house and hope that they will work with your offer. Good Luck.
  • August 12 2013
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Most selling agents upon submitting our clients offer, follow up with a phone call after the offer was probably emailed or faxed to the listing agent. AT this time, is when listing agents may share the fact that they believe another offer is coming.

I don't believe you need to be concerned and hopefully, if this other offer comes in and if there is not much difference between offers, the seller may choose to invite both offers to submit their highest and best offer.

You should be prepared in case it happens. In case the other offer gets accepted, you can always talk to your agent about a back up offer. Since NOT all offers end up closing. 

Wish you the best of luck on getting this home! 
  • August 12 2013
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You should be concerned if your offer was low.  Chances are if the second offer is higher the seller will not even counter your offer.  If the terms are better the seller may not counter.

If you are FHA and the other offer is conventional - you may not be considered.

It is your agents duty to make you aware as soon as they are told another offer has been made.  You have the opportunity to amend your offer and raise it or change terms.
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What is your question about your agent's responsibility, user?
  • August 12 2013
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I don't know if you should be "concerned," but you might get outbid.

  • August 12 2013
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What concerns do you have?  Are you concerned you might not get the house, or concerned your agent isn't doing her job?

Sounds like your agent is doing what she's supposed to do.  She submitted the offer you wanted to submit, and she informed you of the fact that there was another offer.

However, if you really want the house, I would have told my client  that 1) there's another offer and 2) if you really want the house then you may want to submit a higher offer. After all the GOAL is for you to buy a house, right?

It's your job to convey to your agent what you want.
  • August 12 2013
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Profile picture for SteadyState
This could be anything from a call to get you to make a higher offer (there may be no real "other" offer) to someone else really made an offer that was lower or higher than yours.

I Bid what I think the home is worth and not a cent over.
  • August 12 2013
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Profile picture for wetdawgs
It sounds like your agent did her job letting you know there was another offer. 

What would you prefer she have done?

  • August 12 2013
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It's her responsibility to council you on what fair market value is for the home. The offer price is your decision. I understand, you go in low, and wait to see what they counter.  But it's risky because someone who is willing to offer higher can cut in and you never get a counter offer. She did the right thing by telling you there is another offer.  She provided you with the new information as she received it.  You can always up your offer to compete if you want the house bad enough.  I once had 15 offers on a home, and 3 different people changed their offers, because they knew there were other offers that came in after they submitted.
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Profile picture for Tony Ngai
Her responsibility to you, is to report what she knows immediately that may or may not impact your situation.  Base on what you've just said, she is just doing her job.
  • August 12 2013
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