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Answers (10)
- Joshua Stein, "JSteinHomes"
- Contributions:140
It all depends on the custom of the market and the desires of the seller. In PA, the seller must decide when signing the listing agreement whether they want their agent to reveal the existence of multiple offers. Do you have a buyer's agent, or are you dealing directly with the seller?
- John Taylor, "JohnATaylor"
- Contributions:17
Agents work for who they represent and in the best interest of their client be it buyer or seller. Depending on your state real estate laws, If there are two offers placed at the same time the seller can elect to accept one of the offers or possibly reject both . Usually in this type of situation when there are multiply offers on a property the agent representing the seller will discuss best options and possibly suggest to all offers to submit highest best and final offer. Consult your agent about choices.
Best of luck, I hope that you get the home that you want!!!
Best of luck, I hope that you get the home that you want!!!
- Reema Sharma, "ReemaSharma"
- Contributions:927
Typically agents will provide a counter offer directly from seller or notify of any other bidders
- Marco LaPadura David Lau, "Team MD"
- Contributions:263
It is the fiduciary obligation for the listing broker to act in the best interest of his/her client. So yes as a potential purchaser you would be advised that there are other offers and that they are higher then yours. The listing agent should never give a number simply ask for your best offer and they also may ask is this your best and last. Keep in mind offers are not only based on price they are based on terms the stregnth of your offer willingness to preform in a manner suitable to the sellers needs and ability to obtain financing all are considerations.
Hope this helps
Hope this helps
- David Barr, "dpbarr2000"
- Contributions:280
Usually if there is a multiple offer situation, the listing agent will give all interested parties a deadline to submit their offers, advising you to make the highest and best offer.
The seller is not required to make a counter offer, nor tell you what amount offer they accepted. Some people think this is a game agents play, but in some markets like FL, we do have multiple offers and you will sometimes have to pay above list price to get a property.
Buyers often make the mistake of saying they will not pay above list price, when forgetting the property is many times distressed and is listed for a price far below the height of the market.
The seller is not required to make a counter offer, nor tell you what amount offer they accepted. Some people think this is a game agents play, but in some markets like FL, we do have multiple offers and you will sometimes have to pay above list price to get a property.
Buyers often make the mistake of saying they will not pay above list price, when forgetting the property is many times distressed and is listed for a price far below the height of the market.
- B Mike West
- Contributions:240
The listing agent's job is to get the best price possible for the home. If you let them know that you are willing to better any other offer you will be weakening your negotiating position. If your offer is low ball they might not consider you a serious buyer. Ask your Realtor what the market value of the home is and what they recommend your offer price should be. Have them to explain how they reached that number. Consider giving the seller only 24 hours to respond. If they accept your offer other buyers will have no impact. If they reject your offer you can always make an offer with a higher number.
- Kelly Erickson, "Kelly M. Erickson"
- Contributions:32
In our area the inventory is low and we are finding that the new "shiny" listings are going quickly. If this is true in the neighborhood you are purchasing, and you do not want to miss out, make sure you submit your final and best.
As a buyers agent, I don't normally recommend that you submit your final and best...unless multiple offers are expected.
Wish the best,
Kelly
As a buyers agent, I don't normally recommend that you submit your final and best...unless multiple offers are expected.
Wish the best,
Kelly
- Sandy Weed, Jr, "Sandy Weed Jr"
- Contributions:10
Usually offers are given to the seller within a certain amount of time, and depending on the traffic that the home is getting on the open market, your offer may be the only one at that time. If you offer is strong and/or acceptable, they will probably go with it. If there are mulitple offers, the cleanest and strongest offer will be considered - and if all things are relatively equal, the seller may ask for highest and best offer. I have seen this quite often on bank owned homes. Good luck
- John Dean, "Cambridge Agent"
- Contributions:336
Honestly this is exactly the job of Buyer's Agent. I hope you have someone advocating for you and staying on top of the negotiation on your behalf.
In Massachusetts a seller can continue to shop your offer until it both parties have signed in agreement and there has been a deposit of escrow money to secure the deal. The offer paperwork here consists of quite a few specifics on the deals time line, how long before the offer expires and other details that make up the deal.
- Seth Captain, "CaptainSeth"
- Contributions:142
Be prepared for an onslaught of "you should have hired a buyers agent".
But, your question is fair enough. And like all answers that matter in life, the answer is "it depends"
The agent acts at the discretion of the seller, as long as it is legal. Some sellers don't want to through a multiple offer process and may accept the highest. Others will only deal with the offer they feel came in at the strongest. And yes, many listing agents will convince their sellers to collect the multiple offers, and then give every party the chance to give their highest and best.
Welcome to the game!
But, your question is fair enough. And like all answers that matter in life, the answer is "it depends"
The agent acts at the discretion of the seller, as long as it is legal. Some sellers don't want to through a multiple offer process and may accept the highest. Others will only deal with the offer they feel came in at the strongest. And yes, many listing agents will convince their sellers to collect the multiple offers, and then give every party the chance to give their highest and best.
Welcome to the game!
Making offer on home
If one likes the home and makes an offer which is the first offer the home has gotten, would a listing agent typically inform us if another party makes a higher offer? This way, we can get a chance to up our offer price
Not sure if this is common practice
Thanks
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