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Wait time for offer response

I looked at a home over the weekend (Sunday afternoon) we made an offer Monday morning, within 4% of local comps. This home has been on the market one year, no activity, sign in sheet shows one visitor 4 weeks ago. The last price drop was 9 weeks ago. Monday afternoon we receive word that there are multiple offers on the property (3 others, 4 including ours)....all last weekend ( no open houses, etc;)Now, i have read conflicting responses to the question: "do agents lie about multiple offers"My question is, how plausible is this? I mean, how am i supposed to believe that after 52 weeks, the Sunday i look at it, the next day 3 other offers come in?

So Tuesday, we bite, and increase our offer by 10%, now its Saturday and we are told "a family member is in the hospital" and the seller needs more time...what gives? Is our offer being shopped around or is this common?
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February 22 - US
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Answers (4)

The job of the listing agent is to get the highest and best price for the seller and it sounds as though that is what he/she is trying to do. There are generally four things that can happen when you submit an offer -

1. It is accepted and you go under contract.

2. The seller issues a counter-offer

3.  There are multiple offers and highest and best is requested

4.  The offer is ignored

You have already indicated that there are multiple offers and the listing agent could still be looking for additional offers or there could in fact be an emergency. Either way, the seller is under no obligation to respond to your offer. Consult with your buyers agent to determine if you should continue to look while waiting on a response. Who knows, there may be a better house out there for you!
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February 22
It sounds like a vacant home since it has a sign in sheet. First of all not many agents will sign it. Agents often look at that as tipping your hat and letting others, that come later, think that there might be interest. Getting multiple offers does not surprise me, as soon as there is interest the listing agent often goes to work contacting other agents that have had buyers with interest. Nothing motivates a buyer more than someone making an offer on a property you thought you could steal. Yes, it is not uncommon at all to get multiple offers. Now the owner saying he needs more time sounds more like a ploy to get more and better offers. You can keep making them until they accept one.
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February 22
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I am represented (buyers agent), the listing broker asked us for highest and best last Tuesday, but is now stalling with a response. I understand people get sick, and family always come first, that's not really the issue. I just want to know what is average, or reasonable response time.

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February 22
Actually it is amazing but that is exactly what happens sometimes.  There will be little to no activity and all of a  sudden there is a flurry.  Also, Realtors are people and people aren't always above board.  I am assuming the agent you are working with is also the listing agent.  You can  wait it out if you really want the house or as an alternative you might ask the agent to release you from her representation and consult anther agent.  In either case I would not recommend increasing the offer without some sort of communication from the seller.

Good Luck to you.
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February 22
 
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