Zillow Advice: Buying Process - Multiple bids on property http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ Zillow Advice | Zillow Real Estate Derek, you didn't read the ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ Derek, you didn't read the attorney's opinion on disclosing prices. Wed, 09 May 2012 01:15:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-05-09T01:15:00Z No, If he or she told you ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ No, If he or she told you the highest bid then what would happen if the next person calls asking for the highest bid amount. The process is made to keep the playing field level. Wed, 09 May 2012 00:41:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-05-09T00:41:00Z Here is an attorney's response ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ Here is an attorney's response to disclosing other offers:<br/><br/><!--[if gte mso 9]><xml> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings> </xml><![endif]--><!--[if gte mso 9]><xml> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]-->"A real estate broker MUST adhere to the lawful instructions of his client. A broker should never attempt to answer this question in the absence of direction from the seller. There are many ways to negotiate a multiple offer scenario and sharing the terms of competing offers with competing buyers is just one of them. However, if it is the negotiation style chosen by seller, then listing broker may and, in fact, must, share the terms of competing offers with competing buyers. There is nothing confidential about the terms of a buyer's offer and upon the seller's instruction, the listing broker must share the terms of competing offers with competing buyers.<br/><br/> Although the question draws a distinction about how a broker would handle this situation if he represented one of the buyers, the Hotline lawyer does not believe that distinction is wholly appropriate. Even if the listing broker represents one of the buyers, if the seller instructs the broker to share the terms of competing offers with competing buyers, the listing broker must do that. However, a broker may not share the terms of his buyer's offer with competing buyers, for to do so would be to take an action that is adverse or detrimental to the broker's buyer, which the broker may not do. Accordingly, the broker would have to discuss this limitation with the seller, obtain the seller's instruction in light of this limitation, and then if the seller's instruction permits, share the terms of all other competing offers with all buyers, including his buyer, but keep confidential, the terms of his buyer's offer. In that scenario, it is highly likely that the dual agent's buyer will get the property.<br/><br/> While this may seem, to the other buyers and their brokers, that the dual agent's buyer was given an unfair advantage, it is what the law allows and requires. " Wed, 09 May 2012 00:04:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-05-09T00:04:00Z Just some added info, in ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ Just some added info, in case buyers feel they are being duped....I'm noticing an upswing in bank owned properties and their preference for cash or no contingency offers. It seems like a number of deals have gone south due to financing issues (probably condition of property making non- habitable). So if you had a strong an offer, and didn't win out, there is probably a reason (dealing with risk) that the bank chose another one. Fri, 13 Apr 2012 06:05:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-13T06:05:00Z The right question to ask ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ The right question to ask on multiple bids: what is the lowest bid? (They cant answer because it violates confidentiality - but DO NOT ASSUME multiple bids are above the asking price. Tue, 10 Apr 2012 19:47:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-10T19:47:00Z I agree with the other agents ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ <div>I agree with the other agents that&nbsp;a buyers agent should know the market values in the communities you are interested in buying a property. They would need to do the research for you. As far as finding an agent to help you, you&nbsp;need to interview them to make sure they have experience in short sales, REO bank sales or foreclosures. Your main question is, can the sellers agent tell you the offers that are made when multiple offers are in place? Yes, they can but, 99.9% of the agents will not.</div><div>&nbsp;The best way to make an offer is to have all the market information about the property you want to make an offer on and the community, including&nbsp;its' current sales. This way you can make your offer knowing the value of the home. If you feel the home is worth more to you and you want to increase the chances of the offer being accepted, you can make an offer higher than the market value.&nbsp;Keep in mind, you&nbsp;would want to be sure this is the property you really want. I have had buyers come to me that have lost properties over and over because they did not have the correct information&nbsp;to make an educated offer.</div> Sun, 08 Apr 2012 13:48:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-08T13:48:00Z I would recommend including ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ <p>I would recommend including an escalation clause. Have a serious talk with your buyers agent regarding what this house is worth to you and include an escalation clause that you will top any offer by $1000.00 (or what your agent and you discuss is the right amount).&nbsp;Put your best foot forward regarding a closing date that is appealing to the seller's as well as presenting strong financials. Always be prepared to walk away.<br/>This is a valuable lesson to buyers that when you find the right house, put your offer in asap.<br/></p> Sun, 08 Apr 2012 12:29:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-08T12:29:00Z And one needs to be very ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ And one needs to be very careful to give the same information to every agent presenting an offer.&nbsp; Our company has a multiple offer form that allows us to give out information to all of the offers uniformly.<br/><br/>If the seller authorizes it, we represent our clients.&nbsp; You aren't showing us places that tell us not to disclose prices. Sun, 08 Apr 2012 01:26:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-08T01:26:00Z according to Standard of ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ according to Standard of Practice 1-15 it states "in response to inquiries from buyers or cooperating brokers shall, with the sellers' approval, disclose the <strong>existence</strong> of offers on the property".&nbsp; and again a similar statement in 3-6, but does not mention amount(s) of offers.&nbsp;<br/><br/>I would refer to 1-9 # 3... as giving such information could give an advantage to a third party (the new offerer in this case).&nbsp; <br/><br/> Sat, 07 Apr 2012 21:37:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-07T21:37:00Z Wow!Violating whose confidentiality?The ... http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ Wow!<br/><br/>Violating whose confidentiality?<br/>The listing agent represents the seller!&nbsp; <br/>And in most cases it is in the seller's best interest to disclose other prices if they haven't found their mark yet.&nbsp; The ONLY reason not to disclose is that it may restrict the pricing. If the seller follows this logic, there is nothing preventing them from directiing their agent to disclose other bids.<br/><br/>Please show me the Code of Ethics rule that this would violate! Sat, 07 Apr 2012 20:18:00 GMT http://www.zillow.com/advice-thread/Multiple-bids-on-property/438209/ 2012-04-07T20:18:00Z