Comments on: Can I get proof of a competing offer? The answer may surprise you http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/ Phoenix Real Estate - Anything & Everything About It. Plus Random Musings... Fri, 10 Feb 2012 03:19:15 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: David http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-89164 David Sat, 10 Sep 2011 04:37:47 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-89164 Very interesting post. I was wondering if an existing offer has been submitted to the seller does that at times deter potential buyers from making an offer? I have just made an offer on a house that was just been put on the market. My question is 1. will other buyers be informed that an offer exist when they go in for a showing? 2. If so, would they be less likely to make an offer with that knowledge? Wouldn't it be better if they didn't know then submit an offer and then find out. Many questions I had were answered by reading this article. Thanks! Very interesting post. I was wondering if an existing offer has been submitted to the seller does that at times deter potential buyers from making an offer? I have just made an offer on a house that was just been put on the market. My question is 1. will other buyers be informed that an offer exist when they go in for a showing? 2. If so, would they be less likely to make an offer with that knowledge? Wouldn’t it be better if they didn’t know then submit an offer and then find out. Many questions I had were answered by reading this article. Thanks!

]]> By: Jen from Lezioni Di Chitarra http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-83987 Jen from Lezioni Di Chitarra Wed, 26 Jan 2011 10:17:53 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-83987 Wow, your explanation says it all. I often get confused with the proofs and banking things too, but now I know what happens behind the scene. Wow, your explanation says it all. I often get confused with the proofs and banking things too, but now I know what happens behind the scene.

]]> By: Warner Robins Homes http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-83539 Warner Robins Homes Fri, 31 Dec 2010 16:20:22 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-83539 Not sure how I missed this post before but it's not only well written but hits on a major "issue" we face in the real estate industry. It's just my opinion, but I'd venture to say most agents would not risk losing a deal over $450. After splits, referrals, brokerage fees, etc. they stand to get only a portion of that "extra" cash anyway. Yes, there are some unscrupulous folks out there but the vast majority of "us" are playing within the rules. If I say I have another offer, you best believe I do...always. Not sure how I missed this post before but it's not only well written but hits on a major "issue" we face in the real estate industry. It's just my opinion, but I'd venture to say most agents would not risk losing a deal over $450. After splits, referrals, brokerage fees, etc. they stand to get only a portion of that "extra" cash anyway. Yes, there are some unscrupulous folks out there but the vast majority of "us" are playing within the rules. If I say I have another offer, you best believe I do…always.

]]> By: Chris http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-83440 Chris Mon, 27 Dec 2010 03:32:28 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-83440 I have had my own experience over the past year with last minute bids coming in to the table after nothing happening for months. This happened in the Orlando area. In one of my failed transactions the builder actually took a lower bid than what I had offered. On Friday it looked like a sure thing but by Monday it was a totally different situation. Apparently the builder’s realtor knew someone or the realtor bought it themselves. A couple weeks later the property was flipped and already on the market for a higher price. This is a weird case where the higher bid did not win out but it does make an interesting point. Realtors that also dabble in buying real-estate could be the competition. In my case, I believe that is what happened. The story has a good ending. I now have a two bedroom condo that overlooks Lake Eola. I also got a good price. It just took some luck and time to get. My recent post <a href="http://www.blueoceanrealty.com/2010/12/we-love-ourplace/">We love our place</a> I have had my own experience over the past year with last minute bids coming in to the table after nothing happening for months. This happened in the Orlando area. In one of my failed transactions the builder actually took a lower bid than what I had offered. On Friday it looked like a sure thing but by Monday it was a totally different situation. Apparently the builder’s realtor knew someone or the realtor bought it themselves. A couple weeks later the property was flipped and already on the market for a higher price.

This is a weird case where the higher bid did not win out but it does make an interesting point. Realtors that also dabble in buying real-estate could be the competition. In my case, I believe that is what happened.

The story has a good ending. I now have a two bedroom condo that overlooks Lake Eola. I also got a good price. It just took some luck and time to get.

My recent post We love our place

]]> By: Angrybuyer http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-81687 Angrybuyer Sat, 09 Oct 2010 13:49:34 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-81687 Yes you would be foolish but at the same time you ask for proof of funds so you know how much is in the savngs account and if you see the potential you will do it. We are having the experience right now in AZ with the same broker. Our agent put CASH bid on a property that was listed for 115k we put a bid in for 85 knowing they would com back with a counter they did 115k. so we countered with 98.The house had dropped 6k for the past 4 months and has sat on the market for over a year. Now we are told there is another offer on the house so we gave up. That was 2 months ago the house is still listed at 115k. We put a bid in on another house and were told to submit a H&B. I am hard pressed since she knows exactly how much money we have in our savings. It is the new buyer beware scam brought to you by the same people who F***ED you over before! Yes you would be foolish but at the same time you ask for proof of funds so you know how much is in the savngs account and if you see the potential you will do it. We are having the experience right now in AZ with the same broker. Our agent put CASH bid on a property that was listed for 115k we put a bid in for 85 knowing they would com back with a counter they did 115k. so we countered with 98.The house had dropped 6k for the past 4 months and has sat on the market for over a year. Now we are told there is another offer on the house so we gave up. That was 2 months ago the house is still listed at 115k. We put a bid in on another house and were told to submit a H&B. I am hard pressed since she knows exactly how much money we have in our savings. It is the new buyer beware scam brought to you by the same people who F***ED you over before!

]]> By: Bill Fox http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-81591 Bill Fox Fri, 01 Oct 2010 12:05:48 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-81591 Why can't all offers be made public after the closing. That would force all the agents who might be tempted to do this from taking the risk. Seems simple to me. Why can't all offers be made public after the closing. That would force all the agents who might be tempted to do this from taking the risk. Seems simple to me.

]]> By: Dave http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-80353 Dave Mon, 06 Sep 2010 09:29:15 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-80353 Once the offer has been made, it should be required that the listing agent supply proof that the competing offer was genuine. At that point, no compromise exists, and the listing agent should be liable for the increase in purchase price which, lets face it, was obtained by deception. Of course, if the competing offer was, genuine, the listing agent would have nothing to worry about, and neither client would have been compromised. Once the offer has been made, it should be required that the listing agent supply proof that the competing offer was genuine. At that point, no compromise exists, and the listing agent should be liable for the increase in purchase price which, lets face it, was obtained by deception.

Of course, if the competing offer was, genuine, the listing agent would have nothing to worry about, and neither client would have been compromised.

]]> By: Rob http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-79913 Rob Fri, 06 Aug 2010 08:54:58 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-79913 Same this happen to me. List at $324,900 we offered $299,000 they counter with $320,000. We counter back with $310,oo0 then all of a sudden after 121 days on the market some offered $334,000 but the real estate agent said they would sale it to us for asking if we offer. What BS. They handcuff you once they find out you truly like a house. Watch out and it should be illegal. Same this happen to me. List at $324,900 we offered $299,000 they counter with $320,000. We counter back with $310,oo0 then all of a sudden after 121 days on the market some offered $334,000 but the real estate agent said they would sale it to us for asking if we offer.

What BS. They handcuff you once they find out you truly like a house. Watch out and it should be illegal.

]]> By: Joe Leary http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-79143 Joe Leary Tue, 06 Jul 2010 08:21:11 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-79143 I am a buyer and just finished the highest and best game with an REO property. I did not win, but in order to be a better buyer and perhaps be able to complete the transaction next time, I would like to know what the completed contract terms were. It seems to me that once buyer and seller have signed the contract, that information as well as the other competing offers (price and trems) should be made available to the competing parties. Where is the harm in that? If the original deal falls through, it most likely will be after several weeks and the players may have moved on. If not, one or more may still be interested in the property and the game begins again. The seller is not hurt, the real estate agents are not hurt, and the potential buyers know that there were actually multiple offers and can make better decisions next time. I am a buyer and just finished the highest and best game with an REO property. I did not win, but in order to be a better buyer and perhaps be able to complete the transaction next time, I would like to know what the completed contract terms were. It seems to me that once buyer and seller have signed the contract, that information as well as the other competing offers (price and trems) should be made available to the competing parties. Where is the harm in that? If the original deal falls through, it most likely will be after several weeks and the players may have moved on. If not, one or more may still be interested in the property and the game begins again.

The seller is not hurt, the real estate agents are not hurt, and the potential buyers know that there were actually multiple offers and can make better decisions next time.

]]> By: Marc Brodeur http://www.phoenixrealestateguy.com/can-i-get-proof-of-a-competing-offer/#comment-78363 Marc Brodeur Mon, 31 May 2010 13:06:42 +0000 http://www.phoenixrealestateguy.com/?p=4032#comment-78363 Jay, It looks like a few did read your entire blog! I think your first explanation makes the most sense. No agent in their right mind would "make up" another offer. Most agents simply want to sell the house, end of story. Why risk blowing it and have your only buyer walk? If you "made up" and offer, you have violated your fiduciary duty to your seller. I can see how it would raise suspicion in the mind of the buyer. In my experience, when the price is dropped to a certain level, suddenly a few buyers will come out that were watching it. If there has been zero offers, with no price changes, and then suddenly there are offers, that raises more questions if I am representing the buyer. I can always respond with, as you did, this is our highest and best. I think the chances of someone making up a fictitious offer, though not impossible, is very unlikely. There is too much down side, primarily losing the one buyer you do have Jay,

It looks like a few did read your entire blog! I think your first explanation makes the most sense. No agent in their right mind would "make up" another offer. Most agents simply want to sell the house, end of story. Why risk blowing it and have your only buyer walk? If you "made up" and offer, you have violated your fiduciary duty to your seller.

I can see how it would raise suspicion in the mind of the buyer. In my experience, when the price is dropped to a certain level, suddenly a few buyers will come out that were watching it. If there has been zero offers, with no price changes, and then suddenly there are offers, that raises more questions if I am representing the buyer. I can always respond with, as you did, this is our highest and best.

I think the chances of someone making up a fictitious offer, though not impossible, is very unlikely. There is too much down side, primarily losing the one buyer you do have

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