Can a Realtor hold back offers to create an artificial bidding war?
Posted by RealEstateSEO | Posted in Real Estate SEO | Posted on 20-11-2009
Tags: Bidding War, Contact, Realtor, Strong Suspicion
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C W asked:
I have a strong suspicion my recent offer was not presented to the seller, and the realtor is holding back on (and probably other offers too) and creating a false bidding war. Any idea on how confirm this? Can I contact the seller myself and ask them if they saw the offer?
seo specialist
I have a strong suspicion my recent offer was not presented to the seller, and the realtor is holding back on (and probably other offers too) and creating a false bidding war. Any idea on how confirm this? Can I contact the seller myself and ask them if they saw the offer?
seo specialist
The realtor is not creating an artificial bidding war. If there is interest in the property, that is normal practice that all bids are held until a certain date before being presented to the seller. There is nothing illegal about that.
If you are not sure that your realtor is holding back on your offer then you should put in the offer that you want to be there when the offer is submitted and give a date you are available to accompany your real estate agent. The other way to prevent this is to place in the offer that this offer expire 72 hours after receipt by the real estate agent.
A real estate agent is to submit all offers in a timely manner for acceptance.
Normally real estate agents look over the offer, then immediately take the offer to the seller or sellers.
if other offers are submitted then they might take these offers to the sellers also.
What real estate agents fail to realize is that they are working for the buyer or seller and you dictate the time frame in which things happen. They are there to give advice and make sure the local laws and customs are enforced and a legal sale take place.
Are you using the same real estate agent as the seller? This could be a problem. If you are perhaps you might consider using a buyer’s agent.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
yes you may contact seller directly. walk up to front door and ask the question.
ok, first thing…
is this realtor the selling agent AND your agent?
that alone is a bad idea. i have yet to understand why people do that.
now, that being said…it is very doubtful this agent is not presenting offers to the seller.
do the math…on a 3% commission is it worth them losing a $200,000 sale in order to take a chance on a $205,000 sale?
not likely.
if you’re “low-balling” offers on a house you really want, then why not either put in an offer that is the asking price or move on?