Our realtor told the listing agent he had an interested party (us), and the listing agent responded by saying that an offer was given last night for $900 under listing price. It’s been on the market for over 150 days, 60 days since the last price change. How likely is it that it’s a genuine offer from another buyer that just so happened to come in the day before we offer and not a ploy to get us to offer listing price or higher? We’re first time homebuyers and are unsure if something like that commonly happens. We just find the timing odd.
A bid came in right before we placed a bid right below listing price
byu/HarrySph1nct3r inRealEstate
Posted by HarrySph1nct3r
13 Comments
Surprisingly, it happens more than you’d think.
I’m an agent and a few years back I had my own house listed. We’d listed at $1.5 million and after a while dropped to $1.45M. It sat and it sat and then randomly two people offered on the same day after 101 days on the market. They got into a bidding war and we sold it for $1.5M. 🤷🏻♀️
I would assume that if an agent was going to lie about an offer they would tell you it’s a full price offer. Just my thoughts.
BUT…
All you can do is submit your best offer and see what they say.
Let them have it and withdraw yours. Realtors playing games are no good. Let them come back to you.
If it’s been on the market for 5 months, I doubt they will risk your offer by faking another buyer. You have to decide what the home is worth to you and take your best shot.
I bid on a place that was sitting for months, they dropped the price a bit and I bid, and they said that someone else also was bidding on it at full ask. I said I wouldn’t change my bid but hope the homeowner does what’s best for them. It went pending about a week after to someone else. Doesn’t bother me, I just bid what I thought it was worth to me and living situation is just fine.
It’s rare that Realtors would lie about other offers.
It’s career suicide to do this. You know why? Because people DO and WILL find out.
1. It’s not ethical.
2. If the seller finds out that you’re lying to agents about fake offers, you’d surely be fired and get a bad review.
3. You could lose a real buyer that decides they do not want to compete.
4. Your Realtor colleagues will not want to work with you. They would find out very quickly that you’re unethical and will warn any client when they see your name on a listing or on an offer to purchase.
5. If the seller asks their agent to lie about offers and the agent complies; you don’t want to work with that seller anyway. You have potentially dodged a lot of bullets.
That being said; does it happen? Unfortunately yes. BUT VERY RARELY. That’s why in multiple offer scenarios you ask for a seller signed highest and best disclosure. Then you write your absolutely best offer to the point where if you don’t get it, you can walk away with zero regret.
You don’t need to worry about weird hypotheticals or conspiracies that you can’t disprove or prove anyways.
Watch the property. A month from now, look up if it actually sold, and if so what it sold for.
In the meantime, you shot your shot and it didn’t pan out, so you move on. You do not linger, emotionally or otherwise.
It’s likely. You aren’t the only people in the world.
I thought the same thing in a transaction this past year. Timing just doesn’t make sense. So I made an offer that “called their bluff.” House traded $80k over list – the other guy believed it as much as a doubted it.
When I was shopping, I saw several houses sit, drop in price, then sell for over original list. I didn’t know about the last part until months later when they closed.
I think it’s definitely possibly they have a competing offer, but price is not the only factor. The $900 under offer could have unattractive terms.
I lost out on a house in this exact scenario, I thought I was calling their “bluff” but they actually had another offer on the table and we lost the house because we were short 2000$.
I doubt they jeopardize the deal by playing this kind of game but idk I could be wrong.
Offer what you want to pay
Lots of risk in buying a property. Offer what is best for you and hope for the best.