Can Potential Buyer Ask for Proof of Other Offers?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I will say this: When we sold we had four offers and word that another three were still to come. We went back and asked for "best and final" from those who had already sent in a contract. But the "best and final" was due at like 6 p.m. the day we sent out the notice. So, we weren't really screwing around or anything. So to OP, I'd pick a number -- lower, if you want -- and make it your "best and final." Worst case scenario is there IS another bidder and you don't get the house (and price isn't everything). But don't despair -- there are other houses.

Totally agree on this. Rent back, financial strength of buyer, etc. are more important to some, than $5-10,000. This was the case with my family members' home sale in CCMD.

Isn't rent back really just a function of price (aside from the additional flexibility it offers to the homeowners)?

[Anonymous]

Escalation basically tips your hand of your max bid. There are no discounts so who cares m

[Anonymous]

Many people wait to make an offer until others do.

[Anonymous]

Anonymous wrote:OP. It is unethical. What if you did this and the seller disclosed your terms to another buyer? What would be your reaction

If you think the seller is bluffing you can wait a few days to submit an offer

How is it unethical to want proof that another bidder exists? Seems more unethical to make up their existence.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP. It is unethical. What if you did this and the seller disclosed your terms to another buyer? What would be your reaction

If you think the seller is bluffing you can wait a few days to submit an offer

How is it unethical to want proof that another bidder exists? Seems more unethical to make up their existence.

I specifically said it would be unethical terms of an offer to the competing buyer, not the existence of a competing buyer. It is unethical because the seller's agent represents the best interest of the seller. If Buyer B knew the terms of Buyer A's offer, what do you think Buyer B would do?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP. It is unethical. What if you did this and the seller disclosed your terms to another buyer? What would be your reaction

If you think the seller is bluffing you can wait a few days to submit an offer

How is it unethical to want proof that another bidder exists? Seems more unethical to make up their existence.

I specifically said it would be unethical terms of an offer to the competing buyer, not the existence of a competing buyer. It is unethical because the seller's agent represents the best interest of the seller. If Buyer B knew the terms of Buyer A's offer, what do you think Buyer B would do?

Unless I'm missing something, it would result in Seller making more money.

[Anonymous]

Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

[Anonymous]

You can ask but I'm pretty sure it's only required if you have escalation clause that is used.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I believe you only have a "right" to proof if you have an offer in and an escalation clause is used. You can then ask to see the other offers that raised your initial offer price. Some agents do pretend there are other offers - it is unethical.

I always wondered how you proved there were other legit offers if there is an escalation clause. I mean, couldn't one just get their uncle/friend/whatever to put in an offer two or three thousand dollars below the max escalation price? Sure, it's highly unethical but as a buyer it seems like you'd be stuck.

Our winning offer went into escalation and required proof of escalation. when the paperwork was sent to us, it was a scanned copy of the other offer. I guess the real estate agent could have made it up but seems highly, highly unlikely.

[Anonymous]

Anonymous wrote:Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

AMEN!!! THANK YOU! Obviously I am another agent. It really is quite something to read all of these posts from so many highly educated people who do, indeed, think they can buy and sell themselves or use a discount broker! (Sorry PP, if you work for Redfin, but I have a personal distaste for all of the Redfin love on this site).

The escalation clause, in effect, is an invitation to engage in a counter offer. If you are involved in a multiple offer situation (and if I were representing you as your as a buyer's agent and you WON) I would ask the listing agent to see any part of the contract that could have influenced the seller choosing your offer over another. Money isn't always the only thing that wins a deal believe it or not - could be terms (free rent back, seller credit, etc.).

Do you REALLY think we are in the business of producing "FAKE" offers to screw you?!?! MY GOD. I hope to never cross your path and I feel sorry for your agent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

AMEN!!! THANK YOU! Obviously I am another agent. It really is quite something to read all of these posts from so many highly educated people who do, indeed, think they can buy and sell themselves or use a discount broker! (Sorry PP, if you work for Redfin, but I have a personal distaste for all of the Redfin love on this site).

The escalation clause, in effect, is an invitation to engage in a counter offer. If you are involved in a multiple offer situation (and if I were representing you as your as a buyer's agent and you WON) I would ask the listing agent to see any part of the contract that could have influenced the seller choosing your offer over another. Money isn't always the only thing that wins a deal believe it or not - could be terms (free rent back, seller credit, etc.).

Do you REALLY think we are in the business of producing "FAKE" offers to screw you?!?! MY GOD. I hope to never cross your path and I feel sorry for your agent.

Op here, thanks for the personal attack, your doing a great job go confirming that your not someone I'd want to pay a commission to. I have a great non redfin agent and only brought up the issue because I know someone who was the victim of a similar scam.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

AMEN!!! THANK YOU! Obviously I am another agent. It really is quite something to read all of these posts from so many highly educated people who do, indeed, think they can buy and sell themselves or use a discount broker! (Sorry PP, if you work for Redfin, but I have a personal distaste for all of the Redfin love on this site).

The escalation clause, in effect, is an invitation to engage in a counter offer. If you are involved in a multiple offer situation (and if I were representing you as your as a buyer's agent and you WON) I would ask the listing agent to see any part of the contract that could have influenced the seller choosing your offer over another. Money isn't always the only thing that wins a deal believe it or not - could be terms (free rent back, seller credit, etc.).

Do you REALLY think we are in the business of producing "FAKE" offers to screw you?!?! MY GOD. I hope to never cross your path and I feel sorry for your agent.

Op here, thanks for the personal attack, your doing a great job go confirming that your not someone I'd want to pay a commission to. I have a great non redfin agent and only brought up the issue because I know someone who was the victim of a similar scam.

How was what was said to you a personal attack? And you're the buyer, you don't pay the commission, but if your great agent is someone who you deem worthy to pay a commission to, then why is he/she futzing around waiting for the listing agent to obtain the other offer putting you squarely in a bidding war. And why are you posting here on a board about how escalations and competing offers work? Why didn't you ask your agent? Get in the driver's seat and drive instead of letting everyone else tell you about phantom email offers and bidding wars and such.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

AMEN!!! THANK YOU! Obviously I am another agent. It really is quite something to read all of these posts from so many highly educated people who do, indeed, think they can buy and sell themselves or use a discount broker! (Sorry PP, if you work for Redfin, but I have a personal distaste for all of the Redfin love on this site).

The escalation clause, in effect, is an invitation to engage in a counter offer. If you are involved in a multiple offer situation (and if I were representing you as your as a buyer's agent and you WON) I would ask the listing agent to see any part of the contract that could have influenced the seller choosing your offer over another. Money isn't always the only thing that wins a deal believe it or not - could be terms (free rent back, seller credit, etc.).

Do you REALLY think we are in the business of producing "FAKE" offers to screw you?!?! MY GOD. I hope to never cross your path and I feel sorry for your agent.

Op here, thanks for the personal attack, your doing a great job go confirming that your not someone I'd want to pay a commission to. I have a great non redfin agent and only brought up the issue because I know someone who was the victim of a similar scam.

How was what was said to you a personal attack? And you're the buyer, you don't pay the commission, but if your great agent is someone who you deem worthy to pay a commission to, then why is he/she futzing around waiting for the listing agent to obtain the other offer putting you squarely in a bidding war. And why are you posting here on a board about how escalations and competing offers work? Why didn't you ask your agent? Get in the driver's seat and drive instead of letting everyone else tell you about phantom email offers and bidding wars and such.

Wow, you are clueless if you can't figure out why your statements are offensive. Not that it matters, but you do realize there are multiple posters, right? None of the escalation clause posts were mine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

AMEN!!! THANK YOU! Obviously I am another agent. It really is quite something to read all of these posts from so many highly educated people who do, indeed, think they can buy and sell themselves or use a discount broker! (Sorry PP, if you work for Redfin, but I have a personal distaste for all of the Redfin love on this site).

The escalation clause, in effect, is an invitation to engage in a counter offer. If you are involved in a multiple offer situation (and if I were representing you as your as a buyer's agent and you WON) I would ask the listing agent to see any part of the contract that could have influenced the seller choosing your offer over another. Money isn't always the only thing that wins a deal believe it or not - could be terms (free rent back, seller credit, etc.).

Do you REALLY think we are in the business of producing "FAKE" offers to screw you?!?! MY GOD. I hope to never cross your path and I feel sorry for your agent.

Op here, thanks for the personal attack, your doing a great job go confirming that your not someone I'd want to pay a commission to. I have a great non redfin agent and only brought up the issue because I know someone who was the victim of a similar scam.

How was what was said to you a personal attack? And you're the buyer, you don't pay the commission, but if your great agent is someone who you deem worthy to pay a commission to, then why is he/she futzing around waiting for the listing agent to obtain the other offer putting you squarely in a bidding war. And why are you posting here on a board about how escalations and competing offers work? Why didn't you ask your agent? Get in the driver's seat and drive instead of letting everyone else tell you about phantom email offers and bidding wars and such.

Wow, you are clueless if you can't figure out why your statements are offensive. Not that it matters, but you do realize there are multiple posters, right? None of the escalation clause posts were mine.

Offensive. Offensive?

OP, there was nothing offensive in these posts. No one called you any sort of names so I fail to see what you find "offensive." Sounds like you're a bit sensitive to what, I'm not sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Agent here.

Good lord OP put in an offer for your price with a 1 hour time limit and beat the agent and seller at their own stupid game.

For the others asking about how you know if you escalated against a real person, the listing agent is supposed to give you the front page of the other contract and the buyer's agent's name so your agent can confirm.

I'm sorry for being snarky but for all this talk on here about how people can buy and sell houses themselves, it's obvious a lot can't. You just have to think about how to beat people at their own game.

AMEN!!! THANK YOU! Obviously I am another agent. It really is quite something to read all of these posts from so many highly educated people who do, indeed, think they can buy and sell themselves or use a discount broker! (Sorry PP, if you work for Redfin, but I have a personal distaste for all of the Redfin love on this site).

The escalation clause, in effect, is an invitation to engage in a counter offer. If you are involved in a multiple offer situation (and if I were representing you as your as a buyer's agent and you WON) I would ask the listing agent to see any part of the contract that could have influenced the seller choosing your offer over another. Money isn't always the only thing that wins a deal believe it or not - could be terms (free rent back, seller credit, etc.).

Do you REALLY think we are in the business of producing "FAKE" offers to screw you?!?! MY GOD. I hope to never cross your path and I feel sorry for your agent.

Op here, thanks for the personal attack, your doing a great job go confirming that your not someone I'd want to pay a commission to. I have a great non redfin agent and only brought up the issue because I know someone who was the victim of a similar scam.

How was what was said to you a personal attack? And you're the buyer, you don't pay the commission, but if your great agent is someone who you deem worthy to pay a commission to, then why is he/she futzing around waiting for the listing agent to obtain the other offer putting you squarely in a bidding war. And why are you posting here on a board about how escalations and competing offers work? Why didn't you ask your agent? Get in the driver's seat and drive instead of letting everyone else tell you about phantom email offers and bidding wars and such.

THANK YOU!!! BRAVO!!! CLAP, CLAP, CLAP!!!