Maybe I am a bit suspicious but are there such things as 'fake offers' as in Real Estate Agents making up offers to have you offer or counter to it? Do they have to produce evidence of the offer upon request. Also in Victoria do they have to disclose your offer to others? What are your experiences with this? Thanks
Yeah, am sure there is... Seems every time I have ever made an offer to purchase, there is another interested party who have suddenly made a higher offer Only way to beat the system is to say "that's my final offer" and be prepared to walk away
it would be rare for an "experienced" agent to put their reputation on the line like this in my opinion.
I share the same opinion as @Gonx I've dealt with my fair share of agents. The ones that have been around for a while and sell a few properties don't usually play those sort of games - they aim for the best price for the seller but also aim for a good outcome for the buyer (who knows - they might end up selling that same property for them down the track). Like any industry though - there's going to be all types (good, bad and in between). If you think you're dealing with a misleading agent - and the numbers don't stack up - move onto the next one. Cheers Jamie
I suspect I come across this quite a bit...it doesn't necessarily have to be 'fake' either. Pretty easy for an 'acquaintance' of the agent to do up a contract to present to the seller to condition them, or say with confidence to a buyer there are multiple offers... Do your due diligence, figure out a price you want to pay, negotiate accordingly and block out the white noise
Yes, there is fake non existent offers, or offers that may be more like an agent asking what would you offer for a place like this at an open ? (the using this as if it is an offer) I have had them try and get me to pay full price by saying that had an offer a few k under the list, I knew it was a lie, so I bought another one in next street a couple of days later. Agent was not overly bright as they already told me in person they had no offers. You have no right to ask for proof, proof is if you miss out by calling their bluff, or if you get it. Plenty of them are genuine too, they have to do their job.
Written means nothing. You mean they offer a signed contract ? Even a signed contract means nothing really.
Almost every time in my experience it's just a standard part of the bargaining process to say that there is other offers and then they just say if it doesn't sell that the higher offer went elsewhere or make up some story
I've had a situation once when two agents who looked after a listing contradicted each other and it just smelt BS to me and there was no other offers other than my own.
During a few opens I've seen the attendees open list of names and contact details and the agent has written if it was a repeat visit, if an offer was made and the sellers response. I'd say, most buyers wouldn't have viewed these notes. But if you had, it would give you a decent clue as to whether you have competition or not. Btw, I reckon the agents can write this sort of thing but use codes instead.... Make it hard for a potential buyer to understand!
Thanks for the replies. It is quite amazing like something such as buying a house has no transparency in the process. There seems to be big discrepancies from state to state. I will stick to my numbers and offer what is fair. All part of the buying process!
Sure they happen. The trick is either 1: Knowing when the agent is lying. or 2: Not caring whether the agent is lying.