Can You Find Out How Many Offers Are On A House?
- Joe Thomas
There Are Other Offers On The Home – If a selling agent states that there are other offers on a home, your agent can be assured that there are in fact other offers. As a buyer, you want to know what other offers exist. Unfortunately, selling agents will not disclose the other bids to your buying agent.
Can a realtor inform you of other NJ offers?
Information for Purchasers Occasionally, sellers will be presented with many competing purchase offers. There are numerous ways for sellers to handle multiple offers. The seller may accept the “best” offer, alert all possible buyers that other offers are “on the table,” “counter” one offer while setting aside the other offers pending a decision on the counter-offer, or “counter” one offer and reject the rest.
- While the listing broker can provide recommendations and guidance, the seller determines how offers will be presented and handled, not the listing broker.
- There are pros and downsides to the various multiple offer negotiation tactics available to you.
- A low first offer may result in the purchase of the desired property for less than the asking price, or it may result in the acceptance of a larger offer from another bidder.
Conversely, a full-price offer may result in paying more than the seller may have desired. In rare instances, multiple full-price offers may vie for the seller’s attention and acceptance. Your buyer’s agent will outline the advantages and disadvantages of these (and maybe other) negotiation methods.
- However, the decisions are yours to decide.
- Typically, purchase bids are not secret.
- In certain instances, sellers may inform other buyers that they have received your offer, or they may divulge specifics about your offer in an attempt to convince another bidder to submit a “better” bid.
- In rare instances, sellers will ask their selling agent to publicize their offer to other purchasers.
Listing brokers are obligated to adhere to the legal and ethical directives of their customers, just as buyer-representatives must adhere to the legal and ethical directives of their clientele. Even while some REALTORS® may be hesitant to divulge the conditions of offers, even at the request of their seller-clients, the Code of Ethics does not prevent such disclosure.
In certain instances, state law or real estate rules may prevent brokers from disclosing the presence or conditions of offers to third parties. Before beginning talks, you may choose to discuss with your buyer’s agent the option of keeping your offer private or negotiating a confidentiality agreement between you and the seller.
Consider that, as a buyer represented by a broker, your broker presumably has other buyer-clients, some of whom may be interested in the same homes as you. Ask your real estate agent how offers and counteroffers will be presented and discussed if other buyer-clients of hers are competing for the same home.
Can you lawfully disclose offers? – The majority of real estate brokers do not reveal other purchasers’ offers. Why? Many agents just assume they are prohibited from doing so. They believe that it is unlawful or unjust to the party who made the offer. Contrary to, this is totally false.
Do vendors usually accept the highest bid?
We lost out in a bidding war for a house because the seller accepted a cheaper offer. Should not the seller accept the highest offer? / / / This can occur for a variety of reasons, but the basic answer is “no.” In real estate transactions, the seller is free to pick which offer to accept, and is not required to accept the highest-priced offer.
- The vendor is in reality not required to accept any offer.
- When this occurs, it is easy to suspect that anything is amiss, but the sale price is merely one of several variables impacting the seller’s decision.
- In your instance, a rival offer may have had a cheaper price, but it may have been more desirable for other reasons.
For instance, the seller may favor an offer that does not contain a financing condition or other restrictions relating to inspections or the sale of the buyer’s house. Sometimes commission rates are changed, which can also effect a seller’s bottom line.
Another typical distinction is the closing date: the offer they select may have a more convenient closing date than the one you offered. Timing might be crucial. As pricing is only one consideration for the seller, it may be tempting for you, the buyer, to begin removing stipulations that are intended to protect you.
If there is no financing requirement, for instance, you might forfeit your deposit or, even worse, pay financial penalties if you cannot obtain the necessary cash to close the sale. And without a home inspection condition, you may be responsible for expensive repairs in the future.
Before excluding these situations, you should ensure that you comprehend the trade-offs, since they include significant dangers. Discuss your risk tolerance with your real estate professional before making any decisions. Additionally, it may be useful to analyze the transaction from the seller’s perspective.
A seller who is considering rival bids must determine how to handle the situation. The seller has the option of accepting the best offer, negotiating with one or more interested parties, or rejecting all other offers. This implies that even if your original offer was larger, the seller might have opted to begin discussions with a more favorable offer.
Negotiations may be challenging. Even in situations with rival offers, a buyer has alternative options and may choose to withdraw. A seller may attempt to bargain, only to discover that the buyer submitted the greatest possible offer. In the meanwhile, other potential purchasers have moved on to other houses.
With the weather warming and the market showing no signs of cooling, it is prudent to hire a real estate expert who can give advise and direction to assist you understand the alternatives open to you and the responsibilities that may accompany each of them.
- Please email Joe if you have any questions about the house buying or selling process.
- Joseph Richer is the Real Estate Council of Ontario’s Registrar (RECO).
- He is responsible for the administration and enforcement of all rules governing Ontario real estate professionals.
- More tips are available at, on Twitter at, and on YouTube at.
The seller accepted a lesser offer than ours after we lost out in a bidding war for a home. Should not the seller accept the highest offer?
What is a competitive offer on a home?
How to Craft a Compelling Offer the Seller Will Accept If you’re ready to purchase a property, you’re likely curious about how to compose a “strong offer.” When we refer to a “strong offer,” we are referring to an offer that has the highest probability of being accepted by the seller. Read on for advice on how to get your offer approved!