Do listing agents lie about having multiple offers... or is it just me?

The house my boyfriend and I looked at is a foreclosure that has been on the market for a few months, so we put in an offer below asking. The next day we are told that there is now another offer. Could this be just the listing agent trying to get a larger commission on the sale, or does this actually mean there is another offer? Please let me know if listing agents can be slimy with foreclosures. We really want this house and are so nervous about the chance of not getting it.

Agents definitely lie about it. Not all agents do, but it’s very common for agents to mention they are expecting another offer coming in today.

I seriously wish listing agents were required to provide a redacted proof of other offers. We’re supposed to just take their word for it, which is really frustrating.

Koa said:
I seriously wish listing agents were required to provide a redacted proof of other offers. We’re supposed to just take their word for it, which is really frustrating.

So why don’t you require it? You’re the one buying something, you’re the customer.

As others have said, there isn’t much profit in trying to get prices a little higher, especially when it could involve losing a deal that would cost them all the commission. Why would they try to scare you away?

@Koa
That does make sense. I just want to understand the situation better.

Thank you for the informative response. From what we’ve gathered, the listing agent did let our realtor know about the average cost of utilities for the small town, which is interesting. There were also 6 or 7 business cards from other agents on the counter, but our agent says he suspects some fishy business with those cards.

@Ray
That’s a good point. If you see that many cards, it might be worth asking your agent about it.

More than likely, there are multiple offers. Saying otherwise doesn’t really make sense when the agent’s commission only goes up by a little bit.

I once withdrew because the agent pretended there was a bidding war with me. They really pushed the other party to raise their offer, but I later learned there were no other buyers. It’s disappointing how that can happen.

@Griffin
Wow, that’s a wild story. I hope we don’t end up in a similar situation.

My house had that kind of pressure in the listing. We didn’t put an offer in at all because of it. Two weeks later, the same house was still sitting there and we ended up getting it below asking.

You could consider writing an escalating offer. Start below your maximum and offer to beat the next best offer by a certain amount up to a limit.

Torrance said:
You could consider writing an escalating offer. Start below your maximum and offer to beat the next best offer by a certain amount up to a limit.

That sounds like a strategy we might want to consider. Thanks for the tip.

Agents lie about almost anything and everything. It’s really not an exaggeration.

To lie about such things could put an agent’s license in jeopardy. It’s extremely unlikely they would risk that for a couple of hundred bucks.