My agent is more trustworthy than most of the others I’ve worked with. Typically, when I’ve encountered multiple offers, it always involved a ‘highest and best’ scenario with a set deadline, and I would know generally where the other offers stood, confirming the legitimacy of the situation. Additionally, these homes were often on the market for only 2-3 days.
However, I’ve now looked at a home that’s supposedly received multiple offers but there’s no mention of a ‘highest and best’ deadline or how high the other offers are. The home has also been on the market for 10 days, which is considered long in my local market.
Given these factors, can I safely assume the multiple offers claim is BS and submit an offer below asking?
It’s rare for a listing agent to disclose other offers in detail. The fact that there’s no deadline for ‘highest and best’ does seem odd, but don’t let that sabotage your chances. Submit an offer that you feel comfortable with, one that you’re okay with losing if the seller accepts another bid.
I feel like they were more willing to disclose details when all the offers were well above asking. This time, it feels like if they got offers, they’re all under asking, and that’s why they’re being vague. That’s assuming they even received multiple offers to begin with.
You’re not alone in feeling this way. I’ve experienced similar situations. When the offers are strong, they’re more likely to say something like, ‘We have offers well above asking.’ When they’re vague, it often means the offers are weaker, and you have more room to bid competitively.
As a real estate agent, I find it hard to believe that you ever truly ‘knew where the other offers stood.’ A listing agent shouldn’t be sharing that information. And no, the claim of multiple offers is likely not BS. Sellers are not required to conduct a ‘highest and best’ process. You’ve been notified of multiple offers, and that’s all that’s required.
When I sold my home, I received over 20 offers and simply picked one from the top. There was no ‘highest and best’ game to be played. So no, I don’t think you can be confident that the claim of multiple offers is false. Also, 10 days on the market isn’t long. The seller may want to wait through a couple of weekends to see what interest comes in.
If you were the seller and had multiple offers, would you reveal how high the other offers are? I wouldn’t. I’d let potential buyers guess, hoping that someone offers a lot more.
On the flip side, if they told you the highest offer was $900k, would you even believe them? It sounds like you might still have doubts.
Doing a ‘highest and best’ scenario can actually hurt the seller. Once they do that, the existing offers are no longer valid, and some buyers might walk away instead of submitting a new bid. The seller could end up with a lower top offer than they had before.
As a retired agent, I always told my clients to make their best offer first and then take it or leave it. That way, you’re not left wondering if you could have done better.
Some agents like to do ‘highest and best,’ but not all do. Don’t read too much into it. Offer what you’re willing to lose the house at, and see what happens.