Hi all. Am very annoyed with the real estate process. This past week-end, my husband and I found a condo we were willing to make an offer on.
Isn't it odd that it is not until we attempt to make an offer that the agent tells me, "I spoke with the other agent and she said there is another offer coming in and it too is for cash".
Background. Last summer we had the same thing happen on a piece of property in a different resort area. I can honestly say I felt I was lied to by this agent. I was going to make an offer and her words were, "there is another buyer with a cash offer" and his offer is probably going to be "x". Lots of drama, lots of emotion and I got caught up in it, allowing her to push me to a full price cash offer, 30 day close situation. Long story short, 2 weeks later, I canceled the contract for reasons that came out of the various inspections.
That other buyer never appeared and I dare say there was never another buyer He just went "poof"!!! In fact, the place never sold and the owner has taken it off the market. Hence my gut feeling that I was lied to.
There ought to be some law to protect consumers from real estate agents playing a game to drive up the price and their commissions. Meaning, they should provide "some" sort of proof that there is actually another offer. Otherwise, how can consumers protect themselves from these shennanigans that can never be proven or disproven?
I am not saying all agents do this. In fact I am sure they don't. But I am finding it very prevalent in resort areas.
My response to the agent on this offer was "isn't it funny, I never hear that until I'm making an offer"...and "I'm not getting into a bidding war".....
It is enough to make me want to pull my offer......grrrrrrrr.....
And I still might since it hasn't been submitted yet....
Isn't it odd that it is not until we attempt to make an offer that the agent tells me, "I spoke with the other agent and she said there is another offer coming in and it too is for cash".
Background. Last summer we had the same thing happen on a piece of property in a different resort area. I can honestly say I felt I was lied to by this agent. I was going to make an offer and her words were, "there is another buyer with a cash offer" and his offer is probably going to be "x". Lots of drama, lots of emotion and I got caught up in it, allowing her to push me to a full price cash offer, 30 day close situation. Long story short, 2 weeks later, I canceled the contract for reasons that came out of the various inspections.
That other buyer never appeared and I dare say there was never another buyer He just went "poof"!!! In fact, the place never sold and the owner has taken it off the market. Hence my gut feeling that I was lied to.
There ought to be some law to protect consumers from real estate agents playing a game to drive up the price and their commissions. Meaning, they should provide "some" sort of proof that there is actually another offer. Otherwise, how can consumers protect themselves from these shennanigans that can never be proven or disproven?
I am not saying all agents do this. In fact I am sure they don't. But I am finding it very prevalent in resort areas.
My response to the agent on this offer was "isn't it funny, I never hear that until I'm making an offer"...and "I'm not getting into a bidding war".....
It is enough to make me want to pull my offer......grrrrrrrr.....
And I still might since it hasn't been submitted yet....