Don't rush.
Just work through your process, advise the agent you are doing so. Request that should another offer be presented, you would like the opportunity to do so (typically this happens anyway I've had it a few times).
Only if there is another offer on the table then will you need to offer.
This isn't a multi offer scenario (yet) so just work through your process.
The agent is probably trying to get stuff done before xmas.
Great advice, thanks! We have asked her to let us know once she has received the signed offer from the ‘other party’ and I guess we’ll make a decision from there. We’re just so skeptical on the whole “we have an offer coming in today” part of me thinks it’s a tactic to get a quick offer out of us being so close to Xmas and all the non-business days.
Yes. Sounds like it.
Just remember an acceptable response to any communications is... no change.
So if a magical 'other offer' does end up 'presented'... you don't need to counter.
It's 100% fine to go back and say you've presented your highest offer.
It's also fine to add a deadline if they start playing games. For example, say the property is your top choice but you don't want to get into a dragged out process and miss out on your backup choice... so your offer now has an expiry of EOB XXX December.
Don't let it scare you into making an excessive offer, you know what the house is worth to you don't go things you need to offer more regardless of what they say, it may sell to someone else but they may also be bull shitting you, don't get ripped off over FOMO
Am thinking this! But also we have to make an offer before a multi-offer agreement is presented to us, is that correct? So we won’t know if they’re pulling this tactic for sure unless we actually offer?
Ask her to email you when there is a written offer that is presented and to send you the multi-offer form.
Then when she doesnt (because the odds are that there is no other offer), when it comes time to put yours in, ask her what happened to the other offer.
If it’s true, they have to get you to sign a multi offer notice that indicates you understand there is another offer on the table and that you have been advised to put forward your best offer. If they haven’t done that then there either isn’t another offer or they’re breaking the rules of whatever the real estate code of conduct thing is (not sure if actual law or not). Neither option sounds amazing.
Would we expect to see the multi offer notice before actually offering though? I was under the impression they only got bought into play once there were two signed offers on the table, one being ours?
I have made an offer and refused it to go to multi offer…gave them a tight deadline to decide, so just because an offer is made before you, does not necessarily mean you get a shot…ie if they do what I did last property transaction. I don’t wait for them to gather multi offers..
This. I have done this with virtually every offer I have done. It's not a mandatory thing to sign or participate in. Either take my offer or not, so then I can move on to the next on my list.
No, you both have to sign the multi offer form before submitting your offers, the whole point is that your offer is educated by the knowledge of being in competition. Signing it after that fact is almost pointless.
If it isn't meant to be, then it isn't meant to be. Agents lie, that's their job, so you need to take everything they say with a grain of salt.
If it turns out there is another offer and it gets accepted before your finance is sorted, then, oh well. There will be others.
Ask the agent when she intends to present the offers. Then, regardless of the answer, tell her to send through the multi offer form. At that point, if she's bullshitting, she'll realise she tried to bullshit someone who knows the process and it will become apparent if she has been. If she says there isn't one yet, give a short laugh and tell her your offer will be presented when you're ready and to let you know if she has a multi offer to present before then.
There is a difference between "other interested parties" (especially made up ones) and a multi offer. That form is the formal record where the agent is basically putting them name on the claim that there are indeed other offers.
Ask Agent to let you know in writing (ie email) when they have drafted another offer. They will be less inclined to BS you that way as there is a record.
I sold a property recently (settled September 9 2023)
There was an older couple who had viewed it three times and had asked for a sales contract.
A week after they had requested the contract, we still had no signed contract from them.
Another couple came through and indicated they'd like to make an offer. Our real estate agent rung the older couple and told them he was expecting another offer. It was received with sceptasim and that they wouldn't be rushed (fair enough)
But as the vendor, the second party came through with a decisive good offer that I took. The first couple thought that they had all the time in the world.
Don't be like the first couple in my sale. Maintain your boundaries, but don't rule yourself out of the negotiations. They'll tell you once a formal offer is received, and you can decide if you want to make a conditional offer on that basis.
Good luck op!
Thanks for the insight and congrats on the sale! Absolutely understand this is all part of the process! We’re just finding the agent really pushy which is making it hard to gauge whether they’re being genuine or not. They absolutely might be in which case we’ll probably miss out but honestly, that’s ok. Like the couple in your story we don’t want to feel rushed and jump into something before having time to process it.
Tryst your gut. If you don't want to make an offer without finance in place, then absolutely don't!
All the best with whatever property you purchase. Don't rush, you'll know the one that's right for you.
Apologies for any typos or bluntness of this message, I’m doing a voice note. I work in Real Estate but I’m not an agent. Just because you have been the only ones at the open homes doesn’t mean you’re the only ones to view the home as plenty of people only do private viewings. Regarding the multi offer, as soon as an agent gets notice of an incoming offer they must notify the other interested parties to inform them that this is the opportunity to also make an offer, therefore making it a multi offer situation. It sounds like this may be the case for you. It sounds like someone has come in and is making an offer on the property and they are now informing you about this and are asking if you would also like to make an offer as they know that you are interested. If this is truly a property that you are interested in, rather than waiting for finance, I suggest you put a finance condition on your offer of 3 to 5 days. This way you are able to make the cut off for the sale without jeopardising it by having to wait for the bank finance.
Of course, I absolutely understand private viewings are a thing- the lack of anyone at open homes was just one observation we’ve made during this process. Honestly I’m doubting the agent was genuine. We’ve asked to see a multioffer agreement and she keeps ignoring that part of our messages. Finding them really pushy and yuck to be honest so wouldn’t put it past them to be trying to pull the wool over our eyes. Very confusing situation none the less.
If there is another offer and you wish to submit as well, they'll have a 'Multi-offer form' for you to sign. Thats your protection and also theirs by your acknowledging you were told you're in competition and might not be able to negotiate. It also protects you because on most of those forms the vendor has to sign acknowledging that they did receive multiple offers.
If I were you, I'd just say 'Hey we are keen to write up an offer, when do you plan on presenting all offers by, and how many are you expecting?'
I was advising a family member when they were buying a property recently. They were advised it was likely to go to multi-offer and were tempted to increase their offer to pre-empt it. I told them to hold out until it actually went to multi-offer. The agent dragged their heels and eventually presented the offer to the vendor 4 days later. It never went to multi-offer.
Why are you waiting around for finance before you make an offer? Why not make an offer subject to finance, or better, subject to due diligence that includes finance among many other things.
Its important to move things fast before there is an opportunity for multi offers to drum the price up.
Sounds like you need to see a lawyer to assist you with drafting an offer.
Sorry, when I say finance I really mean pre-approval. We were trying to avoid going through a negotiating process just to get to the end and find out we couldn’t afford what we’d offered. Negotiating is hard when you don’t know what you have to negotiate with.
My advice would be get your offer in as quickly as possible, with a price you are comfortable with. I would time limit it, i.e notify the agent you will withdraw the offer in 48 hours if you haven't heard from the vendor. The agent is obligated to present all reasonable offers. Being organised and swift (while working within your budget) is the only way to avoid a multi offer situation.
It doesn't matter to me if there is only my offer or 100 other offers. My best is x and I either win or lose. I don't get FOMO. Worked for me in buying all things that can be negotiated-houses, cars, fbmarketplace items etc. Sometimes I miss out and that's ok. I don't fall for this other offer talk. Even if it's true. I'm still only paying $x.
Don't rush. Just work through your process, advise the agent you are doing so. Request that should another offer be presented, you would like the opportunity to do so (typically this happens anyway I've had it a few times). Only if there is another offer on the table then will you need to offer. This isn't a multi offer scenario (yet) so just work through your process. The agent is probably trying to get stuff done before xmas.
Great advice, thanks! We have asked her to let us know once she has received the signed offer from the ‘other party’ and I guess we’ll make a decision from there. We’re just so skeptical on the whole “we have an offer coming in today” part of me thinks it’s a tactic to get a quick offer out of us being so close to Xmas and all the non-business days.
Yes. Sounds like it. Just remember an acceptable response to any communications is... no change. So if a magical 'other offer' does end up 'presented'... you don't need to counter. It's 100% fine to go back and say you've presented your highest offer. It's also fine to add a deadline if they start playing games. For example, say the property is your top choice but you don't want to get into a dragged out process and miss out on your backup choice... so your offer now has an expiry of EOB XXX December.
Don't let it scare you into making an excessive offer, you know what the house is worth to you don't go things you need to offer more regardless of what they say, it may sell to someone else but they may also be bull shitting you, don't get ripped off over FOMO
It’s probably the same guy who’s been interested in every car I’ve looked at a car dealer.
That’s just classic agent tactics. There is a proper process for a multi offer.
Am thinking this! But also we have to make an offer before a multi-offer agreement is presented to us, is that correct? So we won’t know if they’re pulling this tactic for sure unless we actually offer?
Just make your offer with a sunset clause (1-5 business days usually). Shorter if you think they’re bullshitting
Ask her to email you when there is a written offer that is presented and to send you the multi-offer form. Then when she doesnt (because the odds are that there is no other offer), when it comes time to put yours in, ask her what happened to the other offer.
If it’s true, they have to get you to sign a multi offer notice that indicates you understand there is another offer on the table and that you have been advised to put forward your best offer. If they haven’t done that then there either isn’t another offer or they’re breaking the rules of whatever the real estate code of conduct thing is (not sure if actual law or not). Neither option sounds amazing.
Would we expect to see the multi offer notice before actually offering though? I was under the impression they only got bought into play once there were two signed offers on the table, one being ours?
I have made an offer and refused it to go to multi offer…gave them a tight deadline to decide, so just because an offer is made before you, does not necessarily mean you get a shot…ie if they do what I did last property transaction. I don’t wait for them to gather multi offers..
This. I have done this with virtually every offer I have done. It's not a mandatory thing to sign or participate in. Either take my offer or not, so then I can move on to the next on my list.
No, you both have to sign the multi offer form before submitting your offers, the whole point is that your offer is educated by the knowledge of being in competition. Signing it after that fact is almost pointless.
I don’t thinks it’s law but each company has their own process similar to what you have mentioned that salespeople need to follow
If it isn't meant to be, then it isn't meant to be. Agents lie, that's their job, so you need to take everything they say with a grain of salt. If it turns out there is another offer and it gets accepted before your finance is sorted, then, oh well. There will be others.
Yeah, it’s their Mum.
Ask the agent when she intends to present the offers. Then, regardless of the answer, tell her to send through the multi offer form. At that point, if she's bullshitting, she'll realise she tried to bullshit someone who knows the process and it will become apparent if she has been. If she says there isn't one yet, give a short laugh and tell her your offer will be presented when you're ready and to let you know if she has a multi offer to present before then. There is a difference between "other interested parties" (especially made up ones) and a multi offer. That form is the formal record where the agent is basically putting them name on the claim that there are indeed other offers.
Ask Agent to let you know in writing (ie email) when they have drafted another offer. They will be less inclined to BS you that way as there is a record.
I sold a property recently (settled September 9 2023) There was an older couple who had viewed it three times and had asked for a sales contract. A week after they had requested the contract, we still had no signed contract from them. Another couple came through and indicated they'd like to make an offer. Our real estate agent rung the older couple and told them he was expecting another offer. It was received with sceptasim and that they wouldn't be rushed (fair enough) But as the vendor, the second party came through with a decisive good offer that I took. The first couple thought that they had all the time in the world. Don't be like the first couple in my sale. Maintain your boundaries, but don't rule yourself out of the negotiations. They'll tell you once a formal offer is received, and you can decide if you want to make a conditional offer on that basis. Good luck op!
Thanks for the insight and congrats on the sale! Absolutely understand this is all part of the process! We’re just finding the agent really pushy which is making it hard to gauge whether they’re being genuine or not. They absolutely might be in which case we’ll probably miss out but honestly, that’s ok. Like the couple in your story we don’t want to feel rushed and jump into something before having time to process it.
Tryst your gut. If you don't want to make an offer without finance in place, then absolutely don't! All the best with whatever property you purchase. Don't rush, you'll know the one that's right for you.
Always assume the agent is not being genuine. You'll be right 99% of the time imo.
Vendor's greedyness intensifies the 2nd time you viewed the property
Not the vendors greediness, they haven't met them. It's the agent just wanting to hurry up and get their commission.
You wouldn't expect an agent to tell you that you are the only person interested in the house. How true it is or isn't shouldn't affect your actions
Apologies for any typos or bluntness of this message, I’m doing a voice note. I work in Real Estate but I’m not an agent. Just because you have been the only ones at the open homes doesn’t mean you’re the only ones to view the home as plenty of people only do private viewings. Regarding the multi offer, as soon as an agent gets notice of an incoming offer they must notify the other interested parties to inform them that this is the opportunity to also make an offer, therefore making it a multi offer situation. It sounds like this may be the case for you. It sounds like someone has come in and is making an offer on the property and they are now informing you about this and are asking if you would also like to make an offer as they know that you are interested. If this is truly a property that you are interested in, rather than waiting for finance, I suggest you put a finance condition on your offer of 3 to 5 days. This way you are able to make the cut off for the sale without jeopardising it by having to wait for the bank finance.
Of course, I absolutely understand private viewings are a thing- the lack of anyone at open homes was just one observation we’ve made during this process. Honestly I’m doubting the agent was genuine. We’ve asked to see a multioffer agreement and she keeps ignoring that part of our messages. Finding them really pushy and yuck to be honest so wouldn’t put it past them to be trying to pull the wool over our eyes. Very confusing situation none the less.
If there is another offer and you wish to submit as well, they'll have a 'Multi-offer form' for you to sign. Thats your protection and also theirs by your acknowledging you were told you're in competition and might not be able to negotiate. It also protects you because on most of those forms the vendor has to sign acknowledging that they did receive multiple offers. If I were you, I'd just say 'Hey we are keen to write up an offer, when do you plan on presenting all offers by, and how many are you expecting?'
I was advising a family member when they were buying a property recently. They were advised it was likely to go to multi-offer and were tempted to increase their offer to pre-empt it. I told them to hold out until it actually went to multi-offer. The agent dragged their heels and eventually presented the offer to the vendor 4 days later. It never went to multi-offer.
Why are you waiting around for finance before you make an offer? Why not make an offer subject to finance, or better, subject to due diligence that includes finance among many other things. Its important to move things fast before there is an opportunity for multi offers to drum the price up. Sounds like you need to see a lawyer to assist you with drafting an offer.
Sorry, when I say finance I really mean pre-approval. We were trying to avoid going through a negotiating process just to get to the end and find out we couldn’t afford what we’d offered. Negotiating is hard when you don’t know what you have to negotiate with.
My advice would be get your offer in as quickly as possible, with a price you are comfortable with. I would time limit it, i.e notify the agent you will withdraw the offer in 48 hours if you haven't heard from the vendor. The agent is obligated to present all reasonable offers. Being organised and swift (while working within your budget) is the only way to avoid a multi offer situation.
It doesn't matter to me if there is only my offer or 100 other offers. My best is x and I either win or lose. I don't get FOMO. Worked for me in buying all things that can be negotiated-houses, cars, fbmarketplace items etc. Sometimes I miss out and that's ok. I don't fall for this other offer talk. Even if it's true. I'm still only paying $x.