Quick Answer: Can Agents Lie About Other Offers?

Is 90 of asking price a good offer?

If it’s low—say, less than 21 days—you’ll need a strong offer.

If it’s been on the market for more than 90 days, though, then it’s okay to present a low offer.

FYI, 90 percent of the asking price would be considered low, McGill says..

What happens if two offers are made on a house?

When there are multiple offers, the seller typically takes one of three actions: Accepts the most favorable offer. Counters all offers to give everyone a chance to come back with a better bid in an effort to get the best price and terms. Counters the offer closest to the price and terms the seller’s seeking.

Can buyers and sellers talk to each other?

As a general rule it certainly is not a good idea for a buyer and seller to talk directly with each other during negotiations. … Good communications between the buyer and seller are important, and that also means that both Realtors need to be good communicators, too.

Can a seller back out of a contingent offer?

To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.

Is first offer on house usually the best?

There is a theory that often your first offer is the best (I wish it was that simple) but it isn’t, so don’t rely on this. For those of you selling at auction, generally it is almost never an issue. In a strong auction, offers come thick and fast so the first offer is quickly forgot.

Can estate agents tell you about other offers?

Estate Agents can’t legally tell you how much the other offers were for, but they will usually indicate if they were close to the asking price, which can help to inform your own decision.”

Do you have to disclose multiple offers?

Whether it is legal or not to tell the Buyers how much the competing offers actually are, it may be simply unethical to disclose the contents of competing offers to others. … Instead, ask all Buyers to bring back their best offer.

Can you offer 10 below asking price?

However, there are exceptions, so as long as you are not absolutely in love with the property and can afford to let it go, it’s usually worth it to try for the lowest justifiable offer you can make, even 10 or 20% under asking. The worst thing that can happen is the seller will say no.

Are Realtors allowed to lie about other offers?

As everyone else has said, yes they can lie about other offers but if you have an escalation clause that is being used, they need to present the other offer if requested. … One of the problems with agents is they lie so much its essentially impossible to assume they are telling the truth … or to assume they are lying.

Do Sellers usually accept first offer?

Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: “The first offer is always your best offer.”

Can sellers ignore your offer?

While some sort of response is typical, there is nothing illegal or unethical if a seller does not respond. … Sellers may also choose to ignore offers that contain what they see as unreasonable terms, such as little or no earnest money deposit or excessive seller concessions.

Do sellers always pick the highest offer?

When it comes to buying a house, the highest offer always gets the house — right? Surprise! The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house.

What’s considered a lowball offer?

A low-ball offer is a slang term for an offer that is significantly below the seller’s asking price, or a quote that is deliberately lower than the price the seller intends to charge.

How do you get a seller to accept a low offer?

How To Get A Seller To Accept Your Lower OfferConnect with a local Realtor. Rather than going it alone when you’re searching for the right property, hire a buyer’s agent who understands the local market. … Learn the seller’s motivation. … Make your offer attractive financially. … Fine-tune your contingencies. … Be prepared to negotiate.