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Are phantom bids legal (real estate)?
Posted on 8/30/17 at 8:52 pm
Posted on 8/30/17 at 8:52 pm
The wife and I are looking into buying a home. We put in an offer today on a house thats been on the market for 5+ months. This evening I get a phone call from our buyers agent stating another person toured the property this evening and gave a "verbal offer" to the listing agent that was higher than ours. The listing agent wants our highest and best by tomorrow afternoon.
I find it unlikely that a house sits on the market for 5 months only to have two bids come in on the same day (although admittedly possible). I dont plan on budging on price, but this got me thinking, assuming the other offer is fictional, is this an accepted real estate practice?
I find it unlikely that a house sits on the market for 5 months only to have two bids come in on the same day (although admittedly possible). I dont plan on budging on price, but this got me thinking, assuming the other offer is fictional, is this an accepted real estate practice?
5
Posted on 8/30/17 at 9:07 pm to NYNolaguy1
quote:
We put in an offer today on a house thats been on the market for 5+ months. This evening I get a phone call from our buyers agent stating another person toured the property this evening and gave a "verbal offer" to the listing agent that was higher than ours.
Did the price just get cut?
quote:
is this an accepted real estate practice?
Realtors lie almost as much as politicians.
Posted on 8/30/17 at 9:20 pm to NYNolaguy1
I've wondered about this in an auction setting, myself. I suppose as long as the seller is okay with the idea of scaring off their main potential buyer in an attempt to drive the price up there's nothing that can be done.
You can bet that if it backfired on them and they then tried to come back to me, though, I'd cut them to the bone on price.
You can bet that if it backfired on them and they then tried to come back to me, though, I'd cut them to the bone on price.
Posted on 8/30/17 at 10:58 pm to NYNolaguy1
quote:
The listing agent wants our highest and best by tomorrow afternoon.
Just give them this.
Legally, a "verbal" offer ain't shite. If they want to offer a written counter, fine. Otherwise, stick to your current offer and call their bluff.
Posted on 9/3/17 at 4:00 pm to NYNolaguy1
It's called shill bidding, and typically very hard to prove but it is illegal. I work in the world of car auctions, so I see it every day.
Posted on 9/5/17 at 6:44 am to NYNolaguy1
I would walk or my best and final would be the exact offer I made. I would also ask for the listing agents license number, & managing brokers information as you are aware verbal offers mean nothing and pen to paper is the only way to legally bind a real estate contract. Using a verbal to attempt to enter into a multiple offer situation seems to push the ethical standards set forth by the National Association of Realtors.
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