Navigating the Offer: Can Real Estate Agents Lie About Other Bids?
So, you've found your dream home, submitted an offer, and now... the waiting game begins. But what if the seller's agent comes back with a higher offer out of the blue? You might start wondering, "Could this be real, or are they just trying to pressure me?"
Let's dissect a real-life scenario shared on Reddit:
"My husband and I placed an offer on a home three days ago. They had no offers on the home at the time and not much foot traffic. The seller's agent persisted that my agent have us place an offer on this home. We placed an offer with a decent price and a later closing date since our lease isn't up until the spring. A day later they came back with a 20,000 higher price and a closing date sooner. We decided to sit on it yesterday and now the seller's agent contacted my agent saying that there is a higher offer than ours with a 30 day closing. Could this be true or are they playing some weird mind game?"
This scenario raises fair questions about transparency and ethics in the real estate game. Let's explore:
Can Real Estate Agents Lie About Offers?
In Ontario, Canada (and most regions with established real estate regulations), the answer is a resounding no. Real estate agents are bound by a strict ethical code and legal regulations that prohibit any form of misrepresentation. This code, enforced by the Real Estate Council of Ontario (RECO), holds agents accountable for ethical conduct.
Understanding the Situation:
While the scenario raises red flags, it's important not to jump to conclusions. Here are some possibilities:
Multiple Offers: The market can move quickly, and other interested buyers might have emerged after your initial offer. The seller's agent could be acting on genuine interest.
Negotiation Tactic: The agent might be using a tactic to push for a better offer by creating a sense of urgency. However, this tactic should never involve fabricating offers. That's like a fake encore performance – nobody wants that!
Spotting Potential Red Flags
Having a trustworthy REALTOR® by your side can make all the difference in your buying experience. Here's how to assess an agent’s credibility:
Digital Footprint: A lack of online presence can be a red flag. Most reputable agents have websites, social media profiles, or at least a listing on their brokerage's site. Difficulty finding them online might indicate they're less experienced or established.
Client Reviews: While a lack of reviews could be understandable for new agents, a significant number of negative Google reviews or testimonials elsewhere might be cause for concern. Look for recurring themes in the complaints to see if there are patterns or specific issues to discuss with the REALTOR®.
Educational Outreach: Does the REALTOR® actively share their knowledge and insights about the market? Do they have a blog, social media presence, or offer resources for buyers and sellers? This demonstrates a commitment to the industry and client education – a sign of transparency.
Remember: These factors are just indicators and shouldn't be the sole deciding factor. Talk to the REALTOR® directly, ask questions, and get a sense of their expertise and communication style.
Welcome to Team Ballas! Our mission is to support, educate, and ensure your comfort throughout your real estate journey, whether you're buying, selling, investing, or relocating in the Quinte area. If you're seeking reliable real estate partners nearby, you've come to the right place. We're here to assist you every step of the way.
