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By Stefan Hyross
The homeowner who receives multiple offers may use the opportunity to work on people’s emotions and natural competitiveness, so it’s critically vital that a prospective purchaser stay calm and not allow these strategies to cloud their thinking. Real estate professionals are also susceptible to playing off both the purchasers and homeowners to boost their commissions higher and transaction numbers more impactful. Even though there are standard ethics rules in real estate transactions, not all agents adhere to them, so it is always smart to stay alert for signs of underhanded manipulation when faced with a multiple offer situation.
Dishonest maneuvers involving multiple bid situations are so prevalent that a few provinces have actually made it illegal for the seller to market a price they are not prepared to consent to just to start a bidding war. There are certain regulations involving multiple offers that require non-disclosure of of material facts while demanding that any alterations to the bidding procedure have to be discussed with everyone prior to executing. However in the quest to obtain a higher bid, many times proprietary facts are intentionally given away or even misrepresented to motivate the potential bidders.
The best plan when a purchaser is dealing with a multiple bid scenario is to make the best offer they are able to and put as few stipulations and conditions as they can into the proposed agreement so the homeowner will be drawn to it by straightforwardness and, hopefully, the amount of the offer. The propensity of buyers to get caught up in the heat of the moment and make large priced offers is just the type of situation that can be effortlessly misused by rejecting a perfectly good offer to try and sweeten the pot.
A few homeowners insist that their realtors do not make it public when they have multiple offers, which creates a situation where bidders are not told that their bids need to be the best they can offer. Most homeowners, however, are very keen on letting all purchasers know that they are expecting other offers, although it then becomes their responsibility to make sure no sensitive facts leak out and that the bidding stays fair for all involved. This does not deter some real estate agents from shopping around with other agents by making it public that bidding has begun on one of their listings
Another underhanded strategy employed to mislead possible buyers, as well as real estate professionals, is to review offers that will not be accepted in order to panic the other buyers into a bidding war. Some homeowners even start with a very low price in hoping to produce a frenzy that will get bids so high they will exceed the value of the home. However these schemes may go wrong when word gets out inside the real estate community that a homeowner is manipulating a bidding war because they will quit bringing their buyers to view the home.
About the Author: Stefan Hyross writes about many housing subjects. You can receive more news on
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