Obviously suggesting that there are 'interested parties' for a property is common practice, and to be expected – but just how far can agents go with this deceit?
Can they lie to prospective buyers by saying that an actual offer/offers HAVE been made, when nothing has actually occurred?
Can they lie about the actual price of those offers, in an attempt to getaway prospective user to bid higher than they would have otherwise?
I'm not sure about the legalities in respect to the offer/negotiation process when purchasing real estate – but I'm pretty sure there's a rule in there somewhere that prohibits real estate agents from lying. Whether or not they all abide by the rule is a different story.
An agent is required to present all offers to the owners, they don't however need to tell prospective buyers whether those offers are still under consideration by the owner ie if they have been rejected. So telling you that the owner has received offers is true (but not disclosing that they have been rejected is also OK).
Good luck proving they have lied about an offer. It'd be a messy business, word would get around town, and it would be hard for you to deal with agents in town afterwards.
You just have to entertain the possibility that everything they say is a bit untruthful. Ultimately, you have to think well I don't care what everyone else is up to. I wish to pay no more than $x for this property. If someone else wants to pay a bit more they are welcome to do so. But I am not going to get all hurt and offended about being "beaten". I am often saying "I am not disputing whether or not the property is worth what the vendor is asking. However due to budget constraints, I am only able to offer $x. However my buyer means business and will act immediately. Here are the reasons we are strong buyers: ……… Do you accept my offer?"
Jay, if the agent has received an offer then there is nothing stopping you from submitting one also. The agent must present all offers to the vendors (make yours in writing with a sunset clause).
In the unlikely event that the agent is lying, then they have your offer& conditions to present to the principal. They can always come back and ask you to increase the offer.
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