Odd sales tactic for inflating offer?

[JETSDAD]

One of my favorite shows to watch is Million Dollar Listing. There it is not uncommon for the agent to have multiple offers on a property and then tell each of the potential buyer that there are multiple offers and to make their best and final offer.

I know real estate rules vary but that is a very common procedure in multiple offers. Once there are multiple offers everyone is informed of that and given an opportunity to improve if they wish. Where I am we can not disclose contents of any other offer but must inform all buyers of the total number of offers competing. The idea of only working with the first buyer to write doesn't really make sense to me and if a broker were to do that I wouldn't list with them (ignoring any legal issues, that most certainly is not in my best interest as a seller).

 

[Ssplashhmtn]

I don't fully agree with this.

The contract is out there, wide open to everybody, any potential buyer SHOULD know he might not be the only one interested, basically everybody has an EQUAL opportunity to calculate his chance, then take actions. Now buyer A chooses to make a reasonable offer, buyer B chooses to begin with a low ball, to me, round 1 over, buyer A wins, should proceed. But you are saying the broker now steps in, confirming something buyer B was betting/hoping would not happen? That is similar to letting buyer B know he miscalculated, i feel it is unfair to buyer A.

That’s true, except buyer A and buyer B aren’t the only involved parties. There is also the seller. It’s in the best interest of 2/3 of the parties (buyer B, and the seller) to ask for a best and final. Seller A isn’t entitled to a “deal” with the seller. The seller should be able to hire a broker that will run a ”best and final” process to ensure they get actual market price, and I don’t think anyone should be considered “sketchy” for it. It’s simply looking our for the majority of the involved parties.

 

[Deeleebaker]

The same broker did something similar with me after I made an offer, they countered, and I countered again. They said there were more offers and that it might come to final and best. I was a realtor, so I just said To go ahead and present my counter and let me know if it does come to final and best. It didn’t, I ended up accepting their original counter offer. I agree with most on here that it’s good to know what your “final and best“ offer would be and then stick to that. I got something I’m happy with at a price I oiled live with. Now to find the perfect second contract. I’m not sure every other year in a 1 bedroom *is* going to be enough.

 

[gisele2]

My sister just made an offer on a contract at dvc sales.com , 10$ under asking price , the seller changed their price and put it on the sites at 10$ more than yesterday ... offering to my sister to pay 1$ more per points than their yesterday asking price .

 

[DVCSunDevil]

My sister just made an offer on a contract at dvc sales.com , 10$ under asking price , the seller changed their price and put it on the sites at 10$ more then yesterday ... offering to my sister to pay 1$ more per points then their yesterday asking price .

My response would be "bye bye". That is a total "bait and switch" if the offer was made before the price was increased. Very odd indeed.