I rarely share transaction details on this blog, but I will today. Names and locations will be changed to protect the innocent and the guilty.
Once upon a time there was a beautiful loft that was for sale. There were several potential buyers. One couple toured the place 3 times. Their agent said they had an offer and would send it at X time. The seller was notified and waited, but no offer came. The buyer's agent continued to reach out and say multiple times that there would be an offer, but no offer ever came.
One day, a near-perfect offer came in. There was a qualified buyer who could meet the owner's desired closing date, with no conditions whatsoever. The owner of the beautiful loft quickly accepted the offer.
Other interested parties find out and their agent calls the selling agent to tell them that they should tell the buyer's agent to let them know if there are any offers. The buyer's agent never asked to be informed of offers, and even if they were, the seller could decide not to share that information. The seller could ask the agent not to reveal the existence of other offers.
In short, a home can only be sold to one party, and is often sold to multiple parties who want to buy. A homeowner only needs one offer. If a great offer comes in, the seller can and should accept it. A home seller is under no obligation to have their agent let interested parties know that they have an offer.
The buyer's agent claimed he knew how things should be done and that other selling agents would have called to let me know about the offer – that was his experience as a buyer's agent for 3 years.
Planned buyers should ensure they are ready to buy before they begin their property search. Once they find the right property, it's time to make an offer. Waiting rarely goes wrong. A buyer's first offer should be the buyer's best offer. Agents should not repeatedly promise offers in front of buyers. Without offers, agents will lose credibility with the selling agent and seller.
The universal truth about buying and selling residential real estate is that every situation, every client, and every home is different. We prepare for every scenario and never make assumptions about what a buyer or seller will do. We expect the unexpected.
Agents should avoid telling you they're going to submit an offer unless they're sure. If an agent says they're going to do something at a certain time, they should follow through or at least call the person and let them know what's going on instead of making them wait.