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I looked at a listing last Sunday that I wasn't interested in, and received a follow-up email from the brokers this week. It stated that following a 'spectacular response' to the open house, the seller had received 'multiple offers.' It said they would accept the best offer this week and attached forms for anyone else interested in making an offer.
My question is, to what extent is this a ploy to increase interest? I'm used to being alerted by my agent if I'm interested in a property and they've received an offer, but how common is this "mass emailing" to everyone who signs in for an open house? And should I be surprised if the place continues to show, even though they've said the seller will be accepting an offer this week?
I have received several of these "multiple offers" mass e-mails from brokers. I think this was pretty common at the peak of the market, and, looking at the sale prices, they appear to have been legitimate cases.
Based on what I have experienced in the last year or two, though, it's usually a lame attempt at pressuring us into making an offer.
Here's how I can tell. (1) When I ignore such messages, I'd continue to see the listings, not even in contract, for months and months--with no follow-up messages from the brokers. What happened to the bidding war? (2) The property is so unappealing in so many ways (and nobody came to the open house) that I just cannot imagine multiple people making offers, all of a sudden (then, see #1 above).
If the property is desirable and well-priced, though, I think this could be a legitimate case. For instance, earlier this year, I saw a very nice unit, which was pretty well-priced. Although I was a bit skeptical of the multiple-offer e-mail I got from the broker, since I loved the apartment, I made an offer slightly above ask...and lost...big time.
I think it might be a semi-legitimate ploy for sellers who need to act quickly, or are in a position where making a timely sale is more relevant than getting another 20 or 30 grand out of a listing. Obviously, on some level, it's done to try and force more interest and not out of concern that others will miss out if they don't make an offer. There is a lack of transparency in many real estate ploys that creates distrust of agents. And I don't think it helps their cause in most cases, as the market generally dictates most of what happens with final sale prices. I suppose it's no different from what stock brokers do, but that's a little like comparing wolves to jackals.
I no longer provide my cell or house numbers to brokers and politely say, 'nothing personal but I don't give my number out anymore due to the ungodly amount of calls I get after.'
The straw that broke my back was the three time a day calls for a week after seeing a place and messages being left about how it's going to go fast and it's a good deal, etc.
I think "ethics' is a strong word here.
You've never fibbed while negotiating the purchase of something?
It really is more a sales tactic on the same level of car salesmen, stock broker,etc.
Heck....QVC! THere's only 100 left....90 left....80 left.....
How about those recently found rare buffalo silver dollars molds. Limit 2 per customer.
I guess yuor annoyed because the mailing is more intrusive. I agree. But it's really everywhere in every category these days.
I dont know what happened to the "do not call and solicit" list because my home phone has been getting it's fair share the last 2 years.
there are so many reasons, including this, to not listen to brokers, including your own, if you are unfortunate enough to have used a buyers' broker. bid what you feel is prudent, given your estimation of a property's valus to you. period.
I am curious as to how either of the words used in the title here are applicable in any way to the content.
Care to share what place it is? What broker?
I got a similar email about the property I now own. I don't think the broker was lying though because I had gone to the first open house and didn't get the email until two price drops later. He had been keeping me informed about the price drops but had never emailed saying there were any offers until that point.
Turns out I was watching and about to make an offer anyway so it didn't make a difference in how I approached it. I still offered what I thought was a fair price which was lower than the asking.