It can be very frustrating as a buyer to be making an offer on a home only to discover that you are competing with another buyer. Buyers sometimes wonder if there really are competing offers at play or is the seller’s agent just trying to get a better price for their client’s home.
In Calgary it is illegal to make up such a farce in order to obtain a better price. We must be able to provide to all the buyer’s representatives the names and brokerages of the representatives of all of the buyers. These buyers must check out or the listing agent will be in trouble with RECA (Real Estate Counsel of Alberta). I have been involved with competing offers while representing a buyer. It is upsetting to clients, but as a sellers representative I do everything I legally can in order to create a multiple offer situation. In fact, I let my buyer clients know that this agent is doing an excellent job for their client. In such a situation a buyer must either put their best foot forward on the offer to purchase and hope they get the home or walk away. It is a fact that a seller does not have to disclose to the parties that there are multiple offers. We still must be able to provide names after the fact.
When representing a seller and before the offer has arrived, I am calling other agents that have shown interest in the home in order to let them know that another offer is expected. This is perfectly legal and my clients deserve my very best legal efforts to obtain the best price for their home!
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By Patrick Murray Join me on Google+