Twin Cities Home Buyers (and Their Agents) Suffering From Multiple Offer Fatigue

Listing Agent to Buyers’ Agents:  “The Seller is Looking at an Offer Tomorrow Night at 7 p.m.”

[Editor’s Note:  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.]

When the listing agent tells interested parties that the Seller is “looking at an offer tomorrow at 7 p.m.,” how many offers is it likely that the Seller has received?

A. None.
B. One.
C. Several (perhaps more than 4-5).
D. No way to tell.

Answer:  “C.,” but credit also given for “D.”

Of course, to have a better idea, it would be important to know how long the home has been for sale; where it is; and whether it’s well-priced and marketed (or not, as the case may be).

Pulling Their Punches

Want a sure sign that rampant multiple offers are wearing out Twin Cities home Buyers?

Depending on the circumstances, at least some Twin Cities home sellers and their listing agents are declining to inform Buyers that they’ve received multiple offers.

Their rationale?

They don’t want to scare anyone off.

Winnowing the Herd

In my experience, that’s usually a mistake.

That’s because the Buyers who typically drop out in the face of competing offers are invariably the weaker Buyers.

But, it’s a telling sign of the 2017 Twin Cities housing market that listing agents — who of course are also Buyers’ agents on other deals — are treating gun-shy, oft-disappointed home Buyers with an extra dollop of care at the moment . . .

See also, “I Don’t Need Help I Can Find the Perfect House“; “Seller Disclosure Options in Multiple Offers:  Tell Some, Tell None, Tell All”;” “Are There REALLY Multiple Showings?”; “Is it Really in Multiples?  How to Tell“; and “Listing Agent:  A Few Interested Parties Are Circling, But No Offers Are in Hand at This Time.“



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