Market Wise Q&A: How Do We Really Know There Really Was a Second Buyer?
Pat Kapowich for the San Jose Mercury News Q ~ We are under contract to buy our first home, which was on the market for months without an offer. During a stalemate in our negotiations, another buyer was miraculously interested in the property. The listing agent called our rep to inform us that a buyer's agent was at the property with a contractor. This phone call's timing was extremely fishy but we signed the seller's last counter-offer to be on the safe side. But how do we really know there was a second buyer?
A ~You don't. The listing agent can't win in this situation. It's their job to negotiate with all the tools his or her skill-set can provide. Additionally, it could be worse; they abandon their duty and don't inform all parties of a second buyer and actually ratify a sale with a 'johnny-come-lately'. If the listing agent risked their license to tell that fish tale then he or she will remain mum. Either way, most buyers don't negotiate into a standoff and wind up with a new address. Lest we forget, the recession did the entire 'heavy-lifting' regarding price. Best not to think about picking up your toys and run. The sellers wanted to sell and you wanted to buy. That is what sitting at the adult's table is all about. You made mature decisions that you'll live to celebrate. Buyers that insist on securing the 'best' deal on a property will always lose the 'best' home.
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Send questions to BrokerPat@Realtor.com