Selling a property - multiple offers of same value?
In the U.S., when selling a residential property, is there a rule or law regarding how to handle multiple offers of the exact same monetary amount? Is this the kind of thing that would vary state-by-state?
Myself and family made an offer on a property first and the seller's real estate agent claimed that the sellers wanted to wait for more offers that they expected to be coming in shortly. Ultimately, our offer was rejected, but tax records show the property was sold for the exact value of our offer.
So my question is: is it completely and arbitrarily up to the seller to pick between multiple offers of the exact same value?
Part of the reason I'm asking is because we(myself and family) have suspicion to believe there may be a strong connection between the buyer and seller's real estate agent. And would it be considered fraud and would there be any recourse if the seller's real estate agent withheld offers from the sellers to allow a personal connection to swoop in?
Understandably, that last bit is a strong accusation and would certainly require proof, but I'm really trying to determine if what we suspect actually occurred, would it actually be considered fraudulent, or is a seller allowed to arbitrarily pick and choose an offer regardless of price/order that the offer arrived? Would it only be considered fraudulent if the seller was unaware of a higher/better offer?
united-states real-estate law
edited 1 hour ago
Dheer
49.6k962146
asked 2 hours ago
krb686
1493
add a comment |
In the U.S., when selling a residential property, is there a rule or law regarding how to handle multiple offers of the exact same monetary amount? Is this the kind of thing that would vary state-by-state?
Myself and family made an offer on a property first and the seller's real estate agent claimed that the sellers wanted to wait for more offers that they expected to be coming in shortly. Ultimately, our offer was rejected, but tax records show the property was sold for the exact value of our offer.
So my question is: is it completely and arbitrarily up to the seller to pick between multiple offers of the exact same value?
Part of the reason I'm asking is because we(myself and family) have suspicion to believe there may be a strong connection between the buyer and seller's real estate agent. And would it be considered fraud and would there be any recourse if the seller's real estate agent withheld offers from the sellers to allow a personal connection to swoop in?
Understandably, that last bit is a strong accusation and would certainly require proof, but I'm really trying to determine if what we suspect actually occurred, would it actually be considered fraudulent, or is a seller allowed to arbitrarily pick and choose an offer regardless of price/order that the offer arrived? Would it only be considered fraudulent if the seller was unaware of a higher/better offer?
united-states real-estate law
edited 1 hour ago
Dheer
49.6k962146
asked 2 hours ago
krb686
1493
add a comment |
In the U.S., when selling a residential property, is there a rule or law regarding how to handle multiple offers of the exact same monetary amount? Is this the kind of thing that would vary state-by-state?
Myself and family made an offer on a property first and the seller's real estate agent claimed that the sellers wanted to wait for more offers that they expected to be coming in shortly. Ultimately, our offer was rejected, but tax records show the property was sold for the exact value of our offer.
So my question is: is it completely and arbitrarily up to the seller to pick between multiple offers of the exact same value?
Part of the reason I'm asking is because we(myself and family) have suspicion to believe there may be a strong connection between the buyer and seller's real estate agent. And would it be considered fraud and would there be any recourse if the seller's real estate agent withheld offers from the sellers to allow a personal connection to swoop in?
Understandably, that last bit is a strong accusation and would certainly require proof, but I'm really trying to determine if what we suspect actually occurred, would it actually be considered fraudulent, or is a seller allowed to arbitrarily pick and choose an offer regardless of price/order that the offer arrived? Would it only be considered fraudulent if the seller was unaware of a higher/better offer?
united-states real-estate law
edited 1 hour ago
Dheer
49.6k962146
asked 2 hours ago
krb686
1493
In the U.S., when selling a residential property, is there a rule or law regarding how to handle multiple offers of the exact same monetary amount? Is this the kind of thing that would vary state-by-state?
Myself and family made an offer on a property first and the seller's real estate agent claimed that the sellers wanted to wait for more offers that they expected to be coming in shortly. Ultimately, our offer was rejected, but tax records show the property was sold for the exact value of our offer.
So my question is: is it completely and arbitrarily up to the seller to pick between multiple offers of the exact same value?
Part of the reason I'm asking is because we(myself and family) have suspicion to believe there may be a strong connection between the buyer and seller's real estate agent. And would it be considered fraud and would there be any recourse if the seller's real estate agent withheld offers from the sellers to allow a personal connection to swoop in?
Understandably, that last bit is a strong accusation and would certainly require proof, but I'm really trying to determine if what we suspect actually occurred, would it actually be considered fraudulent, or is a seller allowed to arbitrarily pick and choose an offer regardless of price/order that the offer arrived? Would it only be considered fraudulent if the seller was unaware of a higher/better offer?
united-states real-estate law
united-states real-estate law
edited 1 hour ago
Dheer
49.6k962146
asked 2 hours ago
krb686
1493
edited 1 hour ago
Dheer
49.6k962146
asked 2 hours ago
krb686
1493
edited 1 hour ago
Dheer
49.6k962146
edited 1 hour ago
Dheer
49.6k962146
edited 1 hour ago
Dheer
49.6k962146
49.6k962146
asked 2 hours ago
krb686
1493
asked 2 hours ago
krb686
1493
asked 2 hours ago
krb686
1493
1493
add a comment |
add a comment |
1 Answer
1
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oldest
votes
There are no rules about how to handle equal offers. A seller is free to accept any offer they want. They don't even have to accept the highest offer if they don't want to.
However there are rules of conduct for real estate agents. If an agent does not fairly represent all offers to a seller - especially if they favour a buyer they also represent - then they are breaking the rules. In the worst case, if they communicated an offer to a seller this may be fraud. If you suspect this then you should contact the organization that regulates real estate agents where you are.
answered 1 hour ago
DJClayworth
14.5k14569
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
add a comment |
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1 Answer
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1 Answer
1
active
oldest
votes
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oldest
votes
active
oldest
votes
There are no rules about how to handle equal offers. A seller is free to accept any offer they want. They don't even have to accept the highest offer if they don't want to.
However there are rules of conduct for real estate agents. If an agent does not fairly represent all offers to a seller - especially if they favour a buyer they also represent - then they are breaking the rules. In the worst case, if they communicated an offer to a seller this may be fraud. If you suspect this then you should contact the organization that regulates real estate agents where you are.
answered 1 hour ago
DJClayworth
14.5k14569
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
add a comment |
There are no rules about how to handle equal offers. A seller is free to accept any offer they want. They don't even have to accept the highest offer if they don't want to.
However there are rules of conduct for real estate agents. If an agent does not fairly represent all offers to a seller - especially if they favour a buyer they also represent - then they are breaking the rules. In the worst case, if they communicated an offer to a seller this may be fraud. If you suspect this then you should contact the organization that regulates real estate agents where you are.
answered 1 hour ago
DJClayworth
14.5k14569
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
add a comment |
There are no rules about how to handle equal offers. A seller is free to accept any offer they want. They don't even have to accept the highest offer if they don't want to.
However there are rules of conduct for real estate agents. If an agent does not fairly represent all offers to a seller - especially if they favour a buyer they also represent - then they are breaking the rules. In the worst case, if they communicated an offer to a seller this may be fraud. If you suspect this then you should contact the organization that regulates real estate agents where you are.
answered 1 hour ago
DJClayworth
14.5k14569
There are no rules about how to handle equal offers. A seller is free to accept any offer they want. They don't even have to accept the highest offer if they don't want to.
However there are rules of conduct for real estate agents. If an agent does not fairly represent all offers to a seller - especially if they favour a buyer they also represent - then they are breaking the rules. In the worst case, if they communicated an offer to a seller this may be fraud. If you suspect this then you should contact the organization that regulates real estate agents where you are.
answered 1 hour ago
DJClayworth
14.5k14569
answered 1 hour ago
DJClayworth
14.5k14569
answered 1 hour ago
DJClayworth
14.5k14569
answered 1 hour ago
DJClayworth
14.5k14569
14.5k14569
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
add a comment |
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
I'm probably missing something, but I don't quite get why communicating an offer might be fraud. Do you mean miscommunicated?
– Ben
5 mins ago
add a comment |
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