Do estate agents lie about competing offers?

When an estate agent markets a home they’re legally obliged to treat both buyers and sellers fairly by following the Code of Practice for Residential Estate Agents. This means they should not lie about offers to any party involved.

Can a listing agent give you false information?

Yes, I know several circumstances when the listing agent probably provided false information to drive up the price and to get offers submitted faster. The REALTOR (R) Code of Ethics says listing agents must tell the truth about offers that have actually been received, though the content of those offers is confidential and not disclosed.

Can a listing agent lie about multiple offers?

So an ethical listing agent isn’t going to lie about multiple offers on a property to stoke competition. False information like that isn’t only unethical, but can potentially get a seller into legal hot water.

Can a real estate agent dismiss an offer?

However, not all real estate agents are members of NAR and required to abide by its code. Some sellers set a limit for how low they’re willing to go in price and ask their real estate agent to dismiss any offers below that price.

Can a listing agent make a verbal offer?

Remember, a verbal offer is worthless if there is no follow-up with a legally binding contract. They have a verbal offer, which was followed up by a written offer, which was followed up with a contract. The contract is out, and lawyers are currently conducting their due diligence.

Can a real estate agent lie to a buyer?

Real estate agents might lie about the details of their own credentials, the value, and condition of a property, or the amount of interest in a property. To obtain a listing, a real estate agent may also falsely say they have a buyer lined up for the property.

How to tell if an offer has been rejected by a listing broker?

Listing brokers – here is a great way to document that all offers have been presented by you to the seller: After the listing agent presents the offer to the seller (and the offer is then rejected by the seller), write the word “rejected” in large letters diagonally across the page. Then have the seller initial and date under the word “rejected”.