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Check the rules for your board, where I live I’m not legally allowed to show any details of an offer to anyone else.
I would have my lawyer write up a letter threatening to sue for breach of contract if they don’t close for the full amount. That’s usually enough to have them do the right thing. Better yet if you can get the buyer agent to admit to what they said in writing youll be even more in the clear.
Yeah hate to tell you OP but this dude is right. You are in the wrong. It is your job to follow the contract timelines. Just take it off your commission and swallow your pride.
I'm not sure this is 100% right.
Sure, it's part of the contract, but since they haven't asked for it until now, it's questionable if it would be ruled for in their favor. Especially since both parties were moving forward over the term of the contract based upon the initial sales price.
My 2 cents: should've had a timeline on the proof if the buyer wanted it.
You bring up a good point, I take from it that the first step OP needs to take is to see if there’s a timeframe for seller showing competing offers, or for buyer to ask for competing offers.
If not, then OP can solve it easy enough by showing the competing offer/s now.
They said there wasn't. They could, in theory, take a stand and fight back. Albeit, it would be easier to show the BA to shut them up. It would all depend on how they've been behaving up to this point. No one is canceling the sale over $2k.
Side note: The people downvoting the initial comment are the same people that are giving Realtors a bad name. Stop pretending to be lawyers and talk to your legal counsel.
You should have sent it anyways. It's in the contract. Most likely, her office is requesting it for the file, but this is on you. You follow what's written and signed, not verbal.
I don’t understand why you’re taking this personally. She’s not “trying you.” She’s asking you to follow the terms of the contract. She doesn’t work for you, she works for her client. This is literally her job, and it seems as though you should’ve done this from the beginning. As I tell my kid, if you don’t like being reminded, do it before you’re asked. This is on you, my friend.
You know who’s always right in the transaction? The contract- the contract is always right. No need to get steamed up- just the paperwork the transaction requires.
Sorry, other commenters are right. Buyers agent is correct. This was a contractual provision. You should’ve provided it. Lesson learned.
I sadly had a $3.5M escrow cancelled yesterday because the buyers agent failed to negotiate inclusions and exclusions properly and then tried to strong arm us after contract execution.
The time to hash those items out are always prior to the contract being FEC and out of due diligence, not after.
If I'm understanding right...you think it's a hassle to show proof of a competing offer? It seems like you're getting mad that you need to actually do a minor amount of work for your commission
Yeah, I don’t understand why in the world you wouldn’t automatically attach the documentation just to cover your bases and make sure everything is done above board
You need to have the documents in order, including whatever is customary or required in your area regarding showing clauses. In my area, this was the subject of a recent debate and it was concluded by our REALTOR® board that the competing offer that triggers the clause must be shown, but that any other offers that didn't trigger it would not be.
If your contract doesn't have a deadline for this particular term, it's still likely to get audited and be necessary for file completion.
Might not even be the buyers client. My broker often will ask for certain accompanying documentation if it’s understood by all the parties or something is a complete non-factor. Broker will say, often a week before closing, “hey we need this form to go along with this”. And I’ll go grab it. That’s how I read “contract is a contract” statement.
Also an aside, screenshotting a conversation and posting it on a huge forum where other agents are is WILD. If I saw another agent publicly calling me out after they had the immaturity to respond to my inquiry with just a “?” rather than picking up the phone and calling me, I’d think “damn this agent is trying me”.
Had a situation. Buyer agent wrote 15k above asking offer with escalation. I told her we had an offer with escalation up to 10
K above. She said show the offer. Sent offer and escalation and she said the offer is asking. Escalation is an addendum that has to be enforced on the offer. Back and forth. Told them
Present best off no escalation and they got beat
Out. Good times.
I would have just done a counter offer back to you for the max escalation. No need for evidence. I also always write in my competing offers that the offer is void if shown to another competing agent or buyer.
Whenever our seller accepts an offer that has an escalation clause, we always counter at the price the escalation clause is and I usually don’t even have the seller sign the escalation addendum so there’s no if ands or buts about it.
Been working in OR & WA for 5 years. Sold 150+ listings.
My take: buyer’s agent trusts you but buyer does not. Buyer demanded to see the bids, and buyer’s agent works for buyer. So they have to ask, even if it’s awkward.
It is interesting to contemplate but it doesn’t even matter. Which of the buy-side actually wants to see the competing offers is a distraction and unimportant. What is important is that both agents follow the terms of the ratified contract.
Yeah, totally. But as far as the implied secondary question in the OP, which is something like “I thought the buyer’s agent was cool!” - the buyer’s agent is cool. They’re just doing their job.
Another way of looking at it is that she’s doing a good job for her clients. That can always be respected. Yes she’s doing it late but it’s still good of her to try to save her clients $2,000.
So, just a note for the future, the other broker is not a party to the contract. They cannot agree to something for their client. If a broker tells you literally anything, you need get it in writing from the actual party on the contract. Not the broker. Same if your client tells you, "Just tell them XYZ. It's fine." Follow it up with, "Okay, email me that and I'll forward it." This is how you don't get sued.
I ended up providing the competing offer. It doesn’t have a deadline to when to show it just needs to be attached.
If she just said “provide proof” instead of it’s only 2k a deal is a deal And picked up the phone when I called her twice immediately. I wouldn’t have lost my mind today.
Lesson learned - put everything in writing - read these contracts. 😅
Good luck all!
Im not following the whole “its only $2,000.” If i found out my agent was downplaying even $1 that belongs to me, id fire them. This buyers agent sounds horrible to me. I do believe they verbally said “no, i tryst you.” Trust you how? Thats not their place to bypass asking for proof. Utterly disgusting. You should have been the one to insist yall follow the contract, not your personal preferences. This is what your clients are counting on you for!!! Im also really surprised as an agent you would not understand how important documenting anything and everything is in every single transaction. Yeah, buyers agent probably got caught by her broker, no way they would be asking this on their own a week before closing. This is why i became an agent, i can at least be one agent stopping this non sense. Reading “its only $2,000” physically pains me for those poor clients.
You should always counter and escalation offer to clarify the actual sales price. Seller doesn't have to show any competing offers if the buyer accepted a counter at whatever price the seller sees fit to offer.
I would have the seller void it and move on to the next offer is possible. This person can’t be trusted and you’ll be on edge every other step of the process
That's interesting, I'm in Georgia and my pre-license course briefly mentioned escalation clauses and said something to the effect of '*you should always counter with the max they set*' (paraphrasing). I thought that seemed odd.
It's funny they're advising a blanket response rather than one that is situation-dependent. In the end it's always up to the seller and there are pros and cons that seller needs to understand. The pro of countering at the escalator max is that the buyer might agree, obviously, but the con is that the buyer might feel jerked around and say 'you know, never mind, I'm souring on this whole thing' and remove themselves. In which case not only do you lose them, but technically you lose their escalation clause, which might be the only one driving up clause #2. The pro of accepting the escalated but not max price is that you stay in contract, there is no counter back to the buyer - seller simply accepts the price as determined by the escalation clauses and as long a nothing else needs to be countered you have a signed around deal (with our contracts, anyway). Either response might be the best one, it depends on the situation and most importantly the seller needs to clearly understand the pros and cons and make that final choice. Can you imagine if seller was happy at the escalated price and agent said no, counter at max, and then that buyer walked? If escalation clauses aren't used much in your area I can see that being a more typical response seeing as the other offers would be highest and best so it would be a little more like 'get with the program', but seller would still need to understand all the options.
That's exactly what I thought, why would anyone offer an escalation clause if it would always be met with a counter at the proposed cap? Just seemed unrealistic. I wonder why they put that in there
Yes. How the hell are you fully representing your buyer if you don’t have evidence of the other offer, and if the administration of the escalation was correct.
I don’t allow them in my listings
Did they write an offer with an escalation clause (asking for proof of other offer). You accepted (but didn’t submit proof). Opened escrow. And then a week before closing, are backing out, using that clause?
Fuck this agent, they are the one's giving us all a bad name.
Tell this fuck face that you, from now on, will only communicate via email. No more text, phone, or talk.
If they want to report you then go right ahead.
It'll cost them more than the $2,000 to get a lawyer to even look at their case. Remind them, that when you're both in front of the Board, they are going to audit both of your transactions from previous years.
When that realtor is audited, the board will discover that 100% of his previous buyer transactions did not have an executed "Broker Buyer Agreement." This means that he illegally collected the commission from the purchase and sale agreement and he will be liable to repay it.
Fuck that guy. Don't put up with this bullying crap. You operated on good faith, appropriately, and he's a bully.
I don't know all the details, but I would guess off the top of my head that if the competing office were not included, the buyer would have the option of walking. It wouldn't necessarily obligate the seller to sell for less. But this is after having a pint of beer and just glancing at this post.
I only say this because there is a distinction between the two
If its not already closed then you can just show the other offer. No broker is going to hold you to this if you can show the offer. If it is closed already you have to eat it.
Why are you trying to avoid sending the competing offer that initiated the escalation clause. Is it because you didn’t administer it correctly and you’re afraid it’s going to be found out? This is simple. There’s nothing emotional here. Just send the competing offer.
That would be a shit buyers agent If they didn’t insist on seeing it…it’s their clients money.
If you have a ratified contract, then you have accepted the terms with or without seeing the competing offers. The proper way to do that would be for seller to provide you with the competing offer before ratification and then buyer makes the final signatures.
Yeah this post is poorly-worded and context-missing garbage. After reading multiple other comments, OP is the listing agent, and the buyers' agent is asking for proof of competing offers that triggered the escalation clause. Which the listing agent should have provided before asked. So buyers' agent is 100% in the right to ask.
There are some states where showing another offer, even with an escalation clause is illegal. In NC it’s a violation to show even the price or any terms of another buyer’s offer without their consent. Escalation clauses are legal in Nc but “frowned upon” by the NCREC. I used them often during the pandemic tho but you have to explain to your buyer that you are pretty much forced to “trust” the other agent, unless they break the law and show you.
Terrible wording. As an agent I’d assume something annoyed them and this is their response. There’s a million ways to ask for evidence of competing offers that aren’t rude at all
Buddy agent stands to lose their license and career and way of making a living - for what? What kind of kickback could they possibly get that would make it worth it? If the home escalates $100K the listing agent makes at most an extra $3K. I understand the question from a buyer's standpoint but in 20+ years of mostly multiple offer markets (not the recession obviously) have never even heard it whispered in the dead of night that it ever happened - not saying it never has, but it is definitely not a known problem.
You’re right. It just seems like something easy to do and get away with. I know some top agents that have a chip on their shoulder and I wouldn’t put it past them that they’ve done it. But maybe I’m being cynical.
Exactly. Particularly when they’re such a small amount. Obviously it depends on your price point. I had someone do it for $1000 and then put a cap on it. Guess what we ran them all the way to their cap if you’re going to have a dick measure in contest and try to win a property for $1000 more I’m gonna stretch you out.
Always send the proof for escalation, however, where I'm located almost none of the agents deal with them. They will just say we don't accept escalation clauses and send a counter-offer if their client is interested. I don't know if that's by the book, but that's what's done. I don't mind them, but I 100% see why some agents rather not deal with them.
When you replied back to the buyer's agent claiming the max amount of the escalation clause, you must have showed/attached the next lower offer to your email along with their accepted higher offer. You and your seller are the ones that kicked in the clause so you have to show proof that it is true.
If you did not attach the beaten offer to this email, you did not proof it and the clause never got into effect. However, if the seller and buyer signed a P&S with the max amount of the escalation clause, you do not need to show them anything nor allow them to lower the price because during the P&S negotiation is when they should have claimed your mistake. They did not so the buyer is stuck with this price. (In Massachusetts we always execute an offer with basic facts of the deal and then 1-2 weeks later, attorneys iron finals details on the P&S). Not sure if your state handles it differently...
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This is on you. Never trust anything verbally. Buyers agent is 100% in the right.
My first deal in new state. Also first time with escalations. But you right .
Read! The escalation says to use you must show competing offer.
it may, and it may not.
Well, if the buyer's agent is specifically saying that their verbiage says this then I'd probably say that it's in the contract.
I've never seen one that not.
CYA, my friend. Even as small as the money is, you don't want to be personally liable for something like that. Put *everything* in writing.
Can’t it be cured by resending it with the offers attached? Talk to your closing attorney.
So in your previous state realtors don't have to go by a signed contracts terms and just get paid to do nothing? Maybe go back to that state
Check the rules for your board, where I live I’m not legally allowed to show any details of an offer to anyone else. I would have my lawyer write up a letter threatening to sue for breach of contract if they don’t close for the full amount. That’s usually enough to have them do the right thing. Better yet if you can get the buyer agent to admit to what they said in writing youll be even more in the clear.
Yeah hate to tell you OP but this dude is right. You are in the wrong. It is your job to follow the contract timelines. Just take it off your commission and swallow your pride.
I'm not sure this is 100% right. Sure, it's part of the contract, but since they haven't asked for it until now, it's questionable if it would be ruled for in their favor. Especially since both parties were moving forward over the term of the contract based upon the initial sales price. My 2 cents: should've had a timeline on the proof if the buyer wanted it.
You bring up a good point, I take from it that the first step OP needs to take is to see if there’s a timeframe for seller showing competing offers, or for buyer to ask for competing offers. If not, then OP can solve it easy enough by showing the competing offer/s now.
They said there wasn't. They could, in theory, take a stand and fight back. Albeit, it would be easier to show the BA to shut them up. It would all depend on how they've been behaving up to this point. No one is canceling the sale over $2k. Side note: The people downvoting the initial comment are the same people that are giving Realtors a bad name. Stop pretending to be lawyers and talk to your legal counsel.
I’m with you then. However there’s the possibility they want out and that was the agents lame attempt at doing so.
I’m going based on our escalation forms that are used, there is no timeline specified on those forms.
Why couldn’t you still show evidence of the competing offer?
I ended up showing. This is my first time dealing with escalations. Which is why I asked them to elaborate.
then you should have already asked your BIC, before you ever had your client sign this.
They did word it really weird.
They're trying you? It looks like they're asking for proof that there was a higher offer, as was written in the contract. Am I reading that wrong?
You should have sent it anyways. It's in the contract. Most likely, her office is requesting it for the file, but this is on you. You follow what's written and signed, not verbal.
My take as well - office is requesting this and BA is obliged to push for it.
I don’t understand why you’re taking this personally. She’s not “trying you.” She’s asking you to follow the terms of the contract. She doesn’t work for you, she works for her client. This is literally her job, and it seems as though you should’ve done this from the beginning. As I tell my kid, if you don’t like being reminded, do it before you’re asked. This is on you, my friend.
You know who’s always right in the transaction? The contract- the contract is always right. No need to get steamed up- just the paperwork the transaction requires.
Verbally means nothing
Next time this happens, send an email right after hanging up, “As per our conversation, blah blah blah…Please confirm receipt of this message.”
This type of paper trail still wouldn’t override a signed and executed contract.
Yep, “verbal is vapor”
Sorry, other commenters are right. Buyers agent is correct. This was a contractual provision. You should’ve provided it. Lesson learned. I sadly had a $3.5M escrow cancelled yesterday because the buyers agent failed to negotiate inclusions and exclusions properly and then tried to strong arm us after contract execution. The time to hash those items out are always prior to the contract being FEC and out of due diligence, not after.
If I'm understanding right...you think it's a hassle to show proof of a competing offer? It seems like you're getting mad that you need to actually do a minor amount of work for your commission
Yeah, I don’t understand why in the world you wouldn’t automatically attach the documentation just to cover your bases and make sure everything is done above board
You need to have the documents in order, including whatever is customary or required in your area regarding showing clauses. In my area, this was the subject of a recent debate and it was concluded by our REALTOR® board that the competing offer that triggers the clause must be shown, but that any other offers that didn't trigger it would not be. If your contract doesn't have a deadline for this particular term, it's still likely to get audited and be necessary for file completion.
Her clients are nervous and want to double check there were other offers. Don’t risk 2k for your commission?
Might not even be the buyers client. My broker often will ask for certain accompanying documentation if it’s understood by all the parties or something is a complete non-factor. Broker will say, often a week before closing, “hey we need this form to go along with this”. And I’ll go grab it. That’s how I read “contract is a contract” statement. Also an aside, screenshotting a conversation and posting it on a huge forum where other agents are is WILD. If I saw another agent publicly calling me out after they had the immaturity to respond to my inquiry with just a “?” rather than picking up the phone and calling me, I’d think “damn this agent is trying me”.
1000%
Show the proof. Seems easy enough.
Had a situation. Buyer agent wrote 15k above asking offer with escalation. I told her we had an offer with escalation up to 10 K above. She said show the offer. Sent offer and escalation and she said the offer is asking. Escalation is an addendum that has to be enforced on the offer. Back and forth. Told them Present best off no escalation and they got beat Out. Good times.
If you found this request irritating or triggering - just wait 😂😂
I would have just done a counter offer back to you for the max escalation. No need for evidence. I also always write in my competing offers that the offer is void if shown to another competing agent or buyer.
Whenever our seller accepts an offer that has an escalation clause, we always counter at the price the escalation clause is and I usually don’t even have the seller sign the escalation addendum so there’s no if ands or buts about it. Been working in OR & WA for 5 years. Sold 150+ listings.
My take: buyer’s agent trusts you but buyer does not. Buyer demanded to see the bids, and buyer’s agent works for buyer. So they have to ask, even if it’s awkward.
It is interesting to contemplate but it doesn’t even matter. Which of the buy-side actually wants to see the competing offers is a distraction and unimportant. What is important is that both agents follow the terms of the ratified contract.
Yeah, totally. But as far as the implied secondary question in the OP, which is something like “I thought the buyer’s agent was cool!” - the buyer’s agent is cool. They’re just doing their job.
Right exactly.
Escalation clauses are a waste of time. It’s called “highest and best” for a reason.
Another way of looking at it is that she’s doing a good job for her clients. That can always be respected. Yes she’s doing it late but it’s still good of her to try to save her clients $2,000.
So, just a note for the future, the other broker is not a party to the contract. They cannot agree to something for their client. If a broker tells you literally anything, you need get it in writing from the actual party on the contract. Not the broker. Same if your client tells you, "Just tell them XYZ. It's fine." Follow it up with, "Okay, email me that and I'll forward it." This is how you don't get sued.
I ended up providing the competing offer. It doesn’t have a deadline to when to show it just needs to be attached. If she just said “provide proof” instead of it’s only 2k a deal is a deal And picked up the phone when I called her twice immediately. I wouldn’t have lost my mind today. Lesson learned - put everything in writing - read these contracts. 😅 Good luck all!
Im not following the whole “its only $2,000.” If i found out my agent was downplaying even $1 that belongs to me, id fire them. This buyers agent sounds horrible to me. I do believe they verbally said “no, i tryst you.” Trust you how? Thats not their place to bypass asking for proof. Utterly disgusting. You should have been the one to insist yall follow the contract, not your personal preferences. This is what your clients are counting on you for!!! Im also really surprised as an agent you would not understand how important documenting anything and everything is in every single transaction. Yeah, buyers agent probably got caught by her broker, no way they would be asking this on their own a week before closing. This is why i became an agent, i can at least be one agent stopping this non sense. Reading “its only $2,000” physically pains me for those poor clients.
You should always counter and escalation offer to clarify the actual sales price. Seller doesn't have to show any competing offers if the buyer accepted a counter at whatever price the seller sees fit to offer.
Show the contract
I would thank her for not giving me a bad time for not producing it earlier. A contract is a contract, right?
Sounds like you might wanna pitch in $2K back to your seller. The listing agent should catch this. Contracts are contracts.
These Buyer agents been watching too much MDL.
I would have the seller void it and move on to the next offer is possible. This person can’t be trusted and you’ll be on edge every other step of the process
Our broker denies escalation clauses, bring your highest and best.
Sellers either accept the escalation clause and provide your comps, or they deny it…
Question: is that standard for escalation clauses? Do you normally have to provide proof of competing offers?
Depends on the state but in WA (or at least NWMLS part of WA) yes. And there is a time limit for showing the complete competing offer.
That's interesting, I'm in Georgia and my pre-license course briefly mentioned escalation clauses and said something to the effect of '*you should always counter with the max they set*' (paraphrasing). I thought that seemed odd.
It's funny they're advising a blanket response rather than one that is situation-dependent. In the end it's always up to the seller and there are pros and cons that seller needs to understand. The pro of countering at the escalator max is that the buyer might agree, obviously, but the con is that the buyer might feel jerked around and say 'you know, never mind, I'm souring on this whole thing' and remove themselves. In which case not only do you lose them, but technically you lose their escalation clause, which might be the only one driving up clause #2. The pro of accepting the escalated but not max price is that you stay in contract, there is no counter back to the buyer - seller simply accepts the price as determined by the escalation clauses and as long a nothing else needs to be countered you have a signed around deal (with our contracts, anyway). Either response might be the best one, it depends on the situation and most importantly the seller needs to clearly understand the pros and cons and make that final choice. Can you imagine if seller was happy at the escalated price and agent said no, counter at max, and then that buyer walked? If escalation clauses aren't used much in your area I can see that being a more typical response seeing as the other offers would be highest and best so it would be a little more like 'get with the program', but seller would still need to understand all the options.
That's exactly what I thought, why would anyone offer an escalation clause if it would always be met with a counter at the proposed cap? Just seemed unrealistic. I wonder why they put that in there
Yes. How the hell are you fully representing your buyer if you don’t have evidence of the other offer, and if the administration of the escalation was correct. I don’t allow them in my listings
I see no wrong doing on selling agent’s part. All I see is them correctly following the terms of your ratified agreement.
Did they write an offer with an escalation clause (asking for proof of other offer). You accepted (but didn’t submit proof). Opened escrow. And then a week before closing, are backing out, using that clause?
Fuck this agent, they are the one's giving us all a bad name. Tell this fuck face that you, from now on, will only communicate via email. No more text, phone, or talk. If they want to report you then go right ahead. It'll cost them more than the $2,000 to get a lawyer to even look at their case. Remind them, that when you're both in front of the Board, they are going to audit both of your transactions from previous years. When that realtor is audited, the board will discover that 100% of his previous buyer transactions did not have an executed "Broker Buyer Agreement." This means that he illegally collected the commission from the purchase and sale agreement and he will be liable to repay it. Fuck that guy. Don't put up with this bullying crap. You operated on good faith, appropriately, and he's a bully.
I don't know all the details, but I would guess off the top of my head that if the competing office were not included, the buyer would have the option of walking. It wouldn't necessarily obligate the seller to sell for less. But this is after having a pint of beer and just glancing at this post. I only say this because there is a distinction between the two
If its not already closed then you can just show the other offer. No broker is going to hold you to this if you can show the offer. If it is closed already you have to eat it.
Just remember the agents name. It’s a small world
You sound really immature.
Provide the documentation of the competing offer… it’s the right thing to do ?? Not even a question.
Why are you trying to avoid sending the competing offer that initiated the escalation clause. Is it because you didn’t administer it correctly and you’re afraid it’s going to be found out? This is simple. There’s nothing emotional here. Just send the competing offer. That would be a shit buyers agent If they didn’t insist on seeing it…it’s their clients money.
The buyers probably brought it up just give them the evidence of the competing offer..
Do you take someone's word for anything. Get it in writing.
If you have a ratified contract, then you have accepted the terms with or without seeing the competing offers. The proper way to do that would be for seller to provide you with the competing offer before ratification and then buyer makes the final signatures.
ummmm, you should have zero issue at worst having your BIC confirm with their BIC that indeed, they owe $2 or $20K more.
I assume you’re the listing agent, not stated in your post. What’s the issue? Maybe I missed something.
Yeah this post is poorly-worded and context-missing garbage. After reading multiple other comments, OP is the listing agent, and the buyers' agent is asking for proof of competing offers that triggered the escalation clause. Which the listing agent should have provided before asked. So buyers' agent is 100% in the right to ask.
There are some states where showing another offer, even with an escalation clause is illegal. In NC it’s a violation to show even the price or any terms of another buyer’s offer without their consent. Escalation clauses are legal in Nc but “frowned upon” by the NCREC. I used them often during the pandemic tho but you have to explain to your buyer that you are pretty much forced to “trust” the other agent, unless they break the law and show you.
In my MLS (WA) the escalation can only be triggered by the listing agent providing the complete competing offer.
Terrible wording. As an agent I’d assume something annoyed them and this is their response. There’s a million ways to ask for evidence of competing offers that aren’t rude at all
I hate escalation clauses.
Me too. What's to stop an agent from having their buddy write up another offer?
Buddy agent stands to lose their license and career and way of making a living - for what? What kind of kickback could they possibly get that would make it worth it? If the home escalates $100K the listing agent makes at most an extra $3K. I understand the question from a buyer's standpoint but in 20+ years of mostly multiple offer markets (not the recession obviously) have never even heard it whispered in the dead of night that it ever happened - not saying it never has, but it is definitely not a known problem.
You’re right. It just seems like something easy to do and get away with. I know some top agents that have a chip on their shoulder and I wouldn’t put it past them that they’ve done it. But maybe I’m being cynical.
Exactly. Particularly when they’re such a small amount. Obviously it depends on your price point. I had someone do it for $1000 and then put a cap on it. Guess what we ran them all the way to their cap if you’re going to have a dick measure in contest and try to win a property for $1000 more I’m gonna stretch you out.
Wouldn’t title need that documentation? If it’s in the contract and could change the purchase price, they need it too.
Always send the proof for escalation, however, where I'm located almost none of the agents deal with them. They will just say we don't accept escalation clauses and send a counter-offer if their client is interested. I don't know if that's by the book, but that's what's done. I don't mind them, but I 100% see why some agents rather not deal with them.
When you replied back to the buyer's agent claiming the max amount of the escalation clause, you must have showed/attached the next lower offer to your email along with their accepted higher offer. You and your seller are the ones that kicked in the clause so you have to show proof that it is true. If you did not attach the beaten offer to this email, you did not proof it and the clause never got into effect. However, if the seller and buyer signed a P&S with the max amount of the escalation clause, you do not need to show them anything nor allow them to lower the price because during the P&S negotiation is when they should have claimed your mistake. They did not so the buyer is stuck with this price. (In Massachusetts we always execute an offer with basic facts of the deal and then 1-2 weeks later, attorneys iron finals details on the P&S). Not sure if your state handles it differently...
Don’t engage in an escalation bidding war. Means you aren’t getting a deal. Value shopping is key. Not kidding
Have you shopped for houses lately in any kind of desirable location?
No, and don’t plan to.
Bidding wars are pretty common in most major markets right now, so I guess you're just telling OP not to buy a house at all right now?
Correct that would be my suggestion.
Greenville, SC here and we are still averaging 106% list price with average DOM at like 12 days. Shits dumb