From time to time we see an oddity that doesn’t seem to make sense, here is one that sellers should be aware of.
You’ve listed your home and within hours your agent presents an offer. You are delighted to see such action so quickly, but not so fast. Ask how long the buyer has given you to accept or counter. While you may be told, “you should respond before the buyers change their mind and withdraw”, or some other reason to inject urgency where there may be none, consider the possibility that other offers may come.
Think about this, if you are given 24 hours to make a decision, why not take your time? Agent’s who rush their sellers ought to be questioned about why there is such a rush. Is the agent representing both sides (and entitled to the full commission)? Short listing times, especially acceptance of offers within 24 hours is almost always a sign of activity that isn’t in the interest of the client, but is more in the interest of the agent.
If competing buyers don’t even have the opportunity to make an offer that exceeds all other offers, one has to ask the tough question, “Is the seller(s) represented in the best manner possible?” It’s a matter of ethics and ethical treatment. It may be tempting for an agent to get a seller(s) under contract quickly, but is it in the seller’s best interest if a competing buyer would pay substantially more with similar or even better terms?