Is the seller lying?

I put in an offer on a property yesterday, with a seller that was already entertaining an offer. Apparently our offers are now neck and neck, and seller’s realtor asked for us to counter with a ‘best and final offer with no escalation clause

My original offer was 294k with an escalation to max at 302k. Their agent told us that whoever goes to 303k first, will get the house. Redfin/Zillow estimate it at 293-296k, and the house has sat for 120 days and been price cut from 359 to current 299k asking.

I feel like this is fishy and asked my agent to submit my original offer, amended to a max of 303.5k so that it hits their desired purchase price as long as their really is another offer that is as close as my max.

This feels reasonable, and I don’t see how it could be a problem as long as they’re not lying about the other offer, since my final purchase price would be the same as they want, regardless of escalation clause or not.

Long story short, what’s the odds that the seller’s realtor is lying about the specifics of the other offer to just pad mine? There’s nothing to stop them, right? My agent made it sound like they could pass on us since we’re not following instructions/signaling we’re harder to work with, but is this really a bad move? I feel like it protects me in case they are lying and gives them exactly what they want if they are telling the truth.

Thanks for your input!

Location: Northeast US

submitted by /u/realestatequery
[link] [comments]

I put in an offer on a property yesterday, with a seller that was already entertaining an offer. Apparently our offers are now neck and neck, and seller’s realtor asked for us to counter with a ‘best and final offer with no escalation clause’ My original offer was 294k with an escalation to max at 302k. Their agent told us that whoever goes to 303k first, will get the house. Redfin/Zillow estimate it at 293-296k, and the house has sat for 120 days and been price cut from 359 to current 299k asking. I feel like this is fishy and asked my agent to submit my original offer, amended to a max of 303.5k so that it hits their desired purchase price as long as their really is another offer that is as close as my max. This feels reasonable, and I don’t see how it could be a problem as long as they’re not lying about the other offer, since my final purchase price would be the same as they want, regardless of escalation clause or not. Long story short, what’s the odds that the seller’s realtor is lying about the specifics of the other offer to just pad mine? There’s nothing to stop them, right? My agent made it sound like they could pass on us since we’re not following instructions/signaling we’re harder to work with, but is this really a bad move? I feel like it protects me in case they are lying and gives them exactly what they want if they are telling the truth. Thanks for your input! Location: Northeast US submitted by /u/realestatequery [link] [comments]

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