I recently received a question from a potential Beacon Hill condo buyer.
How do I know for sure there are other bidders?
Do I get some sort of proof that other offers have come in?
I am a soon-to-be buyer. It seems to me, if the agent lies and can get folks to raise their offer, his or her commission will increase. Isn’t this a conflict of interest?
The simple answer is that you won’t get proof from a listing Boston real estate broker that there are other offers on the table. Moreover, when it comes to a conflict of interest, the listing Beacon Hill broker is there to serve the interests of the seller and get the seller the highest offer for the Beacon Hill. Understanding that the listing agent owes his or her fiduciary to the seller is key to the whole transaction.
With that said, Boston Real estate agents are licensed in the state of Massachusetts and are governed by Boston Real Estate Board have to abide by its rules and of the state in which they work. Those rules and laws would prohibit the Boston real estate agent from lying, but the agent has the ability to market the property to get the seller the best price possible.
In other words, the listing agent is allowed to “shop” your offer, as it is known in the field. How does that happen? You make an offer, and then the agent calls the other brokers who have been looking at the Beacon Hill condo to alert them that a “good offer” has come in and they should come forward with their best offer. And, yes, this sort of behavior might actually start a bidding war.
Click here: Beacon Hill condo sales data September 2019
Highly sought-after luxury listings, a constantly changing market, tough competition—successfully buying and selling in the Beacon Hill condo market means staying up-to-date on all of the Boston real estate trends.
Beacon Hill condos for sale
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