How to Spot Fake Real Estate Bidders?
Fake real estate bidders or dummy bidders are usually found at real estate auctions. However, a realAs customer shared their story about an experience with a real estate agent which you have to read to believe.
The prospective home buyer had put in an offer on a house but were told there was another bidder who had offered a higher price. The real estate agent asked the home buyer to increase their offer.
Sensibly, the home buyer said no – calling the real estate agent’s bluff.
The real estate agent rang back the next day and asked the buyer to increase their offer by $5,000. The home seller would accept the increased offer – the real estate agent said. The seller preferred to sell to the buyer because they had their finance sorted. The buyer had just sold their other house.
There was no other buyer, the fake real estate bidder was a figment of the real estate agent’s imagination.
Nonetheless, the buyer agreed to the revised price and were told by the real estate agent that the seller was really happy. The buyer signed the contract.
Then everything went quiet.
There were two open houses that weekend and the home buyer believed the real estate agent was using their signed contract to try and secure a higher offer from another buyer.
Proactively the home buyer called the real estate agent and said:
Give us a signed contract in 2 hours or our offer is off the table.
The excuses from the real estate agent started:
The owner is out … we don’t finish work until 7pm … my assistant is away.
The home buyer’s reply was decisive and deadly:
I’d come home for several hundred thousand dollars
The home buyer had the signed contract 30 minutes later.
… and by the way – we sold a house and bought another. Your estimates were spot on! – home buyer