Multiple offers: Any proof?

[Dmoney]

Is there any way to know for a fact that there are multiple offers, or even a competing offer on a house?

Seems like it is very easy for an agent to say there are three other offers just to get an individual to overbid against his/her self.

Any way to get 100% verification that there is indeed a real competitor for the property?

[GreenAvenue]

No. I have been in this situation myself and wondered the same thing. If you have some leverage and can & want to go up with the price I would say do that, but if the agent comes back again and tells you someone outbid you I would say: walk away. This is exactly the reason I hate realtors.

[Dmoney]

I have no problem walking away from 100 houses that I'm not 100% comfortable with. It's very unlikely that I'll go much above listing unless I feel it's extremely undervalued. However, in that case, I wan't to know if there actually are competing offers and not just the agent's fabrications.

[Jungle]

I heard they are making fake offers in some cases bid prices up.

[crazyjackcsa]

Faking a bid on a house? That's gutsy, but I'm sure it happens. Don't go past what you're comfortable with, and don't worry about it.

[Maybe Later]

I think Rob Carrick linked to a blog post suggesting that you could include a clause that your new offer could be retracted if proof of the original competing offers was not provided. Not sure I'd it was CDN or a US site and sure how many RE agents would balk at submitting that.

[Berubeland]

I had this happen to me as well. The realtor said there was an offer when in reality there was not.

[marina628]

It is easy to get the proof after closing but would be moot point.IE you offer list price and not accepted then once sold you see the sell price.This is happening on every house in Metro Area now , forget getting anything off.As stated in other threads my friend had this issue in Whitby and now another friend has tried to buy and had her offered bumped $35,000 on a house in OSHAWA!All houses in the $350,000 -$400,000 list prices.

[Berubeland]

Am i the only one to see these bidding wars as a sign that the end of this bubble is nigh? Mania indeed.

[marina628]

That is why I am out , won't pay full price and for sure won't go into a bidding war.