Seller Tries To Get Cute – “In fact, there were no offers at all”

At this stage of the RE cycle, sellers can’t afford to pass over offers. This from Greenhorn at RE Talks 2008 Jul Wed 02, 12:21am -

“A friend of mine put in an offer on a home. For round numbers, the deal went something like this. The property was listed at $1,000,000. My friend offered $950,000. The vendor countered at $975,000. The realtor said take the deal at $975,000 because there are 5 back up offers at $975,000. My friend walked. Guess what? There were no back up offers. In fact, there were no offers at all. The realtor then begged my friend to take the property and demanded that he write an offer at $950,000 as the vendor would accept this price and this is what was initially offered. My friend passed as listings were increasing. Guess what? The property is now on the market at a list price of $925,000. This is what happens when you have stupid vendor and unscrupulous realtor.”