u/Sphragis

(First posted on r/realtors but mods suggested this forum a better fit)

Property listed on Friday, and viewing calendar went nuts, as it is a beautiful, well-maintained property within walking distance to elementary, middle, and high-schools in the one of the best districts in the state. Sellers told all interested parties that they should put in offers by Monday (yesterday) at 5pm. My agent suggested that I put in an all-cash offer with an escalation clause and no contingencies. I agreed with him, since it was the house I wanted in the location I wanted, and I have a budget that would allow me to tackle even the worst of hidden problems (thanks Nvidia!).

House listed at 900,000. My offer was all cash 990,000 with an escalation at increments of 10K going up to 1,250,000, with 50K earnest money. Again, waive inspection, no contingencies for financing, closing dates, etc. etc. etc.

Last night at 10pm my broker calls me and he tells me that he has news, but it is “weird.”

Listing agent says that there were 9 offers on the house, and that two of them are tied; mine and one other, but that the other one did not have an escalation clause. Given the language of the listing agent who communicated the situation, my agent seems to think that it was also all cash at 990K and similarly free of contingencies.

But here is where it is weird. The listing agent says that the sellers are uncomfortable with my escalation clause since it is “unfair to the other buyer” and are therefore now asking just me and this other buyer to each submit a “highest and best offer” by 5pm today (Tuesday).

Shouldn’t the listing agent have honored my escalation clause since they didn’t exclude this option in the original listing? By asking me to resubmit they are informally invoking my escalation without actually formally triggering it (state law stipulates that they would have to show me the official record of the competing offer that triggers any escalation). But by rejecting my escalated offer and demanding that I resubmit a highest and best offer the listing agent and the sellers have now seen my highest amount (1.25M). So they know how badly I want the property, how much, exactly, I am capable of paying, and could well be fabricating this other offer in order to force me to make an even higher offer, which I feel compelled to do in order to buy the house.

Is this sketchy behavior by sellers and their listing agent, or just a strange situation? I am not asking for advice here, just to get a sense of how professional realtors view the situation. Thanks in advance!

Property listed on Friday, and viewing calendar went nuts, as it is a beautiful, well-maintained property within walking distance to elementary, middle, and high-schools in the one of the best districts in the state. Sellers told all interested parties that they should put in offers by Monday (yesterday) at 5pm. My agent suggested that I put in an all-cash offer with an escalation clause and no contingencies. I agreed with him, since it was the house I wanted in the location I wanted, and I have a budget that would allow me to tackle even the worst of hidden problems (thanks Nvidia!).

House listed at 900,000. My offer was all cash 990,000 with an escalation at increments of 10K going up to 1,250,000, with 50K earnest money. Again, waive inspection, no contingencies for financing, closing dates, etc. etc. etc.

Last night at 10pm my broker calls me and he tells me that he has news, but it is “weird.”

Listing agent says that there were 9 offers on the house, and that two of them are tied; mine and one other, but that the other one did not have an escalation clause. Given the language of the listing agent who communicated the situation, my agent seems to think that it was also all cash at 990K and similarly free of contingencies.

But here is where it is weird. The listing agent says that the sellers are uncomfortable with my escalation clause since it is “unfair to the other buyer” and are therefore now asking just me and this other buyer to each submit a “highest and best offer” by 5pm today (Tuesday).

Shouldn’t the listing agent have honored my escalation clause since they didn’t exclude this option in the original listing? By asking me to resubmit they are informally invoking my escalation without actually formally triggering it (state law stipulates that they would have to show me the official record of the competing offer that triggers any escalation). But by rejecting my escalated offer and demanding that I resubmit a highest and best offer the listing agent and the sellers have now seen my highest amount (1.25M). So they know how badly I want the property, how much, exactly, I am capable of paying, and could well be fabricating this other offer in order to force me to make an even higher offer, which I feel compelled to do in order to buy the house.

Is this sketchy behavior by sellers and their listing agent, or just a strange situation? I am not asking for advice here, just to get a sense of how professional realtors view the situation. Thanks in advance!