How can I be sure that there is another offer on the table?
There is no way to be sure if there is another offer on the table. No law requires the listing agent to disclose the presence or details of any other offers. For the most part, you have to take the listing agent’s word for it. So often, ‘other offers’ come out of left field that it leaves buyers feeling suspicious. If you like the home, and it is within your budget, you just have to give it your best shot. The other option is just to wait it out and see what happens. The market always has a way of figuring itself out. A serious and committed buyer will stop at a certain point. Could you get it for less? Maybe? If you love the home, it’s often a very stressful and uncomfortable situation because you don’t want to lose it, but you also don’t want to overpay. Ask your agent about the reputation of the listing agent? Many times, a real estate agent’s reputation will tell a lot. If you don’t feel that the listing agent is ethical and honest and that agent is the representative of the seller, it may make you think twice about buying the home. Also, realize that it is in seller’s best interest for the listing agent to let any other buyers know that there is another interested party or that an offer may be forthcoming. It can lead to a second offer.