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Also, I live in a very seasonal market. So while people do list their houses all year, people prefer to list in spring. And most buyers in this area want to be in before school starts. So I do expect to see some price drops as winter approaches.
Yes, they can and should say there are other offers received. I always ask before sending in an offer.
We can usually find out if the offer already received is "full price" or above or below full price... But not actual numbers. As a buyer's agent, getting as many details as possible is helpful in finding out what our client might have to do to beat it, if they choose to. But most listing agents are reluctant to give specifics.
I'm sure this varies from state-to-state but I know here in MA we cannot disclose the presence of other offers to other parties without the written permission of our seller/client. We also cannot disclose details of that offer without written permission from the seller/client. The two are treated as separate issues.
I'm sure this varies from state-to-state but I know here in MA we cannot disclose the presence of other offers to other parties without the written permission of our seller/client. We also cannot disclose details of that offer without written permission from the seller/client. The two are treated as separate issues.
We cannot reveal terms of an offer on a listing without written permission from the buyer who made the offer.
Yet, it happens.
Yeah - not like that here... It's just like I said... we disclose that there are other offers, but not terms... at least not specifics. I wouldn't like your way... sounds cumbersome... More cumbersome than ours. As always... These rules depend where you are!
Yeah - not like that here... It's just like I said... we disclose that there are other offers, but not terms... at least not specifics. I wouldn't like your way... sounds cumbersome... More cumbersome than ours. As always... These rules depend where you are!
So, you don't have to have the seller's permission, first, before providing any info re: offers? I'm not going to say that's wrong but I will say it appears (to me) to be in conflict with the COE. I'm thinking of this SOP but maybe there's another that applies?
Standard of Practice 1-15
REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, REALTORS® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)
It's a violation of the ethics code to be anything but honest. Any Realtor who makes it a practice to lie or mislead is going to get shutdown at some point. As it should be...
Sorry, but I know agents and even a broker/owner who are flat out con-artists, and are coming to the end of very long careers. The broker is so bad that Another broker/owner told me that his agents are required to come to him, before signing anything if they found a buyer for one of the bad broker's listings. At that point he reviews all the docs. and requires that the agent keep him constantly updated to prevent not only the buyer from getting hurt, but to prevent his agency from being stained by anything the other side pulls.
The broker presented a fraudulent, full price offer to a seller, who was tired of the games, and trying to cancel the listing contract. She then sued the seller for the full commission due to breach of contract. I have had several agents tell me that if they ask their brokers to file charges with the board against the bad broker, they are told, "it's too tough to make them stick, or we don't want to make waves". I know an agent/broker that wanted a nice piece of property for himself. He told the out of state seller that there was essentially no interest in it, and bought it well below market, after the listing expired. My buddy made a fair offer on the property, but was told that the seller rejected it. My buddy bumped into the seller, quite by accident, and the seller had no knowledge of any offers while it was listed. This cost the seller about $75K. The same buddy of mine was listing his SFH with no traffic. He starts pushing the agent hard. The agent parades a "very interested couple" through the house for a tour. The agent was not a native to the area, and didn't realize that her seller was a true "good ole' boy" who knew everybody that lived in the county, until the area started booming a few years previous. The agent recognizes the couple as a girl he graduated high school with, and her husband. The woman of the "very interested couple" was the broker's sister, and the showing was a fraud.
I could go on for another ten paragraphs on the topic, but the bottom line is that thinking that all the bad actors in the field are going to be weeded out, is nothing but a fantasy.
I sit on a Grievance Committee for my association and our job is to review the complaints for validity before passing them on to the hearing board. I can't speak to your anecdote but I can for my local area. It is up to the members to hold other members accountable and it is a rare month that we don't have at least one case (usually 3-4) to review. Sometimes they meet the criteria and sometimes they don't but there is a mechanism. It only takes the resolve of the members to enforce the rules.
So, you don't have to have the seller's permission, first, before providing any info re: offers? I'm not going to say that's wrong but I will say it appears (to me) to be in conflict with the COE. I'm thinking of this SOP but maybe there's another that applies?
We're not having these conversations *without* knowledge and/or consent... It's not a secret. If I'm a seller's agent I'm usually in close contact with the client regarding these conversations if there are multiple offers coming in. It benefits the seller, for prospective buyers to know there are other offers. It even benefits the seller if the seller's agent can give a couple hints to an interested party about how a new offer improve upon the offers already received. I won't quote legaleze... I take you at your word on that... Just speaking as a practical matter, I'm not seeing a conflict with the seller. Why would the seller object?
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