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Question for RE professionals. Is there anything wrong with a buyer’s agent contacting the seller’s agent and asking what might appeal to the seller (i.e. a quick closing) before crafting an offer? Is there anything unethical about the selling agent sharing information, as long as it doesn’t disclose anything confidential?
Question for RE professionals. Is there anything wrong with a buyer’s agent contacting the seller’s agent and asking what might appeal to the seller (i.e. a quick closing) before crafting an offer? Is there anything unethical about the selling agent sharing information, as long as it doesn’t disclose anything confidential?
Wouldn't any detail of the seller's strategy for selling their home be a "confidential" aspect?
It's done all the time. "Other that price, what are some key issues your seller is looking for?" And this is where the buyer's agent finds the seller wants a rentback, or needs to store their boat for 30 days, or wants to take the bedroom drapes.....
It's done all the time. "Other that price, what are some key issues your seller is looking for?" And this is where the buyer's agent finds the seller wants a rentback, or needs to store their boat for 30 days, or wants to take the bedroom drapes.....
The OP is speaking about "before crafting an offer". If I was selling I would either list any of these aspects in the listing, expect some items as customary or required due to local requirements (i.e. leaving window treatments), or just wait for the offer and the buyer's requested terms. The buyer can try asking their questions and the seller's Agent can certainly pass the questions on to the seller. However from a seller's standpoint depending on the question asked they (the seller) may be using that aspect as a selection criteria for buyers that they do not want buyers to know. Also the less the buyer knows, and the more of a seller's market it is, the more apt the buyer is to not ask for concessions during the initial offer.
"When would your seller prefer to close?"
Fastest is not always the answer.
"Do you have or expect any offers?"
REALTOR® Code of Ethics compels a REALTOR® to disclose the existence of other offers in hand, as long as the seller/client has instructed them to do so.
"What are their plans for the fridge, washer, dryer?"
Might as well know before writing them in as personal property.
All reasonable questions in making a good offer.
And, yes. Some agents go all Chatty Cathy and blabber too much to me.
Yes, we frequently make a call and discuss aspects of the sale that might make our offer look better.
Of course they usually won't discuss price, but sometimes I can get a feel for how negotiable that might be. And as Mike said, sometimes there are lots of other parts of the transaction that can make a positive difference. Closing date is a biggie.... sometimes faster is better, sometimes more time is better. It is ALWAYS better to avoid a counter offer, even on small details like closing date or preferred title company or whether the fridge or the tractor can be included.
We can discuss parts of our offer that might give the seller pause, and provide good information for the listing agent to have when talking to their client. "Our buyers have a home to sell, but it's a nice updated home in Rochester where the average time on market for homes that are priced to sell, is about 6 days. It should not slow down the transaction at all." Or I tell them something interesting about our client that would help and is not a protected status... They're school teachers, or retired military, or she's a dentist.... "Our clients love the barn... they have a couple horses and some chickens and goats and want to get involved in 4H in the area." I make sure they know they can call me, even late tonight, if they have any questions about the offer.
If their client has strong sharable feelings about anything that should or should not be in the offer, we can discuss it then and see if there's a way to make it work. Sometimes stuff like that matters.
Nothing wrong with asking, and you might get useful information. If there are any ethical issues they affect what the SELLER's agent communicates. He should say nothing without approval of the seller.
Question for RE professionals. Is there anything wrong with a buyer’s agent contacting the seller’s agent and asking what might appeal to the seller (i.e. a quick closing) before crafting an offer? Is there anything unethical about the selling agent sharing information, as long as it doesn’t disclose anything confidential?
This is done all the time. The buyer's agent speaks with the seller's agent, and the seller's agent tells the buyer's agent what is important to the seller - money, quick closing, accepting as is condition, not having to empty the property, whatever. It just saves time, so that the offer gives what the seller is looking for.
The seller's agent can and does provide insight about what might work. The agents who are a little less discreet or desperate to make a sale might even disclose, "well, they were going to list it for $280,00, but we agreed to go for $300,000 and negotiate down. If you bid $280,000 I think there is a good chance the seller will be pleased." See what I mean?
It is NOT your problem if their agent spills the beans, and if your agent is clever, they can get a great deal of information from the seller's agent in helping to shape your bid. All the rest of the stuff about curtains, rental, or boat storage should have been in the listing.
You want to talk money!!!
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