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Old 06-09-2009, 12:54 PM
 
7,126 posts, read 11,700,416 times
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Quote:
Originally Posted by Belmarin View Post
The listing agent cannot reveal any of the terms of the offers without the consent of ALL the offering (buyers) parties involved in the transaction. This permission must be in writing.
Brian I would agree if one was to give the other bidder's names out. Of course, noone would ever agree to that. (I would be embrassed for other people to know how low I was bidding LOL.)However, if they mearly said "I have another qualified buyer 2 grand more than you are you interested in another bid" I can't see how that hurts anyone.If they said that (broker) and it wasn't true I would suggest that they loose their lic.
je
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Old 06-09-2009, 04:56 PM
 
Location: Lake Wylie, SC
622 posts, read 1,782,249 times
Reputation: 478
Quote:
Originally Posted by johne482 View Post
Brian I would agree if one was to give the other bidder's names out. Of course, noone would ever agree to that. (I would be embrassed for other people to know how low I was bidding LOL.)However, if they mearly said "I have another qualified buyer 2 grand more than you are you interested in another bid" I can't see how that hurts anyone.If they said that (broker) and it wasn't true I would suggest that they loose their lic.
je
John, I understand where you are coming from. The rule is that all buyers have to agree to that disclosure. The listing agent cannot indicate the terms of the offers without ALL of the buyers agreeing to the disclosure. To be perfectly honest, as a buyer, I would never agree to having all of the terms of my offer open for all my competitors to see. After all we are in a competitive capitilistic society.
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Old 06-09-2009, 05:06 PM
 
Location: Lake Wylie, SC
622 posts, read 1,782,249 times
Reputation: 478
In addition to the above post I made, a listing agent can be severely sanctioned if they did not abide by full disclosure by all offering parties. The original scenario you described is why the rule was put in place.

That said, I can fully understand your frustration. I spent a number of years in the garment center of NY and we played by different rules. Actually, I liked the rules (or lack thereof) that I learned there.
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Old 06-09-2009, 09:53 PM
 
2,340 posts, read 4,629,505 times
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1) It would not be fair for you to make an offer at 10am, at Noon have my agent alert the listing agent that I am writing an offer and then have the listing agent tell you what I offered. The listing agent can say, we have an offer so make it good. The playing field is level that way.
2) There is no guarantee that the seller will take the higher offer. Maybe I want to sell to a family instead of an investor. Maybe I have a longer or shorter escrow. There are all sorts of things that come into play.
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