REALTOR Bluff? Or Is There Really an Offer? (Huntington: real estate, house) - Long Island - New York (NY) - City-Data Forum

purelygeneric · 05-15-2008, 06:59 AM

There's a house I'm interested in. The seller's agent tells me "they are considering an offer." Should the agent tell me what that offer is so I can join the party, or is it common practice for them to not share that information?

How do I know it's not a bluff?

Thanks so much!

rocafeller05 · 05-15-2008, 07:06 AM

Correct me if Im wrong, but I believe that its illegal for them to disclose the other bidding price.

GigiBowman · 05-15-2008, 07:10 AM

Yup, they are not allowed to tell. You'll also never know if it's a ploy. But they are NOT allowed by law to tell.

purelygeneric · 05-15-2008, 07:19 AM

Darn laws! ;-) Thanks for the input! I guess I'll have to roll the dice.

TomMoser · 05-15-2008, 07:35 AM

I'm don't believe that it is "law" that the offer cannot be disclosed. It's just good practice.

rocafeller05 · 05-15-2008, 08:21 AM

When I was buying my first place the real estate agent told me it was a law. But who knows, maybe he was full of it.

Quote:

Originally Posted by TomMoser

I'm don't believe that it is "law" that the offer cannot be disclosed. It's just good practice.

Glad2BHere · 05-15-2008, 08:29 AM

I always think this too. No way to really know sadly. I think it's a ploy most of the time.

TomMoser · 05-15-2008, 08:42 AM

Quote:

Originally Posted by rocafeller05

When I was buying my first place the real estate agent told me it was a law. But who knows, maybe he was full of it.

The only law that I can think of would be the duty of confidentiality that the Seller's Agent owes to the Seller. The Seller should be able to waive that. However, I don't know why they would.

GigiBowman · 05-15-2008, 11:55 AM

called the past president of Libor to find out the exact answer to this question. My boss who is the past president of the Huntington Chapter of Libor said it was "ethics - real estate law". She's a pretty smart lady. Lets see what the big kahuna has to say.

How can you possibly disclose what an offer is without manipulating the price? We're not allowed to do that.

There's a LOT of ethics laws....but apparently not all the RE Agents know what they are or follow them. I know that in my office.....you get smacked down silly whenever you make ethics mistakes.

JustBored · 05-15-2008, 01:04 PM

regardless of what the realtor says, if you want the house make an offer, if you don't dont. dont let a realtor pressure you into making an offer just because their is another offer being considered.

and as always do not buy more than you can afford.