Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I know there is some rule or law etc. that prevents listing agents from disclosing the offer amounts received. I was just curious of why that was as it seems even if the property is receiving "low" offers then if an interested party if they wanted the property would offer more. The only was I see the secrecy being beneficial is that hopefully someone would come in and offer a significant amount more then all offers not knowing the value the majority are placing. Would this be why? Just curious is all.
I know there is some rule or law etc. that prevents listing agents from disclosing the offer amounts received. I was just curious of why that was as it seems even if the property is receiving "low" offers then if an interested party if they wanted the property would offer more. The only was I see the secrecy being beneficial is that hopefully someone would come in and offer a significant amount more then all offers not knowing the value the majority are placing. Would this be why? Just curious is all.
The contents of any offer is confidential information as defined by most state laws. The seller can tell an agent to disclose the contents of the offer to other prospects though. The seller just has to direct the agent to do so. I don't do it often, but there have been situations when I felt disclosing something about the offer would be helpful with other buyers. I talked it over with my clients, and they agreed to allow me to discuss it.
Our NCAR Buyer Agency agreement cites NC REC rule that prohibits a the seller/agent from disclosing price or terms of a buyers offer prior to getting written permission from the buyer to reveal the price and terms of their offer. It is couched in terms of a disclosure to the client that all agents may not comply with the rules.
If you were the buyer, would you agree to having your offer shopped to all buyers?
All the above plus, as a seller, you wouldn't want prospective buyers to know how little you were willing to accept. What if the first contract falls apart? Maybe the next one might be better but, odds are, it won't be if the next buyer is told what was acceptable before. In most cases, it just makes no sense.
I abhor the term "bidding war." There's just no such thing in real estate at least around these parts.
It is a term used by passive aggressive buyers with a failure mentality.
Some people work overtime to rationalize ways to not get what they say they want. "Bidding War" is a common theme.
I abhor the term "bidding war." There's just no such thing in real estate at least around these parts.
Quote:
Originally Posted by MikeJaquish
It is a term used by passive aggressive buyers with a failure mentality.
Some people work overtime to rationalize ways to not get what they say they want. "Bidding War" is a common theme.
1. There is no such thing as a "bidding war."
2. In a multiple offer situation, you offer what you are willing to pay.
If two (or more) offers are competing against each other, couldn't it be considered a "war"? Would "offer war" be more appropriate?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
