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.
Yes. In CA we can discuss offers unless the seller asks us not to, or unless the seller signed a confidentiality agreement before receiving the offer. Not all agents will discuss it however as they want any additional offers to be as high as possible.
No, offers are confidential unless the seller gives permission to disclose. I completely disagree with the above response. Part of the Code of Ethics is confidentiality to your client so the client doesn't give later permission to NOT disclose something, but they have to give permission to disclose something.
Also, what an agent tells one agent, they have to tell all agents. If the agent told one agent about the details of your offer, the agent would have to tell all other agents that call and inquire about the status as well. And then the agent has to tell you about a new offer that comes in. See how that gets convoluted? You either tell all or no one. It's called "fair" and the COE is all about everyone being treated fairly.
Now, if the agent is not a Realtor®... free for all...
"Can" is only a function of one's ability to do whatever one wants or is able to do. If the question is actually, "Is it legal, ethical or smart" - that's three other discussions.
In Oregon it is confidential information unless the seller instructs you otherwise. If I think it is in the best interest of the seller, I will discuss why I think releasing details of an offer might help them. Generally, we just ask for highest and best.
If you are a Realtor you are bound by the Realtor code of ethics, regardless of what state law may or may not say. Realtor code of ethics states you may not divulge the presence or terms of other offers without the seller's permission.
This is a topic often covered in our company's Legal Updates (with highly qualified real estate lawyers very familiar with our contracts and the code of ethics). Though the common perception is that it's not legal/ethical to disclose other offer terms, that is not correct in CA except in the instances I noted above.
However, I would never have any discussions about offers without first discussing my plan of action with the sellers and getting their approval.
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)
COE is clear that authorization must be given first. There is nothing where the seller can take away authorization, it can only be given. I don't see how a state could put something in a legal document that would go completely against the ethical stance of our jobs, confidentiality.
Last edited by FalconheadWest; 11-28-2016 at 06:37 PM..
I recently sold one house in CA and have 2 in escrow, all from my mother's estate. EACH of the contracts with the listing realtor stated that she could disclose offers to other potential buyers or their agents. She said that she would use that if I had a certain offer to tell other realtors that if their offer was not above XXX then it would not be the highest priced offer.
She ended up not using that as we accepted the first offer on each property.
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.
