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We are selling a house (right now!) and have multiple offers. The agent tells me that she cannot disclose to the offerors what the other offers are, she can only say things like "is that your best offer????" nudge nudge wink wink. Is this true? Why can't she tell someone that there's another bid at X, and if it you want it you have to do better than X?
We are selling a house (right now!) and have multiple offers. The agent tells me that she cannot disclose to the offerors what the other offers are, she can only say things like "is that your best offer????" nudge nudge wink wink. Is this true? Why can't she tell someone that there's another bid at X, and if it you want it you have to do better than X?
In New Jersey, and im sure in many other states if not all, disclosing an offer amount to a buyer is against that agent's fiduciary responsibility to you(THE SELLER). You can actually sue that agent for damages if something were to ever go wrong by that agent telling the buyer how much your current offers are.
The agent can not lean you in anyway towards accepting an offer. It is up to you to decide which offer you would like to accept, all the agent does is lay each proposal on your table.
You can choose not to accept any offers, or you can tell all of the buyers that offers were really close together and you(the seller) are calling for "BEST AND FINAL OFFERS".
Thats where you will see buyers send in they're maximum amount they are willing to pay for your home.
Good Luck, and your agent is doing the right thing!
In the height of the boom in Las Vegas it was reasonably common for the seller to counter each of the buyers with a price somewhat above the highest offer. The counter required a further signature by the seller to be binding so you can't get caught accepting multiple offers.
While it bothers some Realtors as an ethical proposition I am aware of no rule or law violated by setting a number at or above the top bid and soliciting offers above that amount. And you can do it again if it works the first time. Be careful though. At some point nobody responds...
I presume you are fully disclosing what you are doing to your seller...so a kick back that you disclosed something to the buyer is pretty far fetched.
In the height of the boom in Las Vegas it was reasonably common for the seller to counter each of the buyers with a price somewhat above the highest offer. The counter required a further signature by the seller to be binding so you can't get caught accepting multiple offers.
While it bothers some Realtors as an ethical proposition I am aware of no rule or law violated by setting a number at or above the top bid and soliciting offers above that amount. And you can do it again if it works the first time. Be careful though. At some point nobody responds...
I presume you are fully disclosing what you are doing to your seller...so a kick back that you disclosed something to the buyer is pretty far fetched.
Olecapt,
You can very well set a minimum offer amount at the sellers discretion, but I think she is talking about having her listing agent tell the buyers what the other offers were. The agent cannot do that.
You can very well set a minimum offer amount at the sellers discretion, but I think she is talking about having her listing agent tell the buyers what the other offers were. The agent cannot do that.
Why not? Not recommending it but I see no reason the seller can't disclose offers received. I agree the sellers agent can't do so without permission from the seller. What canon or law is violated by such a dsclosure?
Keeping the information confidential may not be in the sellers best interest...so why would he do so?
If you want her to tell the other agents/buyers what the offers are, then she can do it, but only under your instructions. You then run the risk that they'll all run away scared and no one will want to pay too much for the house. Might be best to pick the one that is the strongest and work with them putting one of the others in a back up position in case something were to fall through on the first offer.
If you give the price then all the buyers will say come back $1. over the price you suggest. We generally note something back on the counter like provide best and final offer.
I would let the other agents know there are competing offers, give their best offer and all will be presented together. a good agent, with a client who really wants the house will probably write an escalator clause... eg. we will pay $500 over the best offer you have, with proof of the best offer.
But always look at terms as well: what closing date? Will they have an inspection? will they have an inspection for their information, but no repairs will be asked for? etc.
Once you have all offers, you can look them over and counter any or all of them. Of course a counter is a rejection and you risk losing them all.... but your agent should guide you.
Your agent CAN disclose the offers if YOU give her permission.... in writing.
She can reveal anything you allow her to reveal if you do so in writing. I'm surprised and a little concerned she doesn't know that.
Our daughter put a bid in on a home here in California, which is bank owned. They were told they were the top bid and the bid was accepted and they would get the home. They had to meet all requirements, l. put a water filtration in for well, fix some miner repairs on the home. They had met all requirements, the real estate agent then submitted all signed papers to the assest mgr., 3 or 4 days went by, waiting on the assest mgr. to sign papers to finalize the sale. Now they have been told they are offering the property to a gentleman that came in second on the bidding, but he has cash in hand, and giving him a chance to offer more money. To me this seems so wrong. Waiting for your reply. Thanks, Jann
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