Q: Can a Realtor let me know the other offers that were made on a house I?m interested in. it is on the market for $167,000 I offered $130,000 it has been on the market for two years with no one else looking at it. my realtor told me another offer went in the exact same day mine did. I find it very interesting. I think she?s trying to up my offer. She won?t give me any information on the other offer. so I am questioning that there even was one.
?Michele, Altoona, PA
A: Offers can get very, very muddy. In my book, REO BOOM I coin the offer process as ?multiple offer monster.? Mainly because many agents do shady things such as not present offers, take properties off the MLS for a couple of days if they have their own customers (then put them back on as ?pending sale?) and a lot more shady tactics. Managing this process can be cumbersome but feasible with the right listing agent. Usually, agent duties are to present all offers to their sellers but not required to disclose numbers as that is against ethics/code/law (but ofcourse depending on what state). Keep following up and stay in front of the agent. Learn as much as you can about the offer process so you know how the handle the strenuous rigamorole for the future if this deal doesnt work out. Take care.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
A: Real estate can be very funny when it comes to timing, with properties sitting on the market for months and all a sudden several offers come in simultaneously. With that said, the competing offer could be from a buyer who had been on the fence for a while but was motivated when they knew other offers could potentially be submitted. If your Realtor is also the seller?s agent, then it would be unethical to disclose what the other offer is. If your Realtor only represents you, then they would be aware of other offers but not the specifics. Best of luck.
Alex Cortez is a Realtor? with Wailea Village Properties LLC dba/Island Sotheby?s in Kihei, HI.
A: Hello! While it?s unfortunate that there is doubt in this situation as to whether there is truly another offer on the table, the listing agent has a sole duty to the seller. If, and only if, the seller allows the listing agent to divulge information regarding the other offer, then the listing agent can pass that information along. However, the listing agent has no authority or responsibility to share any detail of another offer, or even if there is another offer that had been submitted/presented, unless given that consent. Hopefully there isn?t any misinformation being shared, as you might suspect. But, unless the seller gives consent to the release of information, specific to that offer, the listing agent has no responsibility or duty to share information regarding the other offer with any other party. Hope that helps!
Kevin Van Eck is a Realtor? with @Properties in Chicago, IL.
A: Your questions here appear to relate to the legal concept of agency, who is representing whom in the offer and transaction. Where we live and work, agents are required to fully disclose agency information, verbally and in written form?including whether or not they are representing the seller, and whether they can also represent the buyer (dual agency). The agent here might not be able to disclose any other offer, especially if representing the seller exclusively?confidentiality may apply. The best advice is to consult an attorney to review and clarify things for you.
Doug Parker is a Realtor? with Prudential Calhoon Company Realtors? in Hilliard, OH.
A: It happens all the time. A house sits on the market forever and suddenly multiple offers come in at once. The Realtor is abiding by the rules in not disclosing information about the other offer. Keep in mind that a licensed agent can lose their license (their job) or get it suspended for breaking the rules or doing something illegal, I strongly doubt that this Realtor would intentionally do something like this. Share your concerns with the agent and ask if they?ll provide you with enough information to ease your concerns.
Maria Jeantet is a Realtor? with Coldwell Banker C & C Properties in Redding, CA
A: Stranger things have happened. All you can do is take their word for it. By law, they have to tell you about a multiple offer. They cannot show you the other offer as that would be breaking the law. The market has heated up in the last few months, so I wouldnt be surprised by this.
Matt Laricy is a Realtor? with Americorp Real Estate in Chicago, IL.
A: The listing agent will not likely give you the answer as to other offers because then you would know what is the maximum you should offer. Even if there was no offer, the agent should not tell you what the offer should be or make any suggestions thereof.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
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