Questions about a realtor's disclosure - Posted by Angela

Posted by Angela on May 04, 2000 at 11:15:26:

Thank you Vic and everyone for the information and time. Well there has been good news, I had took everyone’s advice and called my realtor to offer a higher and final price, but I didn’t have to, before I could say anything he told me congratulations the seller had accepted my first original offer; needless to say I was thrilled and a bit shocked. The other offer had been lower. Thank you for your time and experience. Angela

Questions about a realtor’s disclosure - Posted by Angela

Posted by Angela on April 29, 2000 at 18:28:38:

  1. If I put a down payment on a house, are other offers allowed to be considered; though my offer hasn’t been accepted yet?

  2. If another offer has been made on property to which I am
    also bidding, does the realtor, as a dual agent have to disclose to me whether the competitor’s offer is higher or lower than mine?

Re: Questions about a realtor’s disclosure - Posted by John Behle

Posted by John Behle on May 01, 2000 at 13:58:35:

If you have an offer on a house, the seller can of course look at any others before accepting yours. Once yours is accepted, they could still look at “backup” offers. They can even accept backup offers that are subject to your offer not going through.

The agent does not need to disclose the terms of another offer to you or anyone else. Some do, some don’t.

Re: Questions about a realtor’s disclosure - Posted by T Jent

Posted by T Jent on April 30, 2000 at 01:14:10:

Re 1) Until there is an accepted offer the seller may entertain as many offers as they like. This is why you always want to put a deadline in the offer. Otherwise the seller can shop around for other buyers at their liesure while you’re still on the hook as your offer remains in effect.

Re 2) Good question. I’m not sure what the agent is obliged to do in this situation since they have a fiduciary duty to both sides, and this is a situation where the interests are diametrically opposed. This is an example of, in my opinion, why the whole notion of “dual agency,” while permitted by the real estate ethics rules, is nonsensical and dangerous. The agent is supposed to be your advocate; their fiduciary duty means they must represent you with the highest loyalty, zeal and responsibility. How do you do this while representing both sides?

But are you sure the agent is actually maintaining dual agency and not just assisting you while acting as the seller’s agent? I believe both parties must sign a document acceding to dual agency. If you didn’t, then the agent is probably in reality the seller’s agent only.

Re: Questions about a realtor’s disclosure - Posted by Angela

Posted by Angela on April 30, 2000 at 22:42:39:

Is there a way for me to find out if another offer has been put on a house? In my situation, the house I am looking at has been shown to others and I was informed by my realtor that another offer has been submitted, now how do I know if the there is actually another bid? Is there a way for this to be proved to me by the realtor? Or could this be a case of the realtor trying to make more money? Please help.

Re: Questions about a realtor’s disclosure - Posted by Vic

Posted by Vic on May 02, 2000 at 01:31:32:

You have no way of knowing if the agent is bluffing or not. I’m a licensed re broker & it has my experience that when an agent says they have another offer, they really do. Now sometimes, they may not have actually received it yet, but if they tell you that, I would take it as a strong indication that another offer is either there or is coming in. Do not let this stop you though. Many times that other offer will be low or the buyer may not qualify. So decide what you think the property is worth & make that offer, without regard to any other offers.