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Christine Mc…,  in 33914

Does the other realtor when they say they have another offer have to disclose the info to your realtor?

Asked by Christine McNamee, 33914 Fri Aug 19, 2011

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If your realtor is good, and I mean real good, he/she will 'befriend' the other realtor, sending over chocolates or golf balls, sending out an evite for a bbq, maybe purchasing a nice toaster. You know, low key 'flirting'. Generally, these humane techniques will help soften the 'opposition' and get you the information you need.
Rumor has it that the U.S. military will be adapting this techniques soon now that Sun Tzu's 'Art of War' is no longer working.

And if you want to get really complex, you can somehow befriend the seller's realtor, or another acquaintance, someone the seller's realtor doesn't know, and hang out at his/her favorite Applebees, and see if you can procure info that way. Basic CIA entry level stuff. Good luck.
1 vote Thank Flag Link Fri Aug 19, 2011
The short answer is no. The agent does not and should not disclose the information on the other offer. It is unethical to do so. This can cause a situation that causes buyers to keep bidding, driving the price up. If the listing agent has multiple offers he should send a counter offer for best and final offer.
1 vote Thank Flag Link Fri Aug 19, 2011
Christine,

If you are asking does the the listing agent have to disclose details on another offer to your realtor, the answer is no. In fact, they cannot disclose that information without seller permission, and doing so would likely hurt their seller financially and a primary tenet of the seller/agent relationship is fiduciary responsibility.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
1 vote Thank Flag Link Fri Aug 19, 2011
Some agents will hint to other agents what the offer might be near but in most cases the listing agent will not disclose any details of the offers in hand. If there is a relationship between the 2 agents then they may be willing to give more details. Good luck, multiple offers are stressful but at the end of the day everything works out for a reason.
0 votes Thank Flag Link Fri Aug 19, 2011
They are not even required to tell there is another offer much less the details.
0 votes Thank Flag Link Fri Aug 19, 2011
Christine:

Simply speaking, RE Agents owe THIER clients a set of fiduciary duties which I like to summarize as Loyalty, Obedience, Diligence, Disclosure, Accountability, and CONFIDENTIALITY. In my personal practice, I always require that a Seller specifically release the duty of Confidentiality regarding any fact regarding the details of an offer, although as you will read this is NOT REQUIRED (according to CAR).


Here is what the California Assoc. of Realtors® state regarding this topic:

[Quote]

Q 8. Can a seller's agent lawfully disclose the terms of a buyer’s offer to other competing buyers or their agents?

The answer to this question depends, in part, on whether the seller’s agent is acting exclusively as the seller’s agent, or as a dual agent. If the agent represents the seller exclusively, there is currently no clearly-established law in California which precludes the seller’s agent from disclosing the terms of a buyer’s offer to other prospective buyers or their agents.

Despite the absence of any law specifically on point, it should be noted that this practice is considered extremely controversial in the real estate brokerage industry. If an agent could represent a seller with equal vigor, with or without disclosing the terms of a buyer’s offer, the agent might consider not disclosing the terms. ………Also, the disclosure of a buyer’s offer to other buyers could cause those other buyers to offer less favorable terms than they would have otherwise, since they would now know the minimum by which they would have to improve their offers to beat out existing offers. However, if a seller specifically requests that a buyer’s terms be "shopped," or if the agent deems this to be a necessary tactic to best serve the seller, it should be done with as much discretion as possible.

If an agent is representing both a seller and a buyer, the disclosure of the terms of that buyer’s offer to competing buyers would probably breach the agent’s fiduciary duty to the buyer. To avoid potential disputes, a REALTOR® might want to obtain an acknowledgement, signed by the seller, that the agent will not honor the seller’s request to "shop" an in-house buyer’s offer. By discussing this limitation of dual agency up front with the seller, a REALTOR® provides the seller with full disclosure regarding the nature of dual agency, and reduces the possibility of disputes with the seller.

[End Quote]


So, there does not appear to be a Law/requirement that details of a buyer’s offer be disclosed to another buyer.

Best, Steve
0 votes Thank Flag Link Fri Aug 19, 2011
It is unethical for an agent to disclose what the other offers are as it would give the buyer who made the offer an unfair advantage.
0 votes Thank Flag Link Fri Aug 19, 2011
Hi Christine;

Unless intructed to by the seller, the listing agent does not have to disclose to you or your Realtor the details of any other offers they may have in hand.

Good Luck
0 votes Thank Flag Link Fri Aug 19, 2011
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