Home Buying in New York>Question Details

Donna, Home Seller in New York, NY

If you have an accepted offer and the coop is still being shown prior to contract, should it be mentioned that there is an accepted offer out there?

Asked by Donna, New York, NY Sat Jun 25, 2011

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15
You absolutely want to tell anyone that inquires about the accepted offer. Whether you want to continue showing it is up to the owner. Most agents don't even want to see it if it has an accepted offer. That's because of the uncertainty as to if and when it will fall out of escrow. That's almost impossible to predict.
I encourage buyers to put in a back up offer, so that they will already have an accepted offer if the first one falls out.


Frank Diaz
(RA) MBA, e-PRO, REALTOR®
East Oahu Realty
808.791.2277 direct
Web Reference: http://hawaiihome.biz/
1 vote Thank Flag Link Sat Jun 25, 2011
Hi, again, Donna.

I see you've extracted the essence of my answer to your question yesterday about you having an accepted offer and the agent doing an open house. To reiterate, the agent should continue to show and most definitely should say they have an accepted offer and are showing for backup. A good listing agent will continue to do this until you have signed the contract and your attorney has returned it with your deposit. I disagreed with all the other responders that the agent should still do open houses, but they most defiintely have an obligation to the seller to show, but to say to each request that there is an accepted offer and they are showing for back-up.
1 vote Thank Flag Link Sat Jun 25, 2011
Hi Donna,

If you have an accepted offer and the coop is still being shown prior to having a signed contract, your broker should tell potential buyers and their brokers that there is an accepted offer on the apartment, and the property is being shown for back up purposes. It's the right thing to do to manage the expectations of others should they have an interest in the property.

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property, LLC
212.317.7828 direct
646.472.7875 fax
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
1 vote Thank Flag Link Sat Jun 25, 2011
Donna,
Unfortunately not every agent or broker is ethical or fair!
Apparently some agents at a Large NYC brokerage with offices near me think it fair to hold open houses after accepting an offer and and having promised 2 buyers contracts- Both thinking there were no other offers!
Your question has inspired me to post a bloghere on Trulia: Would You Consider this Ethical or Fair?
http://www.trulia.com/blog/jolie_muss/2011/09/would_you_cons…
(Link also posted on twitter: http://twitter.com/jojomuss)
Jolie Muss Licensed Real Estate Broker
Columbus Avenue New York, NY 10023
joliemuss@joliemuss.com Office 212 721-3301
0 votes Thank Flag Link Sun Sep 18, 2011
Absolutely. It's fine to show it but potential buyers should be infomred that an offer has been accpeted, that it's contingent and that they can make a "back-up" offer if they weere interested.
0 votes Thank Flag Link Mon Jun 27, 2011
Hi, Yes, when other agents or customers call to schedule a showing they should be told there is an accepted offer. It's not usually added to marketing materials though.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Jun 27, 2011
YES. Full disclosure while the transaction is in motion... The broker still shows until there is a signed contract. There is no need to worry. Keep moving. All sellers need a back up buyer in the event that the original buyer backs out or the contracts fall apart for any number of reasons... Stay on top of your broker for day today updates
and you should be fine.
0 votes Thank Flag Link Sun Jun 26, 2011
It is only fair to let all parties know that there is an accepted offer. The broker can disclosue that no more showing because of the offer.
0 votes Thank Flag Link Sat Jun 25, 2011
Donna,

The seller should disclose that there is an accepted offer. It's the fair thing to do. The seller can get back up offers in case the current deal falls through and the buyers being shown after there is an accepted offer know that they are in second position. If there is full disclosure, no one is wasting time.

Good luck!

Lora Dettinger
Bond New York
(480) 221-1167
0 votes Thank Flag Link Sat Jun 25, 2011
Donna,

The seller should disclose that there is an accepted offer. It's the fair thing to do. The seller can get back up offers in case the current deal falls through and the buyers being shown after there is an accepted offer know that they are in second position. If there is full disclosure, no one is wasting time.

Good luck!

Lora Dettinger
Bond New York
(480) 221-1167
0 votes Thank Flag Link Sat Jun 25, 2011
Yes, it should be disclosed that an accepted offer exists, if the shoes were reversed, wouldn't you want to be informed...
0 votes Thank Flag Link Sat Jun 25, 2011
Hi Donna. Great answers below as always. The answer to your question of course is, Yes. Were I the listing agent, I would also state that there is no signed contract of sale as of yet and all offers will be considered. Try to move the backup buyer to action of making their offer immediately. I'd leave it alone after the contract is fully executed. Good luck.
0 votes Thank Flag Link Sat Jun 25, 2011
Full disclosure would be nice; however, it will keep buyers from wanting to see your property. What happens if the offer falls through? You will be left having to start the marketing all over again.

It seems in downstate New York that the practice is until the property is fully in contract...it is available.
Web Reference: http://gailgladstone.com
0 votes Thank Flag Link Sat Jun 25, 2011
Donna,

Yes, the listing agent is dealing fairly with all buyers, the one with the accepted offer and any potential buyers by mentioning that there is already an accepted offer. Once the listing agent informs the buyer's broker, potential buyers are made aware. Once potential buyers are informed, they can decide to view the co op with the awareness that an accepted offer is in place, pass on viewing the co op or submit back-up offers.


Best,

Lela Bourne
BOND New York
646 239 4145
lbourne@bondnewyork.com
http://www.bondnewyork.com/nyc_real_estate_agent_1856.htm
0 votes Thank Flag Link Sat Jun 25, 2011
yes, this is the right thing to do
0 votes Thank Flag Link Sat Jun 25, 2011
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