Home Buying in 30461>Question Details

Beaumontkn, Home Buyer in Pensacola, FL

My agent says that under the real estate privacy laws she cannot give me any information concerning reasonable offers on houses I desire to purchase.

Asked by Beaumontkn, Pensacola, FL Thu Aug 11, 2011

Can you cite such a law in Florida?

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Answers

10
If that is an accurate opinion from your real estate agent then you might be working with an inexperienced Agent. However, I must ask to be fair, is this agent also representing the seller? If she is then she is acting in a dual capacity or as an intermediary and cannot give you advice on what to offer. If you are dealing with the seller's agent then, in my opinion, you should find your own agent that can give you assistance and advice.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
1 vote Thank Flag Link Thu Aug 11, 2011
I would simply answer your question, with a question:

When you place an offer on a Property, how would you like to see it broadcast in the newspaper, radio, and MLS LISTING, the following day?
1 vote Thank Flag Link Thu Aug 11, 2011
Guss she's not a Buyer's Agent.

This paragraph is in the Transaction Broker notice.

6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential.

Not sure why she can't give you a market analysis to review. But as a Transaction Broker she cannot sugget a price for you to offer.
1 vote Thank Flag Link Thu Aug 11, 2011
Beaumontkn,

Find a new agent.

Tim Brown
tbrown@academyresidential.com
1 vote Thank Flag Link Thu Aug 11, 2011
Your agent probably does not have that information anyway. The listing agent can tell your agent anything the seller allows. Therefore, if your agent asks the lising agents for that information, you might get some that share it and some that don't.

Listing agents are not at liberty to share anything that is confidential between them and their seller...to do so is a violation of our ethical code and the agent could be subject to discipline from their local board or state.
0 votes Thank Flag Link Sun Aug 21, 2011
To answer your question in short, NO!! No one can cite that law , as it does not exist. In fact, it is a buyer's agent's responsibility to assist you in deciding what to offer, based on tools such as Market Analysis, Taxable Values, recent sales, and of course, their own knowledge of the community.
Myself, I first ask my clients if they simply want to offer( in hopes of snagging a great deal) or do they really want that home and want to BUY it. The offers will differ, both in price and terms structure.
Either way, if you EVER fail to get a direct, honest answer from your Realtor, find another
0 votes Thank Flag Link Sun Aug 21, 2011
I don't quite understand if you are coveting a house that already has offers, or if you want to have help from your agent about what would be a reasonable offer? Is your agent a buyer broker? That should be established as soon as you start working with a particular agent. 1. If you just need advice about what kind of reasonable offer to write, the simplest thing for your agent is to provide you in information about resale in the past 6 months of similar properties in that same area. A little more work will have to be done to adjust for some differences between the properties, (better lot, more square footage, brick vs. vinyl, hardwood floors vs. carpet, and so on -without forgetting about the amount of time the house has been on the market). You can then make up your mind about what kind of offer to make. You can also look at the other properties that have sold in that same area, and how much lower than the asking price they have sold for. This should help you make a decision on your offer. Have the agent write what you want and take it from there, you might get a counter and do on from there.
2. If you already have made an offer on a specific property you need to consider that offers are confidential between one particular buyer and the seller. The seller is the one who can make a decision as to disclose the other offers to your agent (and in turn to you). The Listing and Selling agent have no say so in that process. Of course the seller is trying to get as much as possible for the property (you'll understand that when you will eventually sell your house). So the question then is: "do you want the house bad enough to go as high as want to (still taking into consideration the comparing (called CMA) mentioned in #1 (remember the house has to appraise at the amount you are offering, If not you still can get a loan but will have to come out of pocket for the difference between what the bank will loan you and that sales price unless you renegotiate the sales price with the seller, which should be the thing to do).
As Realtor (or Agent) we can't make the decisions for you, we can only provide an array of information to help you make the best informed decision for yourself. We are limited in the area where we can really give advices.
I hope my answer help you somewhat. Good luck to you,
0 votes Thank Flag Link Sun Aug 21, 2011
re: Mr Thomas's answer,
Mr Thomas, I'd have no problem having my offer listed, and think all homes for sale should have their asking price clearly stated on the sign out front. I waste so much time just finding a property I like, then have to play games to find what they want, and what their "other offer" may be so I can decide if it's worth it to me to counter. Why play games, especially when agents hint at a better offer, or outright lie about having another offer, just to drive the price up. Would be a whole lot easier for everyone if there was disclosure up front on pricing and offers. If I know what the other guy offered, I could counter if my price limit hasn't been reached. I know, not what an agent wants to hear who makes more money the higher the price goes, but we should be looking out for the customer, not the agent's commission...
Brian
0 votes Thank Flag Link Wed Aug 17, 2011
It is her responsibility to you, if you are her client (you have signed a buyer brokerage) for her to provide you with that infomarion as long as she is not representing the seller as well. In that case, she will have to disclose she is acting as a dual agent (representing both parties). You truly need to look for another realtor.
0 votes Thank Flag Link Fri Aug 12, 2011
We're all working under the assumption that this agent may represent the Seller or that the agent is acting as a "Transaction Agent", which means he or she does not have a written agreement to represent either party.

One more thing, though....even if he or she is representing you as a client, he or she cannot give you information about other offers that may disadvantage the other buyer provided they gathered that knowledge from involvement in the transaction. For instance, I may have several buyers who want to make offers on the same property--I can't disclose to each buyer what the other buyers are offering.

If, however, the knowledge is gathered by information the agent learned second-hand, the agent may tell you that "this is what I've heard".....

And always, a good agent should be researching EVERY property on which you are seriously considering submitting an offer to learn what recent sales are in the area. This will help you work together to determine a fair offer price.

Good luck!
0 votes Thank Flag Link Thu Aug 11, 2011
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