Home Buying in East Meadow>Question Details

Kathy, Home Buyer in Queens, NY

when someone makes an offer on a home, the listing agent says there is another offer and its against the law to give out that info, is it true?

Asked by Kathy, Queens, NY Wed Sep 1, 2010

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6
Maureen Francis, Birmingham MI’s answer
I doubt it is against the law, but as a matter of common practice, terms of offers are not disclosed to other interested parties. If the seller authorized his agent in writing to disclose something to you, then they could. It typically is not in their best interest to tell another party the terms of an offer though.

If you are interested, put forth your best offer. If someone else bids more, you will know you did all that you could.
1 vote Thank Flag Link Sun Sep 5, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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It really amazes me how many Realtors do not know the correct answer to this question. If a seller authorizes their agent to do so any terms of an offer can be revealed to another party including what the offer amount is. The goal is always to sell a home for the best terms and conditions. That is one of the listing agents jobs. If providing that information could help them accomplish getting a better offer then that is what should be done. Having the sellers consent is the key! http://massrealestatenews.com/handling-offers-when-selling-a…
0 votes Thank Flag Link Sun Sep 5, 2010
I don't know if it is "against the law," but agents are not required to give out that info, and most won't.
0 votes Thank Flag Link Sun Sep 5, 2010
If my sellers have signed off and agreed to disclosure that there are multiple offers, I can do so. Not the amount but the fact that there are others. If they said no - then it is no!
Web Reference: http://topbrainerdagent.com
0 votes Thank Flag Link Sun Sep 5, 2010
Kathy,
Yes. In order to ensure unfettered competition, the terms and conditions of any offer are confidential. Think of it this way - if you had an offer, would you want anyone else to know it so they could simply beat it by a couple of bucks? Good luck.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
In The Top 2% of Century 21 Agents Nationwide!
0 votes Thank Flag Link Thu Sep 2, 2010
Hi Kathy,

It is unethical to disclosure the details of the other offers but not the fact that there are other offers.

Thank you
Chris Blasic
Realty World & Associates
0 votes Thank Flag Link Wed Sep 1, 2010
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