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Suspicious of Brokers |
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Edith, I am curious if a game is being played with my daughter and future son-in-law by realtors. They have made offers on several houses (houses that have had no offers for some time), only to be told that magically a second offer is now on the table. They are not told how their offer sits in relationship to the other offer, so they are left to decide if they should up their offer. I find it ironic that suddenly offers appear on homes that have been setting on the market. This feels like a new realtor game to hopefully get the buyer to up their offer in fear of losing out.
What rights does the buyer have to truthfully know there is another offer?
Do you have any right to know that your offer was lower versus just guessing?
Should all offers (both orginal and counter offers) be in writing from both parties? |
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The agent who played a game like that would run the risk of your kids just backing out and withdrawing their offer, so I think we'll have to chalk it all up to coincidence. But to answer your questions:
The seller and the seller's agent have the right to keep information about other offers confidential.
Yes, all offers and counter-offers should be in writing, because otherwise they're not binding; no one could hold the other party to something that was just said. In the sale of real estate, nothing counts unless it's in writing and signed. |
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Edith
Originally published on June 4, 2008 |
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