What are my rights when presenting an offer on behalf of my buyer to a listing agent?
Here's the scenerio ...
I presented an offer on behalf of my client to purchase a home. I asked the listing agent whether there were any other offers for the property. I was informed that there was another offer. I asked if the other offer was written on behalf of a buyer by the listing agent. He said he did not have to disclose that information.
Question ...
Do I have the right to be informed whether the second offer was written by the listing agent?
Hi Barbara,
Unless it's stated in your MLS rules and regs, then no I do not believe the listing agent had the "duty" to disclose that to you.
Personally, I think it's a fair question and I would answer it directly and honestly when asked.
This a tricky one, because if the listing agent wrote the offer for the buyer than the buyer is not represented. Therefore, the listing agent owes no loyalty or confidentiality only basic customer service. However, could the listing agent be betraying the trust of his client (the seller) if he releases details about other offers? If you are concerned about impropriety, I would call our free legal hotline in MD.
I hope you post how this one is answered. Good luck.
I am interested to see what others say about this. My thoughts are that no, you do not have the right to know anything about the other offers unless the seller's themselves have given specific permission to their listing agent to disclose that. Basically, just telling both parties that there are multiple offers on the table and giving them each a chance to place a highest and final offer is all the listing agent is required to do . .I THINK :)
Hmm....good question! I've never heard that they have to disclose that, but I would if it were me. Not like you'd be able to do much differently if it was them writing up the offer, but it's good to know.
Sincerely,
Kathleen
I agree with Kathleen, I don't think its a rule, but common courtesy. It lets you know what your up against.