A: With your written permission, the Realtor should be able to tell each purchaser about the other offer. Your Realtor is to be obedient as long as it is within the scope of the law.
Can estate agents tell you about other offers?
There’s no law, or Code of Practice term, that stops an estate agent from disclosing how much someone else has offered on a property. … Estate agents work for the seller, not the buyer. They are unlikely to tell you the exact amount another buyer has offered if they think a guide amount will encourage you to offer more.
Monty’s Answer: Real estate agents are not allowed by law to share your offer with other buyers or any other details of your proposal with anyone except the seller. … The seller can share your offer with other potential buyers.
Does an estate agent have to disclose offers to other buyers?
You have no legal right to know anything about other offers, only what they choose to tell you. They have every right not to prove what they tell you about other offers. It’s basically up to you wether you believe them or not.
Can you accept another offer on a house?
The issue is not legal or illegal: it’s meaningless. A seller cannot accept another offer if the listing became “in-contract.” A home is “in-contract” after the buyer and the seller have signed the contract. The buyer needs to pay the downpayment at the time of signing. … Only fully completed contracts have legal value.
Can I outbid an accepted offer?
If the purchase contract hasn’t been signed, the seller could accept another offer, even if you think they’ve accepted yours. The seller generally cannot cancel your contract if you are in compliance simply because the seller received a better offer from another buyer.
Do you have to disclose existing offers?
Answer: Yes, the Code of Ethics requires disclosure of accepted offers. Standard of Practice 3-6 provides a well-defined standard on this: “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”
What should I not tell a real estate agent?
Ross says there are three things you never need to disclose with your real estate agent:
- Your income. “Agents only need to know how much you are qualified to borrow. …
- How much you have in the bank. “This is for your lender to know, not your real estate agent,” he adds.
- Your personal and professional relationships.
Can you ask for proof of another offer on a house?
There’s a myth that agents aren’t allowed to disclose the details of an offer to another agent when, in fact, it’s perfectly legal unless the seller declines it in the listing agreement (rare).
Can a seller back out of accepted offer?
Accepting an offer on your home occurs when a contract is made in signed writing. Home sellers can back out of the terms of these agreements in select instances (and for a limited time period), subject to the individual rules, terms and contingencies defined in the document.
Can you back out after offer is accepted?
Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you’re legally bound to the contract terms, and you’ll give the seller an upfront deposit called earnest money.
Can a realtor show a house that is pending?
Realtors can continue to show a house that is pending. … If this is the case, sellers will allow the Realtor or real estate agent to show the property during closing. Due to the many reasons a pending sale can fall through, it is not uncommon for sellers to continue to show the property.