Lodinews.com

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Confidentiality of putting in offers

Print
Font Size:
Default font size
Larger font size

Posted: Friday, April 12, 2013 6:57 am

Are offers confidential? When you are in the market to buy a home your agent is required to advise you of several things. It’s likely most buyers never really think about many of them, after all why would you, you just want to buy a house.

Today I wanted to discuss the confidentiality of your offers. Many buyers and sellers are under the false understanding that offers cannot be discussed with others.

However, the standard listing agreement on page 2 section 8.iii states “disclose to any licensee making an inquiry the receipt of any offers on the Property and the offering price of such offers.” Another form most buyers sign when making an offer states “Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or conditions of Buyer’s offer unless all parties and their agent have signed a written confidentiality agreement.

Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the Listing Agent’s marketing strategy and the instructions of the Seller.” Clearly this shows that offers are for the most part non confidential. So feel free to have your Realtor ask what’s the highest price offered on the home you are interested in.

In today’s competitive market buyers may move in and out of the bidding process, but everyone is aware of all the bids and the final price is no secret. With today’s low inventory this process makes for a noisy, hyperactive and frenetic process, BUT … it’s very clean, transparent and neat. And when the gavel goes down and the deal is done, there is no confusion about who bought the property and for how much.

Our area experienced an amazing 29% price increase over the last year. This price appreciation along with continued low inventory makes it more important than ever to utilize the help of an experienced Realtor. As they say, the person with the most knowledge has the most power. So I hope this little tid bit of information helps to empower you as you search for your dream home. Happy house hunting!

Sheri Aguilar is the president of the Lodi Association of Realtors and can be reached at Sheri@YourLocalAOR.com

Rules of Conduct

  • 1 Use your real name. You must register with your full first and last name before you can comment. (And don’t pretend you’re someone else.)
  • 2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
  • 3 Don’t threaten. Threats of harming another person will not be tolerated.
  • 4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.
  • 5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 6 Stay on topic. Make sure your comments are about the story. Don’t insult each other.
  • 7 Tell us if the discussion is getting out of hand. Use the ‘Report’ link on each comment to let us know of abusive posts.
  • 8 Share what you know, and ask about what you don't.
  • 9 Don’t be a troll.
  • 10 Don’t reveal personal information about other commenters. You may reveal your own personal information, but we advise you not to do so.
  • 11 We reserve the right, at our discretion, to monitor, delete or choose not to post any comment. This may include removing or monitoring posts that we believe violate the spirit or letter of these rules, or that we otherwise determine at our discretion needs to be monitored, not posted, or deleted.

Welcome to the discussion.

When you’re ready, use some of these selling tips that add value to your home

You’re finally ready to put your home on the market, but want to ensure you get top dollar. Are there any easy fixes that can increase your asking price without breaking your budget? Here are some tips, ranging from free to under $1,000. Happy selling!

Posted: September 19, 2014
Comments (0)
more »

Loan Calculator

Your News

News for the community, by the community.

Featured Events

Mailing List

Subscribe to a mailing list to have daily news sent directly to your inbox.

  • Breaking News

    Would you like to receive breaking news alerts? Sign up now!

  • News Updates

    Would you like to receive our daily news headlines? Sign up now!

  • Sports Updates

    Would you like to receive our daily sports headlines? Sign up now!

Manage Your Lists