Common law fiduciary duty obligates a real estate licensee to disclose to the principal all offers to buy the property, even oral offers.
What not to say to a real estate agent?
10 Things You Should Never Say to a Real Estate Agent
- “I want to buy a home, but I don't want to commit to one agent.”
- “Don't show my home unless I'm available.”
- “But Zillow said…”
- “I'll get pre-approved for a mortgage later.”
- “I don't want to bother my Realtor®.
- “Real-a-tor”
- “Oh, you sell real estate?
Can you refuse to counter an offer in real estate?
In return, if the seller makes a counter, a buyer can also choose to accept, reject or counter it. Home sellers and buyers alike use this tactic to negotiate the best price and terms possible.
Can a seller reject an offer at asking price?
You certainly don't want to take a loss on your property if you can avoid it. A home seller can always reject an offer that they don't think reflects the value of their real property. Even if the offer is above the listing price, the seller has the legal right to deny the offer and accept a higher sale price.
Can you ask to see the other offers?
While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure. In some cases state law or real estate regulations may limit the ability of brokers to disclose the existence or terms of offers to third parties.
Can you ask what the highest offer is on a house?
A request for the highest and best offer can occur in real estate when a seller receives multiple offers during the sale of their home. The seller might request interested buyers to submit their highest offer with their best terms, allowing them to choose whichever one they like best without engaging in negotiations.
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Do sellers have to accept the highest bid?
The answer is often “no.” Conventional wisdom might suggest that during negotiations, especially in a multiple-offer situation, the buyer who throws the most money at the seller will snag the house. In reality, however, it doesn't always end up that way.
Frequently Asked Questions
Can you ask to see other offers on a house?
While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure. In some cases state law or real estate regulations may limit the ability of brokers to disclose the existence or terms of offers to third parties.
Can seller accept another offer after counter offer?
Yes, the seller can accept another offer after a counter-offer, but they will probably have to inform the first buyer that they have received a new offer. The original buyer then has the right to match the new offer or walk away from the deal.
Can an agent tell you what the highest offer is?
While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure. In some cases state law or real estate regulations may limit the ability of brokers to disclose the existence or terms of offers to third parties.
FAQ
- What not to say to your real estate agent?
- 10: You Won't Settle for a Lower Price. Never tell your agent you won't reduce the sale price on your house.
- 6: You are Selling the Home Because of a Divorce.
- 5: You Have to Sell Because of Financial Problems.
- 2: You're Interested in a Certain Type of Buyer.
- 1: Anything -- Before You've Signed an Agreement.
- Can a real estate agent let buyers know how much other offers are
- Aug 13, 2018 — Real estate agents cannot by law share your offer with other buyers, but no law prevents the seller from sharing it.
