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I was just talking to my friend who was looking at a house when she first moved to this area. She said its as listed for $1.2 but as she was walking out, the seller's agent said 'They would take $1m').
"If the seller gives permission, the agent can disclose anything about an existing offer that they want."
More reinforcement that real estate practices vary greatly by locale, state, and region. "At least where I am," The seller can approve all day, but I cannot tell a price of an offer or other terms to another agent unless the buyer who made the offer approves.
NC Real Estate Commission Rule 58A.0115: “[a] broker shall not disclose the price or other material terms contained in a party’s offer to purchase, sell, lease, rent, or to option real property to a competing party without the express authority of the offering party.”
This is one wrinkle that leads TPTB to frown heavily on escalation clauses.
This brings up an interesting question; If the seller's agent does violate the COE (or state rule) and discloses the terms of another offer to a buyer's agent, is that buyer's agent in violation if she uses the info to her client's advantage?
This brings up an interesting question; If the seller's agent does violate the COE (or state rule) and discloses the terms of another offer to a buyer's agent, is that buyer's agent in violation if she uses the info to her client's advantage?
Definitely not.
The buyer's agent is compelled by regulation to relate to her client all material information she acquires.
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