This is a crucial series for interested home buyers because bidding wars are becoming increasingly common the market.
Continue reading for this week’s installment on this series.
Tip #5: Home Sellers Have the Option of Disclosing Contract Terms to Other Buyers
Standards of Practice 1-13, item 5 in the National Association of Realtors Code of Ethics says it’s the seller’s prerogative to disclose offers and terms of the offer to other buyers in most states.
It should be noted, however, that North Carolina is a little different.
The terms of other offers may only be disclosed to a third party in the state of North Carolina if buyers give the seller permission to disclose their offer. It’s hard to imagine any buyer granting permission to a seller to share his offer with a competing buyer but it never hurts to ask!
Remember, the listing agent (the person’s name on the For Sale sign), has allegiance to the home owner. Their goal is to get the seller the highest and best possible terms.
Thus, it’s behooves you to seek out and work with a buyer agent who can represent you and YOUR best interests during the home buying process.
Realtors have a code of ethics to adhere too. This code is for clients and other Realtors too. Therefore, listing agents will guard the terms in strict confidence.
They can lose their license if they do not follow the rules and regulation. However, a highly trained buyer agent will still ask a lot of direct questions to get as much information as possible to help their clients negotiate and win the home without paying too much money.
One such question would be: Is the other offer contingent upon a home to sell or close before closing with the seller. If they do not have any such contingency, many listing agents will quickly answer the question with a “No.”
If they avoid the question it is important to listen to what they don’t say. At Linda Craft & Team, we have a series of questions our buyer agents ask the listing agent. Information is power in negotiations.
Helping You Buy Your Dream Triangle Area Home
Until next time,