What a Realtor CAN'T tell you

Tuesday Sep 18th, 2018

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I'm amazed how many buyers believe that I can tell them the amount of another offer(s).   

I recently sold a home in Barrie with several offers.  It was the beginning of massive mahem coming from foreign investors, where prices were paid for homes that were often hundreds of thousands of dollars over asking price.    One of the buyers was unrepresented and simply wanted me to tell him how much the other offers were, so he could top them.   This is illegal.   

Unfortunately, buying real estate can sometimes feel like a blind auction.  I don't exactly know the reason for it, but only the listing agent the sellers themselves are aware of the details of offers that come in.   In 15 years in this profession, I have only once had a realtor drop the ball and tell me what the other offers were (which is dead wrong... but I didn't complain, that's for sure).   

Real estate transactions are very very tight when it comes to what is legal.  A listing agent also can not disclose a seller's "lowest" price, can't disclose the seller's motivation or any pressures or personal information.   So, when you are seriously interested in buying a property, it's important that you put your best foot forward, in the event of a mutliple-offer situation, or otherwise, just be aware that they aren't trying to be cruel by keeping you in the dark.  It's the law.

 


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