Realtor by laws can your realtor disclose other bids?

Question

Are there any laws for a realtor to not be able to disclose a bid on a property? My grandmother recently put in a cash offer for a condo. It was a few thousand dollars less than asking price. Her realtor said there are a few offers on the condo. When my grandmother asked what the offers were the realtor said she couldn’t say but my grandmother needed to make a strong offer. Any insight would help thanks.

Russell Brazil · Answer

Most states its perfectly legal to. However some states it is illegal, such as Oklahoma and Texas for instance.

But just because its legal to, does not mean there is a requirement to.

Lydia S. · Answer

@Brian Bertschi

In New Mexico, this is decided by the seller on the listing agreement. The seller and Realtor discuss the pros and cons of things such as this, as well as whether the seller wants a see any further offers after going under contract.

These points can be amended if the seller changes their mind.

Bill B. · Answer

This is where an experience/friendly realtor can make a big difference. My realtor wasn’t very investor focused but he was INSANE at networking and knew everybody. He snuck up on other realtors with his “intelligence gathering”….

Hey JOE, I have a client looking at your property. Oh you have other offers? He was thinking of offering X, you think we could get it locked up today for that much?

Hey Mary, it was good seeing you at the Rotorary club last weekend. How are you and the kids? I think e can work together again on your property over on Elm street. He’s an investor that Closes. We’ll be at the table in 25 days.

Etc. Etc.

Bruce Lynn · Answer

@Lydia S. I like the smart agents in NM that have it in the listing agreement. I rarely need or want to release bids, but nice to have that option and a provision to do that up front, just in case it comes up.

Bruce Lynn · Answer

In Texas they can tell you if the seller approves. I'd say 90pct of the time they do not disclose what the other offers are. Worth asking....I had one tell me today they had 4 offers and the lowest was list price....so that gives you some info.

In my experience lately most will not counter, so bring your best game and they pick one to work. Maybe 1/2 the time they will come back and ask for highest and best by x time/date.

If you think about it, if they are disclosing prices to all the offers, the highest one probably won't bid more. However if they don't disclose, the highest one might bid more. Do you win if they are disclosing your offer price to all other bidders?

Realtor by laws can your realtor disclose other bids?

Realtor by laws can your realtor disclose other bids?

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