Real Estate

What can a Selling Agent disclose about an offer?

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  • Jan 29th, 2021 2:43 pm
[OP]
Newbie
User avatar
Dec 10, 2011
77 posts
38 upvotes
Toronto

What can a Selling Agent disclose about an offer?

Asking because i have had two friends lost out on offers, each time they had already submitted their best offers and the listing agent had told them that they were 3rd best or middle of the pack in terms of price (both were firm offers).

I thought agents could only reveal the number of offers not anything relating to the details. Is this common? Or is the agent just trying to squeeze more money out? Just wanted to hear if anyone has been in similar situation or from Agents who handle bids that are close-ish.
14 replies
Deal Fanatic
Mar 27, 2004
5338 posts
3258 upvotes
Toronto
agent is not suppose to say anything about the offers. but buyer agents still ask to get info.
Full-time Realtor
[OP]
Newbie
User avatar
Dec 10, 2011
77 posts
38 upvotes
Toronto
oasis100 wrote: agent is not suppose to say anything about the offers. but buyer agents still ask to get info.
Thats what i thought too.

So typically or the correct way would just be , "We have x number of offers and we are giving you a second chance to improve your offer"?
Sr. Member
User avatar
Jul 1, 2005
541 posts
149 upvotes
.... when it comes to RE agent, bidding war, money is the only rule ... I won't be too naive about any other 'rules'
Deal Addict
User avatar
Mar 14, 2006
4368 posts
774 upvotes
only the # of offers, not any details of the offers ie price, conditions
Sr. Member
Mar 10, 2004
690 posts
229 upvotes
Think theres collusion. Offer without conditions was 5000 less. They were only willing to go up 2500 on a 400k home. I m not complaining though. I feel that we selected a great agent that got offers on the table for us. Pick ur agent wisely.
Member
May 7, 2015
346 posts
451 upvotes
Toronto, ON
napoleonz wrote: .... when it comes to RE agent, bidding war, money is the only rule ... I won't be too naive about any other 'rules'
This
Deal Fanatic
Jul 4, 2004
6102 posts
2167 upvotes
Ottawa
There are rules but enforcement is probably very difficult so pretty much non-existant.

As far as accepting a lower offer with no conditions, I think many agents and sellers would agree that this can certainly be a good decision. A conditional offer is not worth that much - it's better than nothing but the buyer has a lot of options to back out.
Deal Addict
Jan 15, 2017
3901 posts
3356 upvotes
There could be any number of reasons why a seller accepts a lower offer. Could be a note is attached to the offer that appeals to the seller. Could be the seller has worked with a particular agent before and likes that agent and accepts the agent's offer. Could simply be that the submitting agent was much more approachable, more likeable. more respectful....

Buying and selling real estate is a very emotional process and emotional processes are not without their bias.
Sr. Member
Jan 22, 2012
575 posts
206 upvotes
Bradford
I have seen sellers accept lower offers for many reasons.
I know of one where the buyers offered 888,888 and since 8 is very lucky in some cultures, the seller took that one.
Deal Addict
Jan 15, 2017
3901 posts
3356 upvotes
One thing that would sway me to accept a lower offer would be if it was accompanied with a higher deposit.
Jr. Member
Jul 31, 2018
122 posts
32 upvotes
can seller agent lie and say they have 5 offers, and ask buyers to give their best offer?
when I bought my first proerty in 2013, I was always skeptical whether the agent told me there were 5 offers was true or not, but I ended up buying in and increased my offer amount from the orginal
Deal Fanatic
Jul 4, 2004
6102 posts
2167 upvotes
Ottawa
maxineli wrote: can seller agent lie and say they have 5 offers, and ask buyers to give their best offer?
when I bought my first proerty in 2013, I was always skeptical whether the agent told me there were 5 offers was true or not, but I ended up buying in and increased my offer amount from the orginal
I believe the broker is required to keep some record of all of them but again it might not be anything that you can actually use although I think if you ask, they are required to tell you the names of the agent that have presented offers.
Deal Addict
Dec 18, 2006
2003 posts
399 upvotes
Markham
maxineli wrote: can seller agent lie and say they have 5 offers, and ask buyers to give their best offer?
when I bought my first proerty in 2013, I was always skeptical whether the agent told me there were 5 offers was true or not, but I ended up buying in and increased my offer amount from the orginal
Because of some bad apples, the Ontario Real Estate Association implemented the form 801 (Offer summary document) that needs to be submitted with offers. If any agents/brokerages/buyers have doubts, there can be a request made to show those, as the summary forms don't have any information except the names of the prospective buyers, the date and time that they submitted the offers and the method in which they submitted the offers. They need to be signed by the prospective buyers.

As far as I remember, this was implemented in 2017
Jay Rana |
Sales Representative, CENTURY 21 Titans Realty Inc. Brokerage

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