Why Columbus?
- Categories
- About Me?
- Bexley
- Clintonville
- Columbus News
- Condos & Lofts
- Downtown
- For Home Buyers
- For Home Sellers
- German Village
- Grandview
- Market Updates
- Mortgage/Finance
- Olde Towne East
- Real Estate News
- Short North
- Archives
"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp
Is your Offer to Purchase Info confidential?
December 6th, 2005 categories: For Home Buyers, For Home Sellers, Mortgage/Finance, Real Estate News
Well, yes and no.
If you are a buyer who, through your Realtor representing you and only you exclusively, makes an offer on a property, do you have the expectation of confidentiality?
–From your Realtor, yes, absolutely. Your Realtor owes you the duty of confidentiality and she may not tell others in her office or neighbors any information about your transaction without your permission.
–From the Listing (the one selling the house who works exclusively for the seller) Realtor, no not really. This Realtor owes you (the buyer) nothing, no duty of confidentiality, no accountability, no obedience. He represents the seller and it is his duty to look out for the seller’s best interests.
Therefore, and only with the seller’s permission, he can tell another competing Buyer Representive Realtor the terms and conditions of your offer at his discretion–thereby setting off a bidding war among two interested parties.
Many people make the mistake of thinking anything that has to do with a contract must be kept confidential and won’t be made available to competing buyers. A good Realtor will counsel their clients effectively and tell them this information. In fact, the Ohio Association of Realtors will make it mandatory to tell their clients that there is no expectation of privacy beginning January 1, 2006.
It gets murkier though.
What if the Realtor exclusively representing the seller is also the Realtor representing the buyer and there is a competitive situation? Let’s say it’s a hot property and everyone and their brother wants to buy it — a great part of town, it’d been undervalued to move quickly, it’s a foreclosure, etc.
With the seller’s permission, and that is very important, the Listing Realtor can reveal the terms and conditions to other parties. If that same Realtor is representing a potential buyer, he can tell that buyer all the terms and conditions of the competing offers, thus fulfilling his fiduciary duties to both the seller and buyer and making it glaringly apparent that he owes no such duties to the competing potential buyers. In this scenario, the Listing/Selling Realtor’s buyer gets the property every time if he/she is willing to beat the competitive terms and conditions which they are now privy too.
I was that dual agent recently and it felt like I was doing something not quite right but I was benefiting both my clients at the same time. I firmly believe in karma of real estate transactions and I do strive to treat all fellow Realtors like I would like to be treated. I’ve been on the other side of transaction too and it’s no fun when your buyer loses out after making a good offer and you later find out that the eventual buyer was represented by the listing agent. It doesn’t seem logical, but it’s all right there in the Ohio Law governing real estate transactions. For more information, you can read about it at: http://www.ohiorealtors.org/news/ohiorealtor/2005/december/sto6.html
Columbus Homes Blog » Blog Archive » Buyers - How Many Home showings are Too Many?
May 21st, 2007
[…] Related must reads: Showings - Listen up Sellers , Is your Offer to Purchase Info confidential? add to: […]