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30 July 2013

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Susan

Yes, I have this discussion with my sellers every time we accept an offer. The majority of the time I find that sellers want a break from showings so they want it marked as conditional. But at times, if the offer is weak ie-having extended conditions, putting a small deposit, having multiple conditions, sometimes the seller will decide to leave it active.

Pablo

If the initial conversation with the seller is that they would not disclose a c/s then your answer to the buyer agent should always be "can not confirm or deny..." - regardless of accepted offer. Am I wrong?

Charles Stevenson

Hi Pablo ... That is correct. If a Seller provides an instruction for you to not disclose the existence of an accepted conditional offer, when asked, you must respond by telling the Buyer or Buyer's representative your client has instructed you to neither confirm nor deny the existence of an accepted conditional offer. Charles Stevenson.

Charles Stevenson

My apologies, Pablo if I misunderstood your question. The key to all of this really is being clear on your client's instructions. I can't imagine a Seller would want you to decline to respond to an inquiry in the absence of an accepted offer but, once again, the client must make that decision and instruct you accordingly. Best practice is to have this conversation with the Seller early and ask how they would have you respond when there is no accepted offer. When there is an accepted offer, provide the different options, discuss the implications of the decisions they might make and ask again for their instruction. Hope that answer is a little more complete. Charles Stevenson

Guy Mitchell

Guys who are we fooling? And better yet why are we? Out of the two answers we are to give what does the second answer really say? I can't confirm or deny says "yes!" there is an accepted offer on the property. So why do we have to play this word game?? It makes us look untrustworthy and the industry look like it its hiding something which it kind of is!! Why can't we just be honest and transparent like we say we will?? RECA has the word transparency all over its published materials, so why can't we be transparent? Why can't we say yes the property has a conditional offer on it but the vendor is still open to showing the property. That way we are telling the truth and then both the buyer and the seller are making informed decisions. We are caught up in playing word games that make us all look foolish!!!

We are now 5th on the Reader's Digest's most distrusted profession list and used car salesman doesn't even make the top 10 anymore. So ask yourself "does this issue help us climb out of that
hole we find ourselves in or does it help bury us deeper?" Deeper is the clear answer. BTW psychics was #1.

Susan

I agree with you Guy. I have such mixed feelings over this topic. I understand a sellers position in not wanting it disclosed at times but then to a buyer this is really frustrating. I find when I explain both sides of the fence to a seller, they want to disclose. I think leaving the decision to the consumer is the right thing to do and you just have to hope that they make an informed choice.

Mike Leibel

The new rule adds a whole new layer of smoke and mirrors to the event which is in my opinion quite unnecessary. Agents should advise their sellers that should they elect not to disclose the existence of their conditional sale, the public will never know if it collapsed and will, for all intents and purposes consider the property off market. The game is a big nuisance which seems to benefit no-one. The U designation would serve the same purpose. Consumers never like to have the wool pulled over their eyes.

Annette

When a seller has accepted a conditional offer from a potential purchaser, can they also accept offers from other potential buyers (such as in a bidding war)?

RECA Communications

Hi Annette,
Yes, they can accept one, but the new offer will only take effect if the original offer fails to close, and the new offer's expiry hasn't passed. It will not start a bidding war.

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