Question about selling a home by owner.

[TNDemo]

I know if a real estate agent has more than one contract they cannot let the prospective buyers know the other buyer's offer. Does the same rule apply when you are selling by owner or only if an agent is involved?

[MaryH]

1. A contract is a contract - and its binding

depending on what is in that contract.

Originally a prospective buyer makes an offer - and the seller either declines the offer or accepts it.

But once both parties sign the actual contract it would be legally binding.

[TNDemo]

3. I'm talking about if the contracts come at the same time.

If you have 24 hours or so to decide on a contract and another comes before that 24 hours is up, can you tell them what kind of offer you already have?

[radwriter0555]

5. Sure you can. IF you want to. In fact, I think that would be a nice thing

to do, if you like the prospective buyers and would prefer they get the house.

Think about auctions. Everyone on the floor knows what the last person bid and can use that info to base their price on.

[happyslug]

2. Real estate Agents are agents of the SELLER

And as such must do everything to INCREASE the price of the house (i.e. to better his principals interest). Thus Agents CAN reveal other prices but only if that is to INCREASE the offer to the Seller.

As a General Rule Agents do NOT reveal the price for they want the Second buyer to bid WAY more than the first bidder not just a dollar more. Thus Agents will NOT tell you the price offered by someone else BUT will tell you it was higher than yours (and the buyer has to guess how much higher).

As to the Seller, he CAN tell the buyer what someone else offered, remember he is the PERSON who will get the money. If the Second bidder bids a dollar that may be all the Seller wanted, but even hear the Seller would be better off NOT telling a bidder what was the other bid, just tell him he was outbid. This will force the second bidder to either drop out or bid blindly (and the same for the other now low bidder).

This is WHY Agents do not tell what others have bid, to force up the price EVEN more.

[radwriter0555]

4. You can let the prospective buyers know anything about any contract.

IF you want to. And that's just real estate agents trying to get the most money....

You can do whatever you want when you're selling your own property, so long as all disclosures about the property are met and no one is doing anything criminal or wrong.

I SUGGEST you hire a real estate paralegal however, that knows how to file the roght paperwork with the right people.