I'm sorry I Just Can't Answer Your Question

By
Real Estate Agent with Integrity Real Estate Group
http://actvra.in/5CB

I'm Sorry But I Can't Answer Your QuestionIt is never easy to be on either side of a multiple offer situation.  Whether you are representing the buyer who doesn't understand why their offer wasn't selected or representing the seller who had to make the choice between offers.

Over the last few weeks I've had a couple of properties where multiple offers were received in a matter of days.  The owners had some tough decisions to make.  Not one that I envy them having to make.  My role is to provide guidance, not make the final decision for them.   I can't disclose to the buyer's agent or the buyer's why their offer wasn't selected.  It's not that I'm being difficult or want you to wonder why your offer wasn't selected, it's that I can't tell you. 

You see I have a duty that is clearly spelled out in the Realtor® Code of Ethics and the listing agreement the sellers signed with me to maintain the confidentiality of my client.  I can disclose, if my client says it's okay that there were other offers and if those offers came my own clients, another member of my firm or a cooperating broker.  But that's it.

When a property goes to settlement a buyer may get a glimpse behind the seller's selection of offers but even then I can't answer any detailed questions.  I understand you are disappointed.  Last year I wrote a post entitled "Highest and Best Aren't Always Synonymous" that helps sum up the dilemma that everyone sitting around the table with a stack of offers has to deal with.

I wish I could offer you more but I'm bound by ethics not to say more.

 

 

 

 

Posted by

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Gail-you are right even with escalation clauses the sellers have to go with the offer that they think has the best chance of closing with the least amount of issues.

Feb 20, 2011 07:59 AM #19
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Steve and Jan-they are.  I'm sure you are seeing them on some of your listings as well.

Feb 20, 2011 08:00 AM #20
Rainmaker
720,195
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

Hi Cindy, not an easy position to be in but duties to your seller is the priority. Terms matter and sometimes even more than the offer itself.

Feb 20, 2011 08:25 AM #21
Rainmaker
108,256
Deborah Bly
RE/MAX Space Center - League City, TX
RE/MAX Realtor

Cindy,

Good post. It is important that we play by the rules. Most of the time I will ask my seller if they mind if I share with the other offers(s) why their offer was not accepted. Most of the time they don't mind.

What I also do is call all the other offers once the seller has decided on an offer and let them know the seller has chosen someone else. Frequently this turns into improved offers from the other parties. Sometimes this makes agents mad but it's my job to get the seller the best offer.

Feb 20, 2011 08:27 AM #22
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jackie-thank you.  I know you are a professional who understands that we have to stay the course when it comes to our duties to our clients.

Feb 20, 2011 08:49 AM #23
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Deborah-I would get my client's to put it in writing that they agree to disclosure of the reason another offer wasn't selected.  In a multiple offer situation I always let agent's know up front to send in their best offer so we are looking at the best offers and not going back and forth for days on counter-offers.

Feb 20, 2011 08:52 AM #24
Rainmaker
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Steve Scheer
Realty Oasis - Metro Brokers - Highlands Ranch, CO
Highlands Ranch Real Estate - Denver Real Estate

Cindy - Your clients are lucky to have you.  You obviously are one that just gets it and we both know there are so many that don't.

Feb 20, 2011 10:38 AM #25
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Steve-I'm thankful my clients had a choice of offers.  It's unfortunate that someone doesn't get a home they really liked.

Feb 20, 2011 12:59 PM #26
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Chris Ann Cleland
Long & Foster REALTORS®, Manassas, VA - Bristow, VA
Associate Broker, Northern VA

It is very hard to go back to those offers not selected and deliver the news.  It gets worse when the agent asks why.  That's why I love email for that particular chore. 

Feb 20, 2011 01:03 PM #27
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Chris Ann-I also email and sometimes the agent will then call to protest and ask for more details.  We just can't go there.

Feb 20, 2011 01:16 PM #28
Rainmaker
850,942
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

Of course it's true. I am amazed we have to explain this to other agents, who presumably, would know the same thing when representing a seller. 

Feb 20, 2011 06:49 PM #29
Rainmaker
686,749
Kay Van Kampen
RE/MAX Broker, RE/MAX Solutions - Springfield, MO
Realtor®, Springfield Mo Real Estate

It's true.  the best offer may not be the highest.  Financing may play a big role in the decision to accept an offer.  Getting more than one offer is hard.  It's always up to the seller.

Feb 20, 2011 06:57 PM #30
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

J Phillip-you are right we shouldn't have to tell explain it but sometimes a refresher is required.

Feb 20, 2011 08:33 PM #31
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Kay-I don't like to have to deliver bad news.  In a multiple offer situation the owner is going to select the offer that appeals to them most on a number of different levels.

Feb 20, 2011 08:34 PM #32
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Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

Cindy - great post and one any Realtor SHOULD be able to understand but often the other side does get upset when we do what we are supposed to do!

Feb 21, 2011 08:32 AM #33
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert

Hey Cindy,

It's true, people just want "the job done", the lack of honor and respect for the given profession is all over.  Customer, clients, whom ever should respect the standards and ethics that you or who ever they choose to work with have.  I personally would want to hire a person with ethics because you know the job will get done and get done correctly.

Feb 21, 2011 08:37 AM #34
Rainmaker
1,155,112
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Cindy... Thanks for the post....most people don't understand this. 
Hope you have a great day!---Rob

Feb 21, 2011 08:55 AM #35
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Barbara Jo-I know I continue to learn new things in our business but this rule is taught in RE 101.

Feb 21, 2011 10:11 AM #36
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Laura-it is important to understand that there are certain boundaries we can not cross.  If some agents want to that's up to them but I'm not one of them.

Feb 21, 2011 10:13 AM #37
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Rob-it's one of the fundamentals in our industry.

Feb 21, 2011 10:13 AM #38
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Cindy Jones

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