Are estate agents allowed to tell you what offers have already been made?

geek84

Hi Folks

I am thinking of purchasing a property and the agent says they have received some offers but not allowed to disclose the amounts.

Are estate agents allowed to tell you what offers have already been made?

Thanks

LandyAndy

Even if they did tell you, how would you know it was the truth?

geek84

Hi LandyAndy

Yes, you do have a point there.

But, Are estate agents allowed to tell you what offers have already been made?


Thanks

googler

My first questions would then be;

How long have these offers been 'on the table'?
Has one of them been accepted?
If none has been accepted, why not? What are the owners waiting for?

If I was one of those who had previously offered, and I found out the agent had divulged the level of my offer to you, in order that you could trump it, I wouldn't be happy. How would you feel if you were one of the previous offerers?

StuC75

If the offers are still being considered, then maybe it is more ethical that they are treated in confidence..

If the seller has several parties interested they may in turn look for best offers \ sealed bids to be made - for which they can then wiegh up the values and consider how quick buyers are able to proceed.

By announcing such values, then that may be an advantage to you.. When in reality the estate agent is acting in best interest of the seller.

If the offers have been declined then it could serve to let you know where to go in at..

In my case when the estate agent wouldnt say amounts, I just offered low and built up. when lower than what was previously declined the estate agent just said similar had been declined, and when got above was told 'We'll pass the offer onto the estate' (was solicitors selling as part of a Will - eg they knew the lesser offers would be declined)..

mrsmchapman

I've always found they are treated in confidence. I've been given answers like very low offer etc but never exact amounts.

geek84

Thanks folks

lauraland

I was viewing in Belfast last week, when I phoned the agents to make the booking they freely told me whether any offers had been made, and the amount, without me even asking for this information. I found it a bit odd although every EA I dealt with offered this information so it must be standard practice over there?

Lavendyr

geek84 wrote: »

Hi LandyAndy

Yes, you do have a point there.

But, Are estate agents allowed to tell you what offers have already been made?


Thanks

Allowed to? Yes, unless they've been given offers with instructions to keep in confidence.

Have to? Absolutely not.

Likely to tell you the truth about offers that have been made? Probably not.

Linus2864

Hi geek84,

As others have said, the EA is not obliged to let you know but they may decide to tell you that an offer of a certain amount has been made. This will usually be intended to get you to up your offer though.

Remember that they are acting on behalf of the vendor and will be getting fees as a proportion of the eventual sale price.

Hope this helps

C_Mababejive

Simply put forward your offer and as a courtesy,copy it to the vendors.