How Much Is The Other Offer For?
Many people who are trying hard to buy houses here in the Collingwood and Blue Mountain areas are getting a little frustrated. We’ve had a sustained busy market for several months now and there is a shortage of options for house buyers in certain areas or in certain price ranges.
One of the real frustrations people have is when they view a house they love only to find out that a conditional offer has just been accepted. When this happens, the first question I’m always asked is,
Do you know how much the other offer is for?
The answer is no. When a conditional offer is accepted, the sale price remains confidential, even to other REALTORS® until the sale is firm and binding. The reason for this is that the listing brokerage has an obligation to protect the best interests of their client – the seller and so, disclosing the sale price may prevent someone else from ever offering more once they know what the seller agreed to. In the case where a brokerage represents both a seller and a buyer, the price cannot be disclosed either without the written consent of the seller.