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Answers (15)
Best Answer
- Simon Mills, "Mills Realty"
- Contributions:1858
If your home is listed in the MLS then the MLS rules need to be abided by. If you are simply a FSBO and have your home on Zillow or Craigslist then there are no rules that you need to abide by.
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
It's a safe bet to say that if you don't disclose you have an offer on your property to a second prospective buyer, you'll be digging yourself into a deep hole.
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
Disclosure in Texas seems the same as NC, and I've mentioned twice before that the seller does need to provide a Seller's Disclosure even if they are unlicensed.
I do not believe that a seller's requirement to disclose extends beyond
those points contained in the Seller's Disclosure form. The presence
of a prior purchase agreement is not a material fact effecting the value of a property and so it would seem is not something that would need to be disclosed as a point of law.
I do not believe that a seller's requirement to disclose extends beyond
those points contained in the Seller's Disclosure form. The presence
of a prior purchase agreement is not a material fact effecting the value of a property and so it would seem is not something that would need to be disclosed as a point of law.
- Nathan Wolf, "natewolf"
- Contributions:1825
Well the seller is in North Carolina. I've been licensed here for 11 years. Maybe some agents should defer to those who are actually licensed in the state. And disclosure rules in North Carolina apply to all sellers, regardless of whether they are represented by a Broker or self represented as a FSBO. The seller could be sued if disclosure is not made, as it is a material fact related to the sale of the property, if there is an existing executed (signed) sales contract. The seller is still bound by contract law which is why they must disclose if there is an existing contract.
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
I believe that some here are shooting from the hip regarding disclosures.
Here, I'm shooting from the hip as well but I think I'm right anyway... and I'm not about to dig through laws, rules, regulations and public wall graffitti to prove my point.
I think that some are blurring the line between state licensing law requirments and Realtor requirements.
The questioner is a FSBO, and presumably unlicensed.
While FSBOs need to comply with state law for non-licensees (notibly a Seller's Disclosure). Beyond this, for nonlicensees selling a single home within a year, there are few applicable laws, negating the need to use even promulgated forms. A handshake gets it done.
Hence, I do not believe that FSBOs have any requirement to disclose existing contracts. It is probably good behavior to keep prospective buyers from spending any money on inspections, but I seriously doubt that there is an absolute obligation for a FSBO seller to do much other that the Seller's Disclosure.
Realtors, on the other hand, need to adhere to Realtor and MLS requirments including placing listings Pending or Pending Accepting Offers (if this is an option in your state Realtor Association and local MLS).
Our clients always call the shots on how they want to work multiple offers,
how long into a contract they want to allow showings, and how long they want to extend PAO situations.... all ok as long as it doesn't violate our Realtor or MLS requirements. As a listing agent I would be highly unlikely to allow a client to take actions that cost any prospective buyer any money (say for inspections) if another contract was in force.... even if it was legal, or allowed by Realtor/MLS regulations.
Here, I'm shooting from the hip as well but I think I'm right anyway... and I'm not about to dig through laws, rules, regulations and public wall graffitti to prove my point.
I think that some are blurring the line between state licensing law requirments and Realtor requirements.
The questioner is a FSBO, and presumably unlicensed.
While FSBOs need to comply with state law for non-licensees (notibly a Seller's Disclosure). Beyond this, for nonlicensees selling a single home within a year, there are few applicable laws, negating the need to use even promulgated forms. A handshake gets it done.
Hence, I do not believe that FSBOs have any requirement to disclose existing contracts. It is probably good behavior to keep prospective buyers from spending any money on inspections, but I seriously doubt that there is an absolute obligation for a FSBO seller to do much other that the Seller's Disclosure.
Realtors, on the other hand, need to adhere to Realtor and MLS requirments including placing listings Pending or Pending Accepting Offers (if this is an option in your state Realtor Association and local MLS).
Our clients always call the shots on how they want to work multiple offers,
how long into a contract they want to allow showings, and how long they want to extend PAO situations.... all ok as long as it doesn't violate our Realtor or MLS requirements. As a listing agent I would be highly unlikely to allow a client to take actions that cost any prospective buyer any money (say for inspections) if another contract was in force.... even if it was legal, or allowed by Realtor/MLS regulations.
- Mike Malina, "Mike Malina"
- Contributions:329
Disclose yes and change sign no.
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
Nathan,
Try reading my response again. In short, non-licensed people need to adhere to some real estate laws and do not need to adhere to other real estate laws. I provided an example of each.
The original question raises a very good point and that is most fsbo sellers know enough to manage a home sale. The smart fsbo sellers will at least employ an attorney, experienced in real estate, for help. I bet few do.
This is not to claim that license holders are guaranteed to be competent, but a competent licensee provides a better shot at managing a successful sale.
Try reading my response again. In short, non-licensed people need to adhere to some real estate laws and do not need to adhere to other real estate laws. I provided an example of each.
The original question raises a very good point and that is most fsbo sellers know enough to manage a home sale. The smart fsbo sellers will at least employ an attorney, experienced in real estate, for help. I bet few do.
This is not to claim that license holders are guaranteed to be competent, but a competent licensee provides a better shot at managing a successful sale.
- Nathan Wolf, "natewolf"
- Contributions:1825
Read the whole question. Kimo60 asked 1. Does she have to change the sign. and THEN asked 2. Am I required to disclose this?
YES, Kimo60, you are required to disclose it. NO, you do not have to change the sign.
YES, Kimo60, you are required to disclose it. NO, you do not have to change the sign.
- Angie Boggeman, "angie boggeman"
- Contributions:469
I do not believe that you have to change your sign if you are a FSBO.
- Nathan Wolf, "natewolf"
- Contributions:1825
NOT TRUE. There are still laws that apply to FSBO listed properties in the state of NC. Sellers must still disclose. You could be sued if you do not. There are state mandated forms and listing FSBO is not an excuse from the law.
- Rick Chumsae, "Rick Chumsae"
- Contributions:283
Another thought.
If you are unlicensed then some of the state's real estate laws do not apply to you (one of many examples, Agency Disclosure) but some do apply (one of many examples, Seller's Disclosure).
Ignorance of the law is not bliss. You'll somehow need to ferret out what you are obligated to do.
Check with a lawyer, but I doubt you have any obligation to inform the public or prospective buyers that you are under contract, since contracts are not guarantees of a sale. I'd say you should not allow a prospective buyer to spend any money on the purchase if you already have something working, but a look see would seem appropriate to allow without revealing the presence of a contract or competing buyer.
If you are unlicensed then some of the state's real estate laws do not apply to you (one of many examples, Agency Disclosure) but some do apply (one of many examples, Seller's Disclosure).
Ignorance of the law is not bliss. You'll somehow need to ferret out what you are obligated to do.
Check with a lawyer, but I doubt you have any obligation to inform the public or prospective buyers that you are under contract, since contracts are not guarantees of a sale. I'd say you should not allow a prospective buyer to spend any money on the purchase if you already have something working, but a look see would seem appropriate to allow without revealing the presence of a contract or competing buyer.
- Nathan Wolf, "natewolf"
- Contributions:1825
You are required to disclose this if the buyer or buyer agent inquires. And there is a back-up offer form if you want to accept other offers. This is why you should hire an agent. It's like giving yourself a root canal... not recommeded.
- Bobby Quinn, "BostonBrokerageGroup"
- Contributions:159
It depends, i would recomend to still show for back up offers but to disclose to potential buyers that it is under agreement. Once the P&S is signed all your contingencies except for the final financing commitment should be met so at that point in time i would stop showing/taking back up offers unless you are unsure if your buyer is going to be financed. However you shouldn't be under contract if you are worried about that.
Good luck,
Bobby
Good luck,
Bobby
- Drew Ludlow, "DrewLudlow"
- Contributions:505
A material fact is a material fact. Whether or not you advertise on the mLS, Zillow or Craigslist - I believe anybody and everybody needs to abide by certain rules, whether they are in writing or assumed.
If you have a contract pending on a home, then that is a material fact. it needs to be disclosed.
If you have a contract pending on a home, then that is a material fact. it needs to be disclosed.
- Nathan Colmer, "NathanColmer"
- Contributions:257
You can still allow the house to be shown and even accept other offers so long as it is disclosed that there is a contract and the offers and showings are for backup purposes only. This does vary from state to state but in general terms you should be ok
Contract pending sign
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