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Is it ilegal for a realestate agent to tell me how much the house was put in escrow for if i was

Is it ilegal for a realestate agent to tell me how much the house was put into escrow for if i am inquiring on the same peice
  • September 24 2013 - US
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Answers (7)

Unless the Seller gives his/her express written permission that the listing agent is allowed to share the contract price (not sure why a Seller would do this), the listing agent should NOT disclose that information until the transaction closes.  To do otherwise would be a violation of his/her fiduciary duties, if not the law, to the Seller.

If the agent were to reveal the current contract sales price and that deal falls through, the agent's disclosure may negatively impacting the Seller's bargaining position in subsequent offers. 

For example, if the Seller's $280K contract on a house that was listed for $310K falls out of escrow, a subsequent buyer, who knows the Seller previously accepted $30K less than list price, would unlikely offer anything more than $280K.  Whereas, if subsequent buyers are not privvy to that info, they may offer more than $280K, boosting the Seller's financial position.
  • September 24 2013
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It is not illegal, and they're not going to tell.
  • September 24 2013
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Your question got cut off.  I'm not sure if you are asking if it is legal for an agent to tell you the amount of another offer, or the amount of a contract where the home is currently in the process of closing.

In PA a sellers agent may reveal to a prospective buyers agent the amount of an offer which has NOT yet been accepted by the seller - IF the seller instructs the agent to do so. 

Remember in all instances we are servants of our clients.  We follow the direction of the client to the letter whether we agree or not - PROVIDING those instructions are not illegal or unethical.

It is in the best interest of the seller to get the highest price possible for their property.  If another buyer is contemplating an offer it is better they know what number is they have to meet or exceed.  An identical offer with better terms than the first offer could ultimately be the offer the seller accepts.
  • September 24 2013
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The protocol is that the price of an offer is not disclosed until it appears Closed on the MLS
  • September 24 2013
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Is it illegal for a real estate agent to tell me how much the house was put into escrow for if i am inquiring on the same peice
  • September 24 2013
  • 0Yes

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Profile picture for RickMartin90
Is it ilegal for a real estate agent to tell me how much the house was put into escrow for if i am inquiring on the same peice
  • September 24 2013
  • 0Yes

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Profile picture for Ofe Polack
Question was cut off, please try again.
  • September 24 2013
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