Promotion and Preservation of Homeownership:

At KeyLink, we understand how homeownership positively affects local communities. We believe we have championed a system of selling real estate that will create new homeownership opportunities now and into the future. Our transparent process gives all owner occupied buyers the opportunity to meet and exceed all offers, including those that might be from an investor.
We also know that every homeowner who avoids foreclosure through a short sale, can become a homeowner again, faster. KeyLink has a long history of helping homeowners avoid foreclosure. We routinely offer free assistance to our local community.

Challenges for Homebuyers

To Tell or Not to Tell: Listing Confidentiality

QUESTION:  The listing agent, Jane, receives an offer from Bill, the buyer’s agent. Bill’s offer is a full price offer, all cash deal. Henry, another buyer’s agent, submits a second offer. He asks Jane if there are other offers on the property. Jane answers that she just received another offer. Henry then asks for the terms of the other offer. Jane musters all the righteousness she can, and replies, “I cannot tell you, such information is confidential!” Is Jane correct?  Was Henry unethical in his request for details about the offer?

ANSWER: There seems to be some confusion among agents about the confidentiality of an Offer to Purchase a property. Certainly we all know that contracts, once ratified, are confidential; but what about the buyer’s Offer to Purchase the property? The short answer? Absent an agreement between buyer and seller, there is no requirement for the seller or listing agent to keep an offer confidential. It is the property of the seller, once delivered.

When Henry asked Jane about the presence of other offers – Jane could tell her that there were offers pending AND include details of such offers. Surprised? So are a lot of other Realtors® and Agents. Absent an agreement to keep the offer confidential, Jane, with permission from the seller, could send copies of Bill’s offer to purchase to any buyer agents who are being encouraged to write superior offers.

For too long listing agents have been under the false impression that they must keep these offers and their existence secret. No longer. A KeyLink Agent acting on behalf of a seller is required to protect and promote the interests of our client, which may mean disclosing the content of an offer to obtain a better bargain on another offer.

KeyLink has a written policy and philosophy of total transparency and we advocate all agents to conduct business the same way.

KeyLink is dedicated to bringing integrity back to our industry by improving the current sales process and creating consumer friendly steps that will eventually change the way real estate is sold.

KeyLink has a strong community presence and will help contact and counsel local borrowers at no cost in conjunction with REO and/or Short Sale assignments.

If you are a homeowner and in need of help, call KeyLink today. A licensed agent will inform you of your options and assist you in reaching a positive outcome with your bank.