Hi Elysium,
It’s one of those things where there’s nothing wrong with asking the question, I ask it myself with any house I look at, but if I don’t get an answer, that’s fine too…
Cheers
rElysium,
I have been interested in finding out why the seller is selling- sure. But usually, I have a relationship with the RE agent by that stage. So it’s more about conversing with the agent.
I am more likely to ask “so, who’s the seller? How come he’s selling?” to which the agent will answer, “he has a few properties around the place” or “he/she is retiring to sydney and getting rid of a few properties”. These kind of responses by the agent don’t seem to me to be a betrayal of the vendor- they’re just general responses.
I don’t think this topic is about “morality” or “ethics” Elysium. I guess I just think that the selling agent represents the buyer= I think we’ve all mostly acknowledged that. Therefore, whilst there’s nothing wrong with you asking, just don’t be surprised if the agent gets a bit persnickety when that’s the first question he/she is confronted with.
kay henry
Elysium
Personally I usually ask the question but never really believe the answer anyway. To me its the first step in the negotiation.
I remember reading a US real estate motivational type book a few years ago. Can’t remember who but it may have been the “no money down” dude. He goes to agents in an area and asks them to let him know when he has a “highly motivated seller” on his books. Some agents will do it and he was your usual self made real estate squillionare so clearly it worked for him.
Maybe as the cycle winds down this will be possible again?Kim
Elysuim
Do i ask the Question..”YES” [
]As pointed out above, for me, it’s part of the negiotating process.. i remember once when i sold i didn’t even give the R/E agent my reason for selling, would i be upset if a R/E agent didn’t divulge to me that for example the owner had bought elswhere and moved on, and needed to sell ASAP ( NO ) would i be pleased if they did mention it (YES ) my bargianing situation would be improved wouldn’t it, along with a bit of confidence..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
I would ask the Agent these questions too – but of course keep an open mind about the answers.
If I were the Agent I would be working hard to build a rapport with potential purchasers.
It’s not so much what you say, but the way that you say it.
An agent acting all high and mighty is not an agent I would be keen to do business with.Jack
I am currently undertaking some real estate courses through OTEN.
One of the courses is “Real Estate Consumer Protection”. It states that under Common Law, a real estate agent has a duty to:
- follow the principal’s reasonable instructions
- act in good faith
- act in the pricipal’s best interests
- make full disclosure of any personal interest in a business relationship
- excercise a duty of skill, care and due diligence in any dealings on behalf of a principal
- maintain the principal’s confidentiality
- care for the principal’s property as though it was their own
- faithfully account for all monies held on behalf of a principal
The course material notes “Often a principal might provide you with confidential information, such as why they are selling.” “The moment you disclose this to a purchaser, you have breached the confidence of the vendor. Where breaking a confidence costs your principal money, you can expect to be sued.”
“No matter how ethical a purchaser may be, when they learn why the vendor is selling, they sythesise the information; and even if it’s at a subconscious level, it may play a part in the formulation of an offer.”
“The only time an agent may make public any information given to them by the vendor in confidence is when that vendor authorises it.”
Food for thought…
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Originally posted by ActToday:Theoretically Agent’s should not disclose personal information but we know how stupid so many of them are don’t we. I once had a Commerical Agent try to sell me a private house. He had acted for the vendor in a commercial deal and was given the house to sell by a happy client. As the house was untidy, the embarassed Agent told me the vendor should pay for the pest report and to clean up the yard and this that and everything else including long terms for settlement and only $100 deposit. He also told me the vendor had purchased a commercial property and really needed the funds to pay for his new purchase and just could not possible hang onto this house. It was a good buy that was only messy but quite sound on a development sized block but I didn’t go ahead as it would have been a no-doc loan that would have restricted my future development. I’d sure call that Agent again for possible purchases.
If I knew then what I know now……….you know how it goes
I hope you wouldn’t be silly enough to have this guy SELL one of your properties![8]
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