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  1. #11
    Join Date
    Oct 2016
    Posts
    3,584

    Default Re: Is What This Seller's Agent Did Legal

    I thought that was what he meant as well.

    That would be illegal in most states unless both the buyer and seller was notified. In those state where it is legal or even common practice it would not be illegal if both seller and buyer knew. In no case does such an agreement have to be announced to everyone that looks at or makes an offer on the house.

  2. #12
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Is What This Seller's Agent Did Legal

    Quote Quoting PayrolGuy
    View Post
    I thought that was what he meant as well.

    That would be illegal in most states unless both the buyer and seller was notified. In those state where it is legal or even common practice it would not be illegal if both seller and buyer knew. In no case does such an agreement have to be announced to everyone that looks at or makes an offer on the house.
    it is legal in most states if proper notice is provided and it is standard practice typically to notify the “outsider” the agent has a fiduciary duty to represent whomever they are contracted with. It is also included in most Realtor offer to purchase documents.

    It would not affect the ops situation though.

    in fact, if an agent is double dipping (the local term for double ended deal), it doesn’t matter who he sells the home to. It’s simply that he is both the listing agent and selling agent. Not sure why the op believes it played a part in this situation.

  3. #13
    Join Date
    Apr 2018
    Posts
    17

    Default Re: Does a Seller's Agent Have to Inform a Prospective Buyer About Higher Offers

    look, agent probably thought you'd have to be crazy to offer $800K for that property, which is why he said it would never go for that much.

    2 hours later, someone offers exactly that. All offers must be presented to seller, and of course the seller took the highest offer. immediately.

    If you really wanted the property and would have paid $800K for it, that's what you should have offered. Not at all unusual in CA for property to go for higher - sometimes MUCH higher - than asking price. No need to send you a counter offer.

  4. #14
    Join Date
    Oct 2012
    Posts
    29

    Default Re: Is What This Seller's Agent Did Legal

    Represent both the seller and the buyer in the transaction. This is legal in California.

    Quote Quoting paddywakk
    View Post
    look, agent probably thought you'd have to be crazy to offer $800K for that property, which is why he said it would never go for that much.

    2 hours later, someone offers exactly that. All offers must be presented to seller, and of course the seller took the highest offer. immediately.

    If you really wanted the property and would have paid $800K for it, that's what you should have offered. Not at all unusual in CA for property to go for higher - sometimes MUCH higher - than asking price. No need to send you a counter offer.
    Lesson learned. Thanks.

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