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  1. #1
    Join Date
    Nov 2016
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    126

    Default Discovering the Bid of the Previous Buyer, Who's Deal Fell Thorugh

    My question involves real estate located in the State of: CT

    Hi all

    1) Call about a residential for sale listing
    2) Listing agent tells me the prop is in contract, and can not show it to me
    3) After some time, the listing agent calls me, and tells me the deal fell through
    4) Agent shows me the property, and then asks if I would like to make an offer
    5) I ask agent what the sale price was, and she informs me that she is not allowed to disclose that

    First Q is, whether or not that is true. I can understand why she might not want to, but is there something that disallows her from telling me?

    Second Q is, whether or not I can find out. And if so, how? This Q is born out of another sit. I encountered last week. I looked at a condo, and the prop info the listing agent handed to me contained the current owner/seller's name, and mortgage info, including bank name, int rate, monthly pymts, and amount owed. I asked the agent why the info was on there, and her answer was that it's all public info anyway, so they put it on there to "make things easier".

    So, if that is public info, are winning bids on properties that have not closed but hat have went to contract public info as well?

    Thanks in advance.

  2. #2
    Join Date
    Oct 2014
    Posts
    8,220

    Default Re: Discovering the Bid of the Previous Buyer, Who's Deal Fell Thorugh

    Quote Quoting riffwraith
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    5) I ask agent what the sale price was, and she informs me that she is not allowed to disclose that

    First Q is, whether or not that is true. I can understand why she might not want to, but is there something that disallows her from telling me?
    It might be true. The company that employs her may well require their employees to keep that confidential every broker I've dealt with would not tell a new prospective buyer what the previous offer was that fell through. Moreover, under the federal law known as the Gramm-Leach-Bliley Act requires any financial institution, as that is defined in the Act, to have a privacy policy, inform its customers what that policy is, and give them an opportunity to opt out of disclosures to third parties that are not affiliates of the financial institution. While real estate brokers are not expressly listed in the FTC regulations as being financial institutions, if the broker engages in significant financial activity for customers it may be subject to the Act. If it is subject to the Act and its privacy policy prohibits it from disclosing that information then it is indeed prohibited by law from disclosing it. But even if no law prohibits the disclosure the broker certainly may refuse to give it to you. No law compels it to provide that information.

    Quote Quoting riffwraith
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    Second Q is, whether or not I can find out. And if so, how?
    The broker or the person who made the offer would have to tell you that. If they don't want to disclose it there is now law that you can use to force them to give it to you.

    Quote Quoting riffwraith
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    So, if that is public info, are winning bids on properties that have not closed but hat have went to contract public info as well?
    Certain information about mortgages are recorded at the office that records deeds as part of the process of securing the home as collateral for the loan. But an offer that never goes through to purchase is not publicly recorded anywhere.

    Note that learning that information would be of little practical utility to you since the seller is free to accept or reject whatever offer you make, even if it is the same as the last one that ultimately didn't go through.

  3. #3
    Join Date
    Mar 2013
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    18,252

    Default Re: Discovering the Bid of the Previous Buyer, Who's Deal Fell Thorugh

    Quote Quoting riffwraith
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    5) I ask agent what the sale price was, and she informs me that she is not allowed to disclose that

    First Q is, whether or not that is true. I can understand why she might not want to, but is there something that disallows her from telling me?
    Doesn't matter. Might be statute, might not be. Might be rules from the state realtor association, might not be. Might be her own company policy, might not be. The point is, no matter what the reason, you aren't going to be told what the offer was as long as she doesn't want to tell you.

    Quote Quoting riffwraith
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    Second Q is, are winning bids on properties that have not closed but hat have went to contract public info as well?
    No. The offer and the contract information is not public information if the seller/buyer/agency doesn't want it to be.

    You know what the asking price is. You know how much you want to pay for it. Make the offer and see what happens.

  4. #4
    Join Date
    Nov 2016
    Posts
    126

    Default Re: Discovering the Bid of the Previous Buyer, Who's Deal Fell Thorugh

    Thx

  5. #5
    Join Date
    Jul 2018
    Posts
    2,710

    Default Re: Discovering the Bid of the Previous Buyer, Who's Deal Fell Thorugh

    Quote Quoting riffwraith
    View Post
    5) I ask agent what the sale price was, and she informs me that she is not allowed to disclose that

    First Q is, whether or not that is true. I can understand why she might not want to, but is there something that disallows her from telling me?
    What difference does it make? Whether there is a legal prohibition or she just doesn't want to tell you, the result is the same.


    Quote Quoting riffwraith
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    Second Q is, whether or not I can find out. And if so, how?
    We have no way of ascertaining these facts.


    Quote Quoting riffwraith
    View Post
    are winning bids on properties that have not closed but hat have went to contract public info as well?
    An offer by a private buyer to a private seller is not a "bid," and no, private offers (whether they result in contracts or not) are not matters of public record.

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