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When a pending sale price is not private and potential buyers lack the info they need

When a pending sale price is not private and potential buyers lack the info they need

3 years ago
Anonymous $WHrWmjSJBZ

https://www.siliconvalley.com/2021/10/01/when-a-pending-sale-price-is-not-private-and-potential-buyers-lack-the-info-they-need/

Q: Days before our home went on the market, a For Sale sign appeared on a neighbor’s lawn. We agreed to let the neighboring house sell first and establish a new pricing standard. Days later, a Pending Sale sign rider appeared on the For Sale signpost. We wanted to know the selling price of the property. According to our seller’s agent, sales information during an ongoing property transaction is private. He added that we must wait until the deal closes. This afternoon, I walked by the house and noticed flyers in a brochure box on the For Sale signpost boasting an overbid of $300,000 in 2-inch font. Why would our agent insist a pending sale price during an ongoing transaction is private?

A: Traditionally, it is private. It was always considered bad manners and worst luck to speak of ongoing ratified home sales. However, real estate attorneys remind us that agents are free to discuss an ongoing transaction sans a confidentiality agreement. The listing broker’s crass marketing on the front lawn will not be well-received by the new owners. Infuriating homebuyers before the close of escrow is tempting fate. Unhappy homebuyers are the ones who might sue.  Should an overlooked negative issue subsequently arise with the property, these buyers will file a claim.