It’s been a long day, and I owe a debt of gratitude to Varsity Team San Diego real estate agents who aren’t afraid to share vital information about pending sales.
The San Diego real estate market is hot, and appraisers can barely keep up with rising values fueled by hungry buyers and multiple offers.
We currently have buyers wanting to make an offer on an Encinitas Ranch property. There are several comparable listings that are pending in Encinitas–or in other words are homes under contract, that have not yet closed. Our clients are reasonable, and want to be sure they are not offering more than they should on the home of interest.
Being a former reporter, I have no difficulty picking up the phone and asking pertinent questions such as, “Congratulations on the sale of your listing. Would you mind sharing the winning offer? We are trying to help a buyer decide what to offer on another property.”
Spoke with four agents. Three were helpful and provided specific information. One was an insulated “top producer” whose staffer said they do not share pending sale information, in the interest of protecting their North County sellers and buyers.
Protecting them from WHAT? If you are trying to protect sellers in this rising market, you might want to share, unless of course, you screwed your sellers into accepting a lowball offer. As for buyers, they deserve to be informed so they can make intelligent decisions–and pending information certainly helps to ascertain market trajectory.
In reality, I am very grateful to three professional and sharing agents and would welcome the opportunity to work with them in another transaction soon. The other agent/staff though, should reconsider their disclosure policies.
It is NOT against the law to reveal pending offer prices! And real estate agents who withold information could themselves have an escrow fall out of bed and need the same information we are seeking for their clients.
What goes around comes around.