2,533,193
I would think it should be kept confidential if the seller wants it to be confidential.
My guess is, though, most sellers would want the first person with an accepted offer to know there is a backup waiting so they don't dilly dally or nickel & dime them.
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Fred Griffin Florida R...
Tallahassee, FL
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Mimi Foster
Colorado Springs, CO
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Bob "RealMan" Timm
Minot, ND
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Barbara Todaro
Franklin, MA
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Kasey & John Boles
Boise, ID
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Michael Jacobs
Pasadena, CA
4,677,406
I think it may depend on your state. Our California purchase agreement and related documents have language that states unless otherwise agreed, a buyer's offer is not confidential.
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Candice A. Donofrio
Fort Mohave, AZ
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Ron and Alexandra Seigel
Carpinteria, CA
5,583,758
I think the seller calls the shots on that....
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Nina Hollander, Broker
Charlotte, NC
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Mimi Foster
Colorado Springs, CO
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Bob "RealMan" Timm
Minot, ND
2,821,895
The best laid plans of mice & men usually backfire...I support transparency
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Richie Alan Naggar
Riverside, CA
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
3,633,799
No it is not private information and is shared with all parties.
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Tony and Suzanne Marri...
Scottsdale, AZ
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
1,045,900
I haven't run into this but my guess is that the Seller has the right to decide one way or the other Gloria Valvasori, Accredited Senior Agent
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John Duke
Burlington, NC
5,773,924
I agree with Michael Jacobs .
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
678,014
Off the top of my head, I can't think of a reason that it would be held as conditional (unless stated in the local contract) and the listing agent might even try to use it as leverage with the initial offer unless it has a higher net to the seller. Now I will have to pull up the forms and take a look...
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Bob "RealMan" Timm
Minot, ND
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Michael Jacobs
Pasadena, CA
1,256,173
I think so....
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Bob "RealMan" Timm
Minot, ND
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Gloria Valvasori, Accr...
Mississauga, ON
5,229,093
I don't know of any rules in this regard. I suppose it's really up to the seller how they want to handle it.
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Bob "RealMan" Timm
Minot, ND
2,697,106
Depends upon the agency relationship between the LA and the Seller, and the laws of your state.
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Nina Hollander, Broker
Charlotte, NC
602,025
Telling the first buyer could pressure them to stay on course. But it could also enable them to walk away without a guilty conscience. Tough choice.
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Nina Hollander, Broker
Charlotte, NC
5,131,518
Depends on what the laws say. As Michael Jacobs points out here in California offers are not confidential unless agreed upon in writing.
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Nina Hollander, Broker
Charlotte, NC
3,988,113
I think it is totally up to the seller. I really don't see why it would be a big secret.
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Nina Hollander, Broker
Charlotte, NC
1,713,576
5,193,649
All states are different. In Texas not confidential
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Nina Hollander, Broker
Charlotte, NC
1,087,202
I'm not following. Is the question whether to disclose that a backup offer is in place?
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Nina Hollander, Broker
Charlotte, NC
2,474,240
I believe they have the right to let them know they have a back-up offer but it would not be proper to reveal any details of the offer Gloria Valvasori, ASA
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Nina Hollander, Broker
Charlotte, NC
4,273,319
746,133
408,854
No but that really wouldn't be something that would happen in my business
5,951,699
It is usually divulged here, and sometimes used against the first buyer if they ask for lots of silly things on the inspection.
1,618,024
2,234,449
I don't think so. I think it would be good for the people with the first offer to know there's a backup. It might motivate them to keep moving forward with fewer issues they could bring up. This would be an advantage to the seller.
1,528,314
I always let the first offer know when there is a backup. Helps keep them motivated.
5,117,961
4,800,232
915,733
I think the agent and buyer from the first offer should be aware; it might affect how they negotiate.
1,743,727
5,401,592
With the seller's permission, disclose it. The first buyer is in control and the seller has an insurance policy!
3,416,159
The fact there is a back up offer, no, that can be disclosed with seller approval. The price or terms though can not be disclosed
3,073,563
8,056,441
4,434,227
4,321,300
3,986,413
6,597,347
5,411,541
NO - but, names of back-up buyers and agent should not be passed along to the primary buyers & agent. The fact that you have a back-up Offer is not a confidential piece of information in our two states (NC & SC).
505,892
3,399,184
809,308
It may be state specific if it is considered confidential and it depends on what the contract says, if there is any specific agreement to confidentiality or not. In general how our contracts are written it is not confidential and it is the sellers's decision if they want to disclose there is a back up offer or not. Often they do for leverage during inspection negotiating, extension requests or other things of this nature between the seller and the 1st offer buyer(s). It also depends on what the condition is. We have a "bump clause" which, if agreed to by all parties, allows a 2nd buyer to bump the first position buyer out and take their place in 1st position. In that case the 1st position buyer MUST be notified in order to get the option of removing their contingency or being subject to a cancellation of the contract.