When an offer is rejected most of the time the buyers want to know why and if an offer is rejected because of higher-priced offers, buyers may want to know what those other offers look like. So is it okay for the buyers to first of all, no why their offer was rejected or see the other offers?
Most buyers agents and listing agents will come together and communicate on the offer, the details, and the terms but a buyer does not have any legal right to physically see those other offers. Those offers are for the seller and the listing agent only. The buyer’s agent can really ask any questions but the listing agent and seller don’t have any legal requirements to disclose details of any other offers.
Now, if a buyer’s offer was rejected and not even countered, most listing agents will tell the buyers agent some details as to why the offer was rejected. Perhaps the terms were not as favorable or the buyer needed a contingent offer to sell their property and the seller just doesn’t even want to deal with it. Depending on the situation, and every situation is different, most sellers will tell the buyer why their offer was rejected or at least counter offer with more favorable terms for the seller. However, a buyer can get mad all they want to be legally cannot see the other offers.
This is why it’s tricky in negotiations. Buyers and sellers with their agents need to be clever, creative, and above all, communicative. As a buyers agent, I speak to the listing agent first before submitting an offer discussing if there have been any other offers in the past, how to submit a tight offer, and what the seller is really looking for. If the property has been on the market for a long time the seller may be willing to go lower but it’s important to have that conversation with the listing agent prior to writing up an offer. If we can write up a solid offer from the beginning and we don’t have to go back and forth on counteroffers and negotiations too much. There might be a few little details here or there to correct but communicating with the listing agent ahead of time is really the best way to devise and write up an offer.
If you have more real estate questions or are looking to place an offer on any San Ramon or Tri-Valley real estate property give me a call today.