Keep Offers Confidential

The GMAR has received reports of agents badgering listing brokers, wanting to know “where their offer needs to be?” This practice has been more commonly reported by listing brokers with REO listings. Listing agents are being asked to do ridiculous things like “how about tapping on the phone for every thousand I need to be?” By engaging in these activities, you are asking the listing broker to break the law along with yourself and risk losing your license. In addition, you may open yourself up along with your firm to a law suit. See RL24.12 below:

RL 24.12 Confidentiality of offers. (1) Except as provided in sub. (2), a licensee acting as a principal or an agent in a real estate or business opportunity transaction shall not disclose any of the terms of one prospective buyer’s offer to purchase, exchange agreement or option contract proposal to any other prospective buyer or to any person with the intent that this information be disclosed to any other prospective buyer. Licensees shall encourage all prospective buyers to submit their best offers. A licensee may, but is not required to, disclose information known by the licensee regarding the existence of other offers on the property,the fact that a seller has accepted an offer, that the offer is subject to contingencies and that the offer is subject to a clause requiring removal of certain contingencies upon the occurrence of an event such as receipt, acceptance or conditional acceptance of another offer.