I know it’s frustrating. It probably seems like I’m just being difficult. But trust me when I represent a seller (or a buyer) I have an obligation to follow the Realtor® Code of Ethics.
Some people are familiar with typical questions a Realtor® can’t answer including is this home in a good school district or what’s the ethnic make up of a neighborhood but then there are some that pop up that you may not understand why we can’t answer. One of those is when under contract sign goes up on listing why I can’t answer “what did the house sell for?” Here are two reasons why I can’t answer that question.
The first is the listing agreement the seller signed. It states the listing agent will maintain the confidentiality of any financial information provided and that we will only disclose the existence of other offers and whether those offers were written by someone in my company, myself or another cooperating broker. Not the terms and conditions of those offers.
The second reason has to do with the uncertainty of any contract until it goes to closing. With the tougher restrictions on mortgages, a buyer’s financing could fall apart and the home could end up back on the market By disclosing the previous terms of an offer, an agent may have damaged the seller’s ability to negotiate on a new offer.
The same non-disclosure is true if another agent calls and asks me the contract price as well. Until all of the paperwork is signed at the settlement table and I can post the information in the MLS, my lips have to remain sealed on the terms of a contract.
Hopefully you understand and I’m sure if I was working with you as a buyer or seller you’d want me to keep your information confidential as well.