Thread: Are all offers documented?

In my area these offers would be considered information private between the seller and potential buyers, therefore there is not a way for you to see it.

It would be a serious disadvantage for the seller, since they might as well lower their asking price to the countered price after every offer if every one was going to know their counter amounts anyway.

As an agent I keep copies of every thing, including offers received on my listings and offers submitted by my clients. However, this is private information.

Hello Mark,

Thank you for great response!

I understand that some people would want to keep this information as private for their advantages.

Like you said, the information is between seller and potential buyers only, then is it "Ok" for me to ask the seller about these previous offers as a potential buyer?

You can ask, but do you think they are going to tell you? They are trying to get the most for the property, whether it is the property owner or the Realtor representing the seller.

It sounds like you might be unrepresented and it might be best if you hire a Buyers Agent to represent you and protect your interests. Or get an attorney at the very least to read over any contracts before you sign them.

Thanks Mark!

I am unrepresented, but I just thought these offers are available to anyone who wishes to see it. As in official.

Sorry Mark!

I just want to clarify something.

If offers are really documented, and the sellers might not willingly show them to their buyers because its at their advantages, can I access it from somewhere else? I mean, when I ask if they are documented, do I not have the right to view it as a potential buyer or something?

I mean I guess in Michigan, you can actually look at how much your teachers make, just ask the city.

I am sorry if I am confusing you, please let me know if you don't get what I am trying to say.

We get it, don't worry. Perhaps the confusion arises from your use of the word "documented" to mean something more like "public record". Anything verifiable in writing is documented, but not necessarily in the public record. The example you mentioned, teachers' salaries, are available to the public because public funds are used to pay them.

There are tax records available to the public that show what someone PAID for their house and what it's assessed for. But a sales contract that doesn't turn into a sale is only open to the owner of the property, the brokers involved, and whoever the owner wants to share it with. In some ways, it's more like a patient's medical records than a matter of public record. Just because your illnesses and conditions are documented by your health care providers and insurance carrier, it doesn't mean that the information is available to the public; in fact, it's just the opposite, kept private to protect your interests.

There may be one exception to knowing what previous offers on properties were. At least with the HUD servicers in Ohio and Michigan you can look at previous bids on the property. I do not know what state you are in but it may be possible in this instance for you to have an idea. Check with the HUD servicer in your state.

Ohioexperts! Thank you for your response!

I do live in Michigan, and yes previous "bid" is what I was looking for.. history of bids or offers, just so I know exactly what to offer.

Originally Posted by Brain

Sorry Mark!

I just want to clarify something.

If offers are really documented, and the sellers might not willingly show them to their buyers because its at their advantages, can I access it from somewhere else? I mean, when I ask if they are documented, do I not have the right to view it as a potential buyer or something?

I mean I guess in Michigan, you can actually look at how much your teachers make, just ask the city.

I am sorry if I am confusing you, please let me know if you don't get what I am trying to say.

There is no official record of offers made on properties. There are no federal laws requiring offers to be recorded and made available to the public. I also do not know of any states that have laws or a recording system for offers made on properties unless they close and become an official sale.

HUD homes are only a small portion of the market place as they are really just foreclosures that had an FHA mortgage on them. HUD just does not want the properties marketed as foreclosures.