CREB Rule Change - Optional Disclosure of Pending Sales (Implications & Recommendations)

[aldeahomes]

Sellers condition for lawyer review?! Buyers Realtors should advise buyers to RUN if they have sellers condition back on an offer. Seller will actually hurt their chances of this buyer to write an offer if their original deal fall apart because buyers realtor will "sniff out" schinanagans by the seller and leave a sour taste in the buyers mouth for wasting their time.

[aldeahomes]

Now if the reason for this new rule is for sellers to get more "offers" on their existing conditional sale then they are in for a suprise. Let's not forget that the REALITY IS. It is in the SELLERS interest to keep BUYERS and the BUYERS REALTORS happy. The buyers are the ones who bring the MONEY.

[aldeahomes]

Purchases are made on buyers emotions. How are they going to feel when they take time out of their busy schedules to go look at a bunch of houses, find a house they like,get all excited, take more time out of their busy schedule, sit down and write an offer then find out the house already is conditionally sold.

[aldeahomes]

Guess how they are going to feel when they find out that the SELLER decided not to report the original sale and that the SELLER PUT THEM THROUGHT ALL THIS. The buyer will be #$%*!! How is this a benefit to the seller?? Let's not forget that now the buyer finds out that their second choice house has just sold 10 minutes ago and they missed out on that house as well. This rule is ridiculous and makes no sense. It has no benefit to BUYERS or SELLERS.

[aldeahomes]

Now the question is why this rule is in effect? One reason is that when a property has been conditionally sold a few times, it may raise questions when a buyer's Realtor pulls the history. Solution: If a property is c/s and comes back on the market, then have the Pending history purge out of the MLX data

[aldeahomes]

This rule has no benefit to either parties. Buyers Realtor question to sellers Realtor "Is this house conditionally sold?" Sellers Realtor: " I can't disclose that",most likely truth: IT IS conditionally sold, so buyers Realtor will suggest to the buyer to move on AND NOT WASTE TIME WITH THIS PROPERTY. Now, if the home is NOT conditionally sold then the answer which benefits the seller when asked "Is this house conditionally sold?" is "NO",so ultimately a buyers Realtor will be able to find out