Real Estate Myths

Your Purchase Contract Is Confidential?

No Way! Once the Seller has your purchase contract they can show it to other people, put it on the Internet, or whatever they want to do. It is not a private confidential document.

Can the Listing Agent tell other prospective buyers and real estate agents about your purchase contract? Yes, but only if the Seller has agreed to do so in writing on the listing agreement.

For the Seller sharing this information can be a double edged sword. On the one hand it can be advantageous to tell other prospective buyers there is a contract submitted on the property and to encourage them to better the price in order to drive the sale price up. But, on the other hand it could be a disadvantage, as many buyers will not bother to write a contract on a property which already has one submitted. Talk to your real estate agent about what strategy would be best for you. Posted by David T. Mullins