Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - New rules regarding conditional sales disclosure

onetwo_threefour · 01-12-2012, 10:04 AM

So, any thoughts on the new rules allowing Sellers to choose not to disclose that a property is conditionally sold on MLS?

see article
http://www.calgaryherald.com/homes/C...246/story.html

Personally, I can understand sellers not wanting their properties to be removed from the market based on an uncertain conditional sale, but I also think this could potentially be abused and leave buyers with a pretty bad experience. While a prospective buyer's realtor can theoretically ask before arranging a showing whether there is a c/s, a lot of showings are now arranged through third parties or assistants who may not be able to provide the necessary info.
A buyer may invest a significant amount of time and effort to investigate the property, only to find out after that their offer would only be a back up to an existing accepted offer. This is even worse if the buyer is unrepresented and doesn't know the questions to ask.

I'm not sure that this rule change addresses a significant pressing problem in the industry as most Realtors bring pre-qualified buyers, and a fairly large majority of conditional sales do go firm. I think that as a matter of balancing the rights and expectations of buyers and sellers the previous situation my have been preferable, but I'm open to be convinced otherwise. I do have a couple of scenarios to relate where I see this change as potentially making the whole process less certain for everyone, but I'll get into those of discussion warrants it.

Anyone have an opinion? (it is the internet after all)

01-12-2012, 10:04 AM	#1
onetwo_threefour Powerplay Quarterback Join Date: Apr 2006 Location: Mahogany, aka halfway to Lethbridge Exp:	New rules regarding conditional sales disclosure So, any thoughts on the new rules allowing Sellers to choose not to disclose that a property is conditionally sold on MLS? see article http://www.calgaryherald.com/homes/C...246/story.html Personally, I can understand sellers not wanting their properties to be removed from the market based on an uncertain conditional sale, but I also think this could potentially be abused and leave buyers with a pretty bad experience. While a prospective buyer's realtor can theoretically ask before arranging a showing whether there is a c/s, a lot of showings are now arranged through third parties or assistants who may not be able to provide the necessary info. A buyer may invest a significant amount of time and effort to investigate the property, only to find out after that their offer would only be a back up to an existing accepted offer. This is even worse if the buyer is unrepresented and doesn't know the questions to ask. I'm not sure that this rule change addresses a significant pressing problem in the industry as most Realtors bring pre-qualified buyers, and a fairly large majority of conditional sales do go firm. I think that as a matter of balancing the rights and expectations of buyers and sellers the previous situation my have been preferable, but I'm open to be convinced otherwise. I do have a couple of scenarios to relate where I see this change as potentially making the whole process less certain for everyone, but I'll get into those of discussion warrants it. Anyone have an opinion? (it is the internet after all) __________________ onetwo and threefour... Together no more. The end of an era. Let's rebuild...