Why should it matter if the contract price is disclosed prior to closing? Because... a deal is not a deal until the ink is dry.
People love to talk. When a seller gets accepts an offer on their the excitement may lead to inadvertent disclosure to neighbors, friends or even complete strangers. However, the accepted price should be a guarded secret until closing.
Buyers may not have the motivation once it is signed off on by the seller. Buyers may let the contact price slip to neighbors during an inspection. Sometimes it is incidental to the future neighbors stopping by to introduce themselves and the subject arises. Still, who knows the neighbor's motivation?
For sellers, it pays (perhaps literally) to keep the mouth sealed. Buyers walk. Homes "fail" inspections. Financing issues arise so homes go back on the market.
And anything that provides prospective buyers a clue to a seller's motivation is a disadvantage. So, sellers - keep quiet!
Your real estate agent will not disclose the accepted price until the deal is closed whether you are seller or buyer. Real estate agents have legal responsibilities to their clients in addition to the Code of Ethics
[REALTORS promote and protect their client's interests while treating all parties honestly.]
As a real estate agent I have had other agents call me about the price my buyer has for a contracted house because they are doing neighborhood "comps" for a client. My response is always the same - no disclosure.
What is the point of this post? Buyers and sellers - protect your interests by not disclosing the contract terms until the ink drys.
Let me help you sell your Viera, Florida home, please. Call me at 321-693-3850 or send me an email.
Image courtesy of stockimages at FreeDigitalPhotos.net