Damon Botticelli, Realtor - Las Vegas Real Estate (Silver State Realty & Investments)

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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Yes!

     This is from the Florida Realtors / Florida Bar Contract:

     "Buyer shall keep Seller and Broker fully informed about the status of mortgage loan application and Loan Commitment and authorizes Buyer’s mortgage broker and Buyer’s lender to disclose such status and progress to Seller and Broker."

Feb 19, 2016 12:56 PM
Rainmaker
1,046,323
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

In AZ, yes. Case law from 2000. Must inform ALL parties if buyer or seller is unable to perform.

Feb 19, 2016 11:05 AM
Rainmaker
1,722,626
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Just as soon as the agent has the information. Disclosing known facts and honest dealings are all a part of your agency relationship to your principal.

Feb 19, 2016 09:19 PM
Rainmaker
4,552,881
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

What does the purchase agreement/contract state?   In California, it's disclose - disclose - disclose.  

Feb 19, 2016 05:08 PM
Rainmaker
2,219,617
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Yes, allways disclose

Feb 19, 2016 12:02 PM
Rainmaker
400,356
Jill Murty, Realtor - Orange County, CA
Movoto - Laguna Niguel, CA

Absolutely disclose as soon as you know.  People make plans, hire movers, etc., so it's important to inform everyone sooner than later.  

The way the news of a late closing is received often depends on whose action or inaction caused the delay. 

Feb 19, 2016 11:57 AM
Rainmaker
1,771,867
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

In Chicago we are in Attorney Review at that time and the lawyer has the ball in their court for such interesting questions.

I believe people in different parts of the country will have different answers and local laws.

Feb 19, 2016 11:11 AM
Rainmaker
5,096,166
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

If you have information about such a material fact, you had better disclose and determine a way to get a legal extension.

Feb 19, 2016 10:36 PM
Rainmaker
152,561
Chrissi Chapman Topoleski
Coldwell Banker Realty - Woodbridge, VA
Helping agents live an exceptional life!

I think it is the right thing to do, especially if we are unequivocally not settling on time. This happened with sellers of mine, and because of the buyers they had to cancel moving trucks and delayed the settlement of their own purchase. There is more at stake than "just" a change in settlement date.

Feb 19, 2016 10:20 PM
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Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

The first thing I would do as a buyer's agent is talk to the lender and see if there is anyway they CAN close on time. Is there anything I can do to help make sure we meet that date? 

If not, then I'd tell the listing agent asap that an extension is needed.

 

Feb 19, 2016 09:22 PM
Rainmaker
4,850,663
Richard Weeks
Dallas, TX
REALTOR®, Broker

Yes, by all means.

Feb 19, 2016 08:58 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I would immediately call the listing agent and try to get an extension.

Feb 19, 2016 08:56 PM
Rainmaker
556,286
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

I don't see this as a disclosure issue, it is more of a how can i fix it issue and is it time to ask for an extension.

Feb 19, 2016 08:39 PM
Rainer
42,620
Fred Hafdelin
Weichert Realtors - Mountain Lakes, NJ

Of course. Do you think the seller won't notice when the buyer cannot close on the designated closing date? Better to disclose and try to get an extension.

Feb 19, 2016 06:51 PM
Rainmaker
1,619,091
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

The sooner the better, do not wait till the very last minute. Respect sellers ( they are probably packing and planning to be done, as they should) and all the team who works on it. Getting a few days of extension is not a big deal. 

Feb 19, 2016 05:51 PM
Rainmaker
2,759,787
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 by all means.

Feb 19, 2016 05:17 PM
Rainmaker
617,935
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

Damon,
While it is important to be nice and cooperative, unless there is a legal issue you are bound to do what is in your clients best interest. Can you get them a fast hard money loan or other option to close on time? I would get the buyers to sign off on you disclosing if it may have negative ramifications to your client.

Feb 19, 2016 12:51 PM
Rainer
321,564
Melissa Jackson REALTOR
Trinity Premier Properties - Azle, TX
Helping You Make The Right Move

I have been instructed by my broker to disclose anything and everything...

Feb 19, 2016 12:42 PM
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I believe as a buyers agent you need to the date the lender CAN successfully close by and put it in the offer from the start.

Feb 19, 2016 11:35 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Would be wise to keep the seller informed if they need an extension.

May 22, 2019 06:05 PM
Rainmaker
7,787,954
Roy Kelley
Retired - Gaithersburg, MD

Yes.

 

Feb 21, 2016 03:31 AM
Rainmaker
5,848,314
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

The buyer's agent does have a duty to disclose right away.  

Feb 21, 2016 12:11 AM
Rainmaker
1,498,138
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

ABSOLUTELY!!!

Feb 20, 2016 09:05 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Yes they are to be truthful and honest and if they have this information they should share it and try to head off later problems.

Feb 20, 2016 03:42 AM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

Needing an extra week to close is not a big deal.  Best to notify everyone and get a contract extension ASAP.  I would not however disclose confidential informaton as to "why" it is needed.  A good buyers agent does not blab.

To me, 'On or about" means a couple of days...if I needed another week I would still get an extension to keep everyone on the same page.

Eve

Feb 20, 2016 02:49 AM
Rainmaker
897,698
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Absolutely. There may be deposit money at stake, especially if it's a "time is of the essence" contract. Why would you keep this a secret until it blows up?

Feb 20, 2016 02:03 AM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I think it's a good idea rather than waiting until the final hour!!!!

Feb 20, 2016 01:49 AM
Ambassador
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Yes, and the agent needs to request an extension of time.  Why would anyone want to hold back that kind of information?

Feb 20, 2016 01:22 AM
Rainmaker
1,209,215
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

Um...  yes.  100% yes.  This is a duty to your buyer as well as the seller and everybody involved.  If everybody knows ahead of time they can all be on the same page.  

Feb 19, 2016 11:33 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

parked and reading

Feb 19, 2016 10:46 PM
Rainmaker
2,775,511
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Communications runs the world...use it or perish

Feb 19, 2016 10:43 PM
Rainer
150,416
Michael Thacker - Re/Max Real Estate Center - Louisville
Re/Max Real Estate Center - The Thacker Group - Louisville, KY
Your best friend who just happens to be a Realtor

I never believe that its the job of the sellers agent to communicate the status of the loan to me, so I always touch base myself to get info. I also do the same with the closing attorney since they are often in the know even more so.

Feb 19, 2016 01:36 PM