In a recent EZine, we wrote that it was our opinion that BPOs (Broker Price Opinions) should be disclosed.
What do you think?
by Christopher Hanson 3 Comments
California Real Estate Trial Attorneys
All Kinds of Concern re: Disclosure of BPOs
Location
Hanson Law Firm
315 Montgomery, 10th Floor
San Francisco, CA 94104
Phone: 415-362-9181
Gigi asked:
Who do we disclose “to”?
Don commented:
As to BPO’s, whom do I, as the one doing the BPO, disclose information to? What information do I disclose and, if someone else is paying me and has me under contract to NOT disclose information, why should I disclose anything to anyone? Don’t you think that would be a violation of (some) law for me to disclose confidential and personal information to an unrelated party? Now if I had the buyer, that would be a different issue, but it sounds like that if I do a BPO I must seek out the buyer, now and for sometime in the future, and give him the same information his agent should be providing him in the first place.
Jay wanted to know:
BPO’s disclosed to whom? What if the agent doing the BPO is not the listing agent?
It’s our opinion that if the BPO was conducted by an agent within the same brokerage, that the “facts” contained in the BPO are known to the entire brokerage. So, even if the listing agent is a different associate within the brokerage than the agent that conducted the BPO – abundance of caution would have the brokerage listing agent disclose the BPO to the buyer.
There is no obligation for you to give a BPO to a non-client in a transaction where you represent neither the buyer or seller.
That was very intruiging. There are not a lot of site out there with good content on this subject. I hope to read more interesting comments when I come back in a few days.