Can a Realtor Lie About Multiple Offers in NYC?

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Are there any rules preventing a real estate listing agent from lying about how many interested buyers there are for a property? Can a realtor lie about multiple offers?

Practically speaking, yes. Even though there may be various code of ethics that Realtors must follow, it’s very difficult to prove whether a Realtor was lying or not. As a result, it’s very easy for a Realtor to lie about multiple offers and to get away with it.

Are There Any New York State Laws Against Real Estate Agents Lying?

The New York State Agency Disclosure Form clearly states that agents should “deal honestly, fairly and in good faith” with buyers and sellers. However, this form provides little protection in the real world against unscrupulous real estate listing agents who want to exaggerate the facts and promote a bidding war for their listing.

Keep in mind that listing agents are not required to disclose anything about the offers they have or have not received. And if a listing agent chooses to disclose information about the offers they already have received, it’s entirely up to the listing agent on how much information to disclose.

As a result, the answer to can a Realtor lie about multiple offers is absolutely yes. It’s also much easier to commit a “white lie” when you aren’t required to disclose exact information. Therefore, it’s entirely plausible that a listing agent might exaggerate the amount of interest they have received.

Are There Any Realtor Rules Against Lying?

If a real estate agent is also a Realtor member, then the Realtor technically has even more rules to follow. For example, the New York Association of Realtors says that the term Realtor is associated with “competency, fairness, and high integrity resulting from adherence to a lofty ideal of moral conduct in business relations.”

The following guidelines are also from the Realtor Code of Ethics:
“Realtors shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”

How Can Agents Prove That They Have Multiple Offers?

Many foolhardy, first time home buyers will want to prove that the other offers they competed against really existed. This is foolish and a waste of time for a variety of reasons. For starters, the listing agent will most likely tell you that it’s against their duty to deal fairly with all parties if they outright revealed another buyer’s offer to you. Second, this type of request is fairly infrequent and never accommodated in practice.

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