“When we bought our house, the seller’s agent told our agent the seller would come down $25,000. And sure enough, we offered a little low and they came down the 25K. Now that we plan to sell and the shoe is on the other foot, I don’t want our agent saying things like that. Isn’t that some kind of violation of some rule?”
Unless the owner authorized the agent to say they would come down $25,000, the agent violated their legal fiduciary duty to their client, the owner.
Sadly, this is NOT that rare. Some agents do violate their legal duty and sell out their client in order to make a buck.
An agent is allowed to say vague things such as “we’ll look at any offer” or “bring us an offer and we’ll negotiate.” But not, “they’ll come down $25,000” unless they’re authorized to say that. (I doubt that happened.)
On the other hand, the flipside is 100% ethical and legal:
What I mean is, the buyer’s agent is absolutely allowed to try to get such information from the seller’s agent (and vice versa). So they can ask the seller’s agent if the seller will come down $25,000.
In fact, it’s not only allowed, an agent who can get that information for their client is representing them well and should be commended.
Let me circle back and address your concern about your agent violating their duty to you by spilling the beans on what price you’ll take.
Of course, it could happen to you. In fact, the only way I can guarantee that won’t happen is…if you hire me to sell your home!