WHEN Topanga Realtors Gary and Karen Dannenbaum have big news, they typically share it with each other first. Except for the time Gary made an offer on a client's behalf for $2.5 million, and only hours later, wife Karen heard about it through the grapevine."That really annoyed me," she says. "The listing agent had told another agent, who congratulates me. So the word is going around that they have a full-price offer. All someone has to do is offer $5,000 more and they might get it.
Now, however, the National Assn. of Realtors has revisited an idea it kicked around two years ago — and this time made an addition to its code of ethics. Effective Jan. 1 of this year, buyers' agents in all member states, including California, are required to inform clients that their offers might not be kept confidential. Although many home buyers may not realize it, the terms of the offers they make may be revealed to other clients in a practice that the real estate industry commonly refers to as "shopping offers."
