![]() Similarly, buyer-representatives should keep listing brokers informed about the status of counter-offers their seller-clients have made.” WHAT BUYERS’ AGENTS NEED TO KNOW Listing brokers should make reasonable efforts to keep buyer-representatives up-to-date on the status of offers. According to NAR’s guide, “Frequently, frustration and misunderstanding results from cooperating brokers being unaware of the status of offers they have presented on behalf of their buyerclients. However, not disclosing doesn’t mean not communicating. In fact, from time to time, buyers who are informed that they are in a multiple offer situation will withdraw their offer to avoid competing against other buyers, so it may not be in the seller’s best interest to do so. It’s not required that the seller’s broker disclose the presence of multiple offers. While the listing broker can offer suggestions and advice, decisions about how offers will be presented and handled are made by the seller, not by the listing broker. Sellers can accept the ’best’ offer they can inform all potential purchasers that other offers are on the table they can counter one offer while putting the other offers to the side, awaiting a decision on the counter-offer or they can counter one offer and reject the others.” They may call for all competing buyers to submit their best offers for consideration by a certain time. According to the National Association of REALTORS®’ guide to multiple offers, “Sellers have several ways to deal with multiple offers. The listing agent’s responsibility is to give the seller options. My first managing broker had one rule for multiple offers: the seller makes the rules. Here are a few tips and tricks from my personal experience on how to handle multiple offers. ![]() In this era of limited supply, agents are facing more instances in which they are involved in advising clients on how to respond in the case of multiple offers. While multiple offers are glamorized on reality television as something every seller’s agent dreams of, in the real world they are difficult to handle and can become a raging dumpster fire if handled incorrectly. How to Navigate Multiple Offers October 7, 2020 Customizable Social Graphics with Photofy.Designations, Certifications & Skill-Building Topics.Join the Chicago Association of REALTORS®. ![]()
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