Must I disclose the terms of other offers? How are multi-offer situations handled?
Terms of offers absolutely do not have to be disclosed and, on the other hand understand offers are not confidential between the Buyer and the Seller and can be disclosed by the seller if they desire and approve to do so. Offers are confidential information between the Broker, Agents, and Client and not under any circumstances shall a Broker or Agent disclose terms without the express permission of the Client they are representing.
In today’s tight market we are experiencing many “multi-offer” selling situations. When more than one offer is received before the execution of a contract it is a multi-offer situation. There are many different strategies and considerations when determining how to respond to multi-offer situations.
During our initial consultation we will discuss the likely hood of a multi-offer situation and review the methods of responding and presenting. For both Buyer and Seller, we will plan for this possibility and discuss how to respond. Each situation and timing is different and the strategy must fit the situation.
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