MULTIPLE OFFERS - what do I need to know?

Multiple offers can happen in any market. Your real estate agent is bound by ethics and needs to inform you of your options. Here are a few items that may arise.

• The possibility of multiple offers should be explained to you by your realtor when the listing is taken.

• Even in a jurisdiction where the buyer's agent is entitled to attend the OFFER PRESENTATION, the seller may specifically instruct that all offers be dealt with between the seller and the listing salesperson only. In this case, the seller's instructions should be in writing.

• If a second offer is "in the works", the first offer presentation time should be delayed to wait for the second offer in which case, the salesperson should be contacted immediately and informed that they are waiting for a second offer.

• When a client is represented by a realtor, another realtor may not communicate with that client directly unless indicated in writing by the first realtor.

• "Working with a Realtor",  or "Agency Relationships", must be shared at the earliest practical opportunity.

• In multiple representation the brokerage will be impartial, will not favour one party over the other, must disclose all factual information about the property, market conditions, comparable properties and potential uses for the property and treat both parties equally & will not disclose:
- that the seller may or will accept less than the listed price
- that the buyer may or will pay more than the offered price
- the motivation of or personal information about the buyer or seller
- the brokerage shall not disclose to the buyer the terms of any other offer

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