Ask your broker how offers and counter-offers will be presented and negotiated if more than one of her buyer-clients are trying to buy the same property. Realize that as a represented buyer, your broker likely has other buyer-clients, some of whom may be interested in the same properties as you are.You may want to discuss with your buyer-representative the possibility of making your offer confidential, or of establishing a confidentiality agreement between yourself and the seller prior to commencing negotiations.In some cases state law or real estate regulations may limit the ability of brokers to disclose the existence or terms of offers to third parties.
While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure.
In some cases there can be several full price offers competing for the seller’s attention – and acceptance. On the other hand, a full price offer may result in paying more than the seller might have required. A low initial offer may result in buying the property you desire for less than the listed price – or it may result in another buyer’s higher offer being accepted.
Sellers have several ways to deal with multiple offers.
It was approved by the Professional Standards Committee at the 2005 Annual Convention in San Francisco and is excerpted from the Presenting and Negotiating Multiple Offers white paper found in NAR's Code of Ethics and Arbitration Manual.įor your convenience, you can also download this brochure:Ī Buyers' and Sellers' Guide to Multiple Offer Negotiations (DOC: 38 KB)Ī Buyers' and Sellers' Guide to Multiple Offer Negotiations (PDF: 48 KB)Ī Buyers’ and Sellers’ Guide to Multiple Offer Negotiations This consumer-focused brochure is designed for use by REALTORS® to inform buyers and sellers of the potential consequences of multiple offer situations.