OFFER SWEET OFFER A TALE OF REAL ESTATE OFFERS KAREN SCHLOSSER
D E D I C A T I O N
TO HOME BUYERS AND SELLERS EVERYWHERE AND THE AGENTS THEY WORK WITH.
LOVE AT FIRST SIGHT A FAIRY TALE
Once upon a time, a seller put their house on the market. Along came a buyer who bought the home. Each had a REALTOR who guided them through the process.
All lived happily ever after. THE END
OFFERS & COUNTEROFFERS
OFFERS CAN BE WRITTEN OR VERBAL
Buyers and Sellers authorize their agent how their offers/counteroffers will be handled.
Listing agent must present all offers/counteroffers, written or verbal, to Seller until closing unless otherwise instructed, in writing, by Seller.
written request, the listing agent shall provide a written affirmation to the cooperating broker that the offer was submitted to the seller or written notification the seller has waived the obligation to present offer.
Upon
Buyer agent must present all offers/counteroffers, written or verbal, to Buyer unless otherwise instructed, in writing, by Buyer.
Buyer agent, representing two (2) or more buyers (contemporaneous offers) who each want to make an offer on the same property, must disclose to each buyer that the agent will be presenting an offer for another buyer. Agent is prohibited from disclosing the terms and conditions of one offer to the other as well as the identity of the other buyer.
A
Neither a Seller nor Buyer is ever required to respond to any offer/counteroffer presented, verbal or written.
A Buyer agent can request of the listing agent that they (Buyer agent) be allowed to present their Buyer’s offer directly to the Seller provided the Seller has not given written instructions to the Listing agent to the contrary.
Seller or Buyer can change their mind at any time, prior to written acceptance by both parties, by modifying or rescinding their offers or counteroffers.
Either
A Seller can accept offer(s) as a backup contract provided appropriate language or addendum is used.
MULTIPLE OFFERS
All the same rules for offers/counteroffers apply, plus:
Seller can instruct that all bidding agents be told there are multiple offers.
Seller can instruct that no one be told there are multiple offers.
decides
they tell bidding buyers
Seller
if
the terms and conditions of the competing offers to the competing buyers.
Seller can shop for offers.
Once Buyer agents are notified there are multiple offers, Buyer agents can ask who the other Buyer agents are, by position (i.e., listing agent, agent within the listing brokerage or a coop agent), and the listing agent must respond.
Buyer agents are told the listing agent is one of the competing bids, Buyer agents can ask the listing agent if there is a differential in the amount of commission if the listing agent sells it and the amount of the differential.
Once
Seller can counter more than one offer at the same time provided they use appropriate language to notify the affected parties of the situation including that all offers are subject to final written approval of the Seller.
A
A Seller does not have to accept the highest offer, Seller determines “best” offer. NOTE: Contract terms and contingencies can override price.
References: Code of Ethics, National Association of REALTORS® MLS Rules & Regulations, Multiple Listing Service of Greater Cincinnati Ohio Revised Code 4735 Published February 2022