Oh No…..did you say Multiple Offers? What do I do? The real estate market is changing. As an agent, you need to be confident in your ability to represent your client, when multiple offers are presented. Here are the quick facts, as referenced in the Red Book:
- Inherent risks are involved and it’s the Seller who decides to inform all parties. The Seller’s Agent must ask the seller if all parties involved should be notified.
An agent cannot disclose the existence of multiple offers without the Seller’s consent
In the State of Georgia, a seller may respond 4 different ways to multiple offers
- Give all brokers/buyers an opportunity to make their best and final offer by a particular date.
- Seller can make the same counteroffer to all of the buyers but restrict the terms under which it can be accepted. (see Red Book for language to insert in special stops)
- Make counteroffer to only one buyer and either take back-up contracts or keep other buyers on hold.
- The seller will counter more than one offer at the same time. (please don’t do this!!!!) This option is RISKY. The seller could have multiple binding contracts to sell their property to different buyers.
Until you have multiple offers physically in your possession, it will be difficult to determine your clients appropriate response. I recommend you contact your Broker for their opinion before proceeding. If you choose option #4 you should box up your belongings, because when your broker finds out he/she will transfer your license.
Take time to learn more about multiple offers. All signs indicate they will be around for a while.