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2017-05-10 10:55:39
Many Myths about Multiple Offers

Many Myths about Multiple Offers

You may not know this, but there are several myths about multiple offer situations. Many realtors don't know these facts, let's get the word out!

1. Buyers Offers are Confidential. This is incorrect. As Kreg E. Wagner, J.D UAR Legal Counsel said in the Utah Realtor Magazine ' I've received a handful of calls from buyers agents upset that the contents of their offers had been revealed to a competing buyer. However, sellers are perfectly within their rights to handle a multiple-offer situation in this fashion.'

2. Sellers Need to Formally Reject an Offer in Writing. No, this isn't true. If the seller has not accepted your offer by the deadline you have given, the offer has been rejected. However, common courtesy as well as the seller’s- motivation to become involved in the sales process usually results in the seller making some kind of verbal or written response to the buyer’s offer, such as: Rejected; No way; You gotta be kiddin’

3. When There are Multiple Offers, the Seller Must Ask the Buyer for their Highest and Best Offer. No, the seller is not required to do this. The seller gets to choose how to handle multiple offer situations, but the listing agent should discuss the options the seller has and pros and cons to each route.

4. Once the Seller Accepts an Offer, the Listing Agent no Longer Needs to Submit Offers to the Seller. Wrong! A listing agent needs to present all offers to the seller, always. This is required under the Code of Ethics. 

5. A Listing Agent may Unilaterally Choose to Wait For Multiple Offers Before Presenting an Offer to the Seller. No, definitely not. Some agents may choose to wait to present an offer to a seller hoping to get more offers over the course of a few days. This is unethical, and under the Code of Ethics Standard of Practice 1-6, it states 'Realtors shall submit offers and counter-offers objectively and as quick as possible.'  

In this fast market it is crucial to have an agent with negotiation skills and tactics to get your offer written the strongest possible, because there is a good chance that there will be multiple offers on the home that you love. An agent who knows the truth behind these myths that can offer guidance to you and the listing agent so that your offer is taken seriously is something to consider. There are ways to get your offer accepted over another, and it's not always offer price. Call us today! We can't promise that you will get your offer accepted over others, but we can promise that we do our best to inform you of all the options and tactics out there to get your offer accepted. There is hope in this market and your new home is out there. Let us help you find it!

Rob Adams 801.259.4341 

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