Katie Johnson, General Counsel & Chief Member Experience Officer, May 2021
Download: Hot Topics to Broker Risk Reduction
Presenting and negotiating multiple offers brings the potential for misunderstanding and missed opportunities. But, by adhering to a few fundamental principles, real estate professionals can help both the seller and buyer understand their options, and avoid complaints and fair housing issues.
Risk Reduction Tips:
- Discuss the potential for multiple offers at the listing interview; explain the available options to the seller upfront and get the seller’s instruction for handling multiple offers in advance.
- Know your state laws regarding duties owed to clients, timeframes for presenting offers, and what may be disclosed to the other party in a multiple offer situation.
- Remember - Article 1 requires REALTORS® to promote the interest of their client while treating all parties honestly.
- Keep in mind that poorly drafted Buyer Love Letters can trigger fair housing violations for both the real estate professional and the seller.
- Discuss the pros and cons of escalation clauses or addendums with buyers.
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