Therefore, the seller would be free to accept the second offer.Ģ. Although the seller verbally accepted the first offer, under the Statute of Frauds there would not be a binding contract because the seller did not sign the offer. Is there a binding contract with the first buyer?Īnswer: No. Before the seller receivesĪnd signs the original offer, the listing agent receives another offer, which Which the listing agent communicates to the buyer. The seller verbally indicates his acceptance of that offer, A listing agent describes an offer to an out-of-town seller Multiple Offers from the Ohio Association of Realtorsġ. It provides that if the seller authorizes the listing agent to disclose that there are multiple offers, that the listing agent must also disclose whether the other offers were written by the listing agent, another agent in the same brokerage or a cooperating agent - but this is only required if the listing agent is asked who wrote the other offers.įor more information, click here or here. Standard of Practice 1-15 of NAR’s Code of Ethics likewise provides that the existence of other offers can only be disclosed if the listing agent has the seller’s consent to do so. Such disclosure and obtaining the seller’s informed consent. Not be disclosed without explaining to the seller the benefits and risks of For these reasons the fact that there are multiple offers should The seller has received other offers could be considered confidential Offer because they don’t want to be in a “bidding war.” If this occurs, it isĬertainly not in the seller’s best interests. Multiple offers could result in one or more of the buyers withdrawing their While both of these may be true, disclosing that there are Secondly, they believe that making all parties aware of this situation is in the seller’s best interests because it could cause the buyers to increase their offers. First, they believe this is fair to all of the parties involved. Q: If I receive multiple offers on my listing, am I required to notify all of the agents/buyers that they are in a multiple offer situation?Ī: Even though there is nothing in the license law that requires such disclosure, many agents believe doing so is a good idea for two reasons. Here is a quick refresher from the Ohio Association of Realtors about the legalities and responsibility of licensees when a listing agent receives more than one offer on a property. Ohio Law Regarding Multiple Offer Situations
0 Comments
Leave a Reply. |