I don’t enjoy multiple offer situations, do you? As a listing agent in Destin Florida, I occasionally run into these scenarios. Did you know you don’t automatically have permission to relay the existence of another offer unless your seller says you can?
Check • Standard of Practice 1-15
REALTORS®, in response to inquiries from buyers or cooperating
brokers shall, with the sellers’ approval, disclose the existence of
offers on the property.
Anyway, I did have permission from my seller to disclose that I had another offer on his Destin property. Since I had two offers, I advised my seller:
1. Accept one
2. Counter one
3. Counter each (reserving the right to accept whichever he chose)
4. Ask for “highest and best”
5. Reject both
My seller decided to counter Offer #2, which was much higher. I sent the counter offer to Agent #2 and informed Agent #1. Agent #2’s buyer rejected the counter offer, and countered back.
Meanwhile , Agent #1 said her buyer was still interested.
Who was I to prevent her buyer from submitting another offer? Why should her buyer give up just because he was rejected? Yes, while Buyer #2 was still negotiating with my seller, Buyer #1 snuck right in and submitted a FAR better offer to my seller! My seller took it. Agent #2 was not happy.
Was this right? Of course. Just because a seller decides to counter another offer in a multiple offer situation, does not mean your buyer has to cease and desist!
Agent #1 WON because she was persistent. She knew her customer really loved the home. She called me twice a day. Then WHAMMO! She won – and her buyer won. So don’t give up! If it’s the home your buyer loves, don’t let rejection get you down. You don’t need permission to submit another offer. Stay in the fight, and come home with a win!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Email Wendy: [email protected]