Multiple offers occur when there are two or more competing offers for the same property. These usually occur in a seller market when demand is high and supply is low.
There are rules and procedures governing multiple offer situations. How much do you know about them? For example, did you know that the listing brokerage must inform the cooperating brokerage of competing offers?
Here are four more questions to test your knowledge about multiple offers:
1. When is the best time to explain the multiple offer process to sellers?
2. According to the OREA Buyer Representation Agreement, what can a buyer brokerage reveal about the contents of a buyer’s offer to other buyers?
3. What does the REBBA 2002 Code of Ethics say about a salesperson promising to reduce commission when taking a listing?
4. In a multiple offer situation, if the seller decides to reject all the offers and send them back for improvement, what caution should the seller’s representative give the seller?
If you need to brush up on your knowledge, consider enrolling in Multiple Offers: Risks and Rewards, an online continuing education course offered by OREA Real Estate College. The course will cover topics such as:
• your obligations in multiple offer situations under agency law and the Code of Ethics
• how to explain the multiple offer process to buyers and sellers
• how to make your buyer’s offer more attractive
• how to identify conflicts
‘Click and Pick’ Extended
The College has extended the ‘Click and Pick’ promotion on continuing education courses to May 31, 2014. As before, students and members can take as many courses as they want for $15 + HST (per order). Students will have access to courses until July 31, 2015.
Please note: returning customers to this offer will be charged $15 per order. For more information, go to http://bit.ly/14eFqPo.
Share your answers to the above questions. Answers will be posted in next week’s blog.