Focus on business issues.
Avoid providing information on the potential buyer’s fair housing protected classifications:
Race
Color
Religion
Sex
National Origin
Familial Status
Disability
Sexual Orientation
Gender Identity
Since all of us fit into one or more of these fair housing protected classifications, best to focus on business issues only.
In multiple offers, many buyers will be unsuccessful in the competition for the property. No one wants any buyer who was unsuccessful in the competition for the property to believe that illegal fair housing discrimination was the reason for this buyer being unsuccessful in the multiple offer competition.
If the seller is unaware of the buyer’s protected classifications, it is difficult to assert or prove fair housing discrimination in the seller’s decision which contract to accept or counter offer.
Videos, Letters, Photos, Email, Facebook, Instagram, Google, Names, etc. all can convey fair housing protected classification information and can be used to allege or even prove illegal fair housing discrimination. So, best to avoid the seller dealing with any of this information. Listing agents and even buyer agents can shield the seller from this information.
This fair housing classification information is never part of the offer and listing agents have no license law duty to present this fair housing classification information to the seller.
Business Issues to focus upon when submitting "highest and best" terms offer to the listing side:
PRICE (go all in, highest and best price to give the best bite at the apple)
Closing schedule (quick close, close on seller’s timetable)
Lots of Earnest Money (perhaps lawyer holds with escrow agreement disbursing significant money to the SELLERS if the deal fails to close)
Low Seller paid Buyer’s transaction costs.
Strong financing information (CASH or strong lender underwriting and pre-approval documentation, don’t need to sell anything in order to buy)
Not asking for a lot of the seller’s personal property to convey.
DUE DILIGENCE with lots of due diligence termination fee money to the seller.
(Repair procedure can be lawyer intensive if disputed repairs.)
(AS IS can be lawyer intensive if disputes about seller disclosure of condition.)
Roll CL100 wood infestation section into due diligence.
Buyer pays their own home warranty.
Buyer already sold their other home.
Rebate to seller (if allowed).
Buyer paying their own issues (survey, soil/water tests, permits)
Lease issues handled by attorneys from the start of the transaction (tenants, vacation rentals, solar panels, security systems) the buyer assumes these obligations to ease the seller’s concerns.
CALL the hotline!
Posted by: Byron King on 8/16/21 (This information is only accurate as of 8/16/21. You must contact SCR for updates and changes to this information after 8/16/21 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
