Multiple Offers!
Multiple offers are good problems to have for sellers and listing brokerages.
http://www.realtor.org/field-guides/field-guide-to-multiple-offers#sf3517115
Because only one buyer will be happy, it is important for REALTORS to treat all potential buyers with respect, fair play, and equal opportunity during any multiple offer situation.
The NAR Code of Ethics is based on the golden rule. Treat others as you would like to be treated.
This golden rule helps the seller too.
Sellers want the highest and best term offer they can get from competing buyers.
Buyers wanting to use escalator clauses (+$100 over the next highest offer up to $260,100) are buyer attempts to buy for less than their highest and best terms. Plus if buyers all use escalator clauses, then all offers ratchet up to their highest and best terms anyway.
SCR312 is a new form that was developed by SCR while working with SCREC Commissioner and REALTOR Candace Pratt in 2013. This rejection of offer and solicitation of new offers can be used to set up a multiple offer situation.
Listing agents should educate sellers about multiple offers early in the transaction before they arise. There is a bird in the hand (buyer 1) is worth two in the bush (multiple offer buyers) risk for the seller who foregoes immediately signing an offer to pursue future multiple offers that could never arrive.
Posted by : Byron King