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Should Brokers Disclose Buyer Offers?

Let’s face it, if you’ve listed a home and several buyers are hot to purchase that’s nothing but a good situation for client sellers.

The catch is that for buyers the good news may not be so great. Before engaging in a bidding war they may want more information, including a look at competing offers.

The buyers’ caution may well be deserved. For instance, a reader of my syndicated newspaper column says that his elderly mother boosted the offer for a home when told of multiple bids, bids which it was later discovered allegedly did not exist.

Alternatively, as a buyer I would not want my bid revealed to a competing buyer under any condition. The purpose of my bid is to purchase the property, not provide advice for an opposing buyer.

The National Association of Realtors takes the position that in absence of state rules to the contrary bids can be shared.

 

via Should Brokers Disclose Buyer Offers?.

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