Today, Dennis Wilson would like to remind all listing agents about a requirement in a multiple offer situation. Often, listing agents inform buyer agents if they are expecting multiple offers for a property and this is a great courtesy to extend to other REALTORS®.
However, it is important to remember that you are required (under Rules of Cooperation, section 4.04 Multiple Offers) to advise buyers’ agents when you actually have multiple offers. Remember that if all but one offer is withdrawn, you must also advise the remaining cooperating brokerage prior to presenting the offer.
This Practice Tip was provided by Dennis Wilson, Manager, Professional Standards, FVREB.