As a Real Estate agent, is it legal to submit two seperate contract offers on the same property?
from two different buyers? I have two clients that want the same exact property which has never happned to me before. What should I do? I already know one of them is submitting a higher offer with 30 day financing but the other buyer is offering lower but paying in cash and closing in 2 weeks!
- acermillLv 71 decade agoFavorite Answer
Yes, you can do so. Be sure, however, to NOT release any of the contents of one offer to another. Confidentiality is of the utmost importance in such a scenario. It IS permissible to inform each buyer that you are aware that another offer has been placed on the property, but it is prudent to not inform them that YOU are the person involved with the other offer.
- ASK88Lv 41 decade ago
Make sure you disclose to all parties who you are acting for. Proper Disclosure is the key to this transaction. The buyers should be given an option if they would like to use you as an agent or get a seperate agent to write up and present it.
- Mr PlacidLv 71 decade ago
Well, I don't know what your local realtor's association says about this; you should seriously check with them. To me, this sounds like an inherent conflict of interest, similar to representing both the buyer and a seller in a transaction. Logic would suggest that you should at a minimum disclose this conflict to the two buyers you are representing.
- RalfcoderLv 71 decade ago
I'm no expert, but when I was buying or selling a property, I think my realtor told me that she was REQUIRED to present all offers that were made. If she withheld one, she was guilty of fraud or misconduct, as she was not representing the client properly.
Sounds like a good way to lose a license to me.
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- David ZLv 71 decade ago
sure submit both. this is common.
- 1 decade ago
Why are you not asking your broker this question???
- LandlordLv 71 decade ago
Yes, it happens all of the time.