Presenting Multiple Offers--Lexington-Bluegrass
Guidelines for presenting multiple offers
In situations where multiple offers are to be presented, the following is recommended and most commonly used by members of the Lexington-Bluegrass Association of Realtors.
- The listing Realtor should inform each cooperating Realtor that multiple offers will be presented for the seller's consideration.
- In the event a cooperating Realtor arrives for offer presentation and is unaware of multiple offers, he/she has the right to contact his/her buyer to inform them of multiple offers before their offer presentation provided the seller approves.
- If possible, offers should be presented in the order of notification to the listing Realtor of a written and signed offer.
- Offers should be presented one at a time with the listing Realtor, cooperating Realtor and sellers being present.
- In the event the listing office has one of the multiple offers (in-house offer), this should be disclosed to all selling Realtors if at all possible.
MLS Rules and Regulations 2.3 states:
The cooperating Realtor or his representative shall have the right to be present when an offer they secured is presented by the listing broker to the seller(s).
The cooperating Realtor does not have the right to be present at any subsequent discussion or evaluation of that offer by the seller and the listing broker.
After reviewing all offers, the seller may decide to:
- Accept one offer in writing, or
- Counter one offer in writing, or
- Reject all offers in writing.
Guidelines for presenting counter offers.
Counter offers may be obtained by making changes on the original contract copies or by rejecting the original offer and preparing a new contract for the signature of the seller(s). (Retain copy of the original offer for your records as required by state law: 201 KAR 11:062).
If more than one offer is presented to a seller and none is acceptable, the seller can counter in writing to only one offer.
All offers and counter offers shall be made in writing to be legally enforceable. Verbal offers are not legally enforceable.
When consummating a counter offer, all changes shall be initialed, dated and timed on the offer to purchase contract.
Any offer or counter offer shall contain a specified expiration time.
Guidelines for presenting withdrawal of offer/counter offer.
Any party making an offer or counter offer has the right to withdraw the offer at any time before the offer is accepted. This is accomplished by all of the following:
- Immediately obtaining a written withdrawal notice signed by the party whom made the offer.
- Giving verbal notification immediately to the party whom is receiving the offer or their Realtor.
- Delivering written withdrawal notice to party to whom the offer was made prior to acceptance. (Delivery by fax is acceptable.)
If the withdrawal is made before the offer is delivered, then delivery of the withdrawal to the other party's Realtor is sufficient.
An offer is accepted when the purchase contract is signed by the party/or parties to whom the offer was made and notice of the acceptance is communicated to the person making the offer. Communication of acceptance is crucial and should be made immediately after the acceptance is finalized.