Multiple offer situations arise when two or more buyers make (or express an interest in making) an offer to purchase the same property at the same time. Multiple offers create a serious risk management problem. For that reason, a thorough understanding of contracts and agency relationships is necessary. If you have not done so recently, please review the Understanding Contracts section of this Topic. A review of the Agency Relationship section of Working With Clients is also advisable.
The existence of multiple offers does not change license law, contract law, agency law or the REALTOR® Code of Ethics. Contrary to popular belief, there are no “special” rules about multiple offers. That is not to say multiple offers do not present unique license law, contract law, agency law and ethical issues. Multiple offers present all these issues and more.
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