Due to the number of properties that are now receiving multiple offers, it has become impossible for us to keep the MLS Realtor Comments timely with regard to the status when a property moves into a multiple offer status. Subsequently, we are no longer publishing this information in the MLS.
I understand the buyers and their agents like to know how many, if any, additional offers there are on a property. First, our sellers do not authorize this type of disclosure until the time they give permission. Each bank has different procedures for handling and now we are going to handle all offers in a uniform process.
We are not going to try and figure out for anybody considering making an offer if we already have offers. It is just not practical. I can tell you we have no offers, and by the time you tell your buyer, we could have three. Then, I have had the experience of the agent coming back and saying “you told me there were no offers”. I’d like to respond..”did you think time was going to stand still while you and your buyer tried to figure out your offer?” No, I am too polite for that.
Did I mention the part about the seller not authorizing us to disclose the existence or status of other offers?
So, when your email is ignored, or you receive a simple reference to our FAQ when you ask, be warned. Apparently this status of other offers is expected by all parties now before proceeding with one of their own. You will need to communicate to your buyer that they will find out when they actually submit an offer. What a great way to get them to sign the Purchase Agreement!
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Tags: Multiple Offers, REO, Wilmoth
