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If you start by identifying whether an offer is accepted or not yet accepted, you’ll understand the different obligations under the Code and MLS rules. Answer: Yes, the Code of Ethics requires disclosure of accepted offers. Standard of Practice 3-6 provides a well-defined standard on this: “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.” This Standard of Practice was amended several years ago to add the phrase “including offers with unresolved contingencies.”
The seller can share your offer … Editor, Marcus Herbert.

Buyers who made an offer on a property (or their agents) can request that RECO validate the number of offers that were presented OREA developed a (painful) process to help manage offers with the introduction of Form 801. 4 Code of Ethics Changes You Need to Know for 2012. . An estate agent can tell you whether there's been other offers on the property in question, but they won't disclose the specific amounts. Thats why your slave box costs so much.. Random Acts of Kindness and All things Positive! Internet Explorer does not currently support REALTOR® Magazine search. An implicit antidiscrimination ban is now spelled out by a new standard of practice in the Code of Ethics.

When in reality the estate agent is acting in best interest of the seller.

This Standard of Practice was amended several years ago to add the phrase “including offers with unresolved contingencies.” That makes it clear that, regardless of the nature of the accepted offer or type of contingency—short sale, buyer’s property sale, or other—the offer must be disclosed to brokers when they seek cooperation. REALTORS® should distinguish this ethical standard from the rules of their MLS.

If the agent is in this position, I would ask agent to inform both buyers there are multiple offers and each buyer needs to submit their best and final offer.

In presenting an offer from your buyer to a listing agent, you have the right to know if a second offer was written by the listing agent. Standard of Practice 3-6 provides a well-defined standard on this: “REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation.”.

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