Chapter 20 Flashcards
What’s a common misconception when dealing with multiple offers
That when there are multiple offers, the seller has to accept the highest offer
Are buyers offers confidential
No, you can disclose the offer price or terms to any buyers
Do sellers need to formally reject an offer in writing?
There is no legal requirement to do so although it is common courtesy
Fire advises that the seller has received more than one offer on the property. Seller has decided to provide a counter offer to each buyer.
The notice of multiple offers
Whose decision is it to accept an offer?
The clients
When a seller is considering which offered to accept or counter in a multiple offer situation, what matters
The purchase price matters
The dates in section 24 matter
All contingencies matter
When a listing agent receives multiple uppers on a property she has listed she should
Present the offers as they come in
Regarding multiple offers real estate agents need to remember that
The seller is in charge of whether or not multiple offers can even be disclosed to other inquiring agents or the seller in charge of how many multiple offers are to be handled
The sellers notice to buyer of multiple offers form specifies that interested buyers may elect to
Do nothing
Resubmit the original offer or submit a new offer
The sellers noticed a buyer of multiple offers form is
An opportunity for all the buyers to present their highest and best offer
The multiple offer addendum is
Addendum to the real estate purchase contract
The multiple offer addendum to the REPC is
A counter offer
Is not binding a less buyer is notified in writing by the seller
Specifies the terms of the counter offer
The multiple offer disclosure discloses several options for dealing with multiple offers, including the option to
Except or counter and reject the others
Present multiple counter offers
Provide all buyers and opportunity to present their highest and best offer
The multiple offer disclosure needs to be given to
The seller
