Should You Disclose Multiple Offers?
Some big changes from the Calgary Real Estate Board regarding Multiple Offers and how Realtors deal with them. It's no longer mandatory to disclose the existence of Multiple Offers...
Should You Disclose Multiple Offers? Blog Transcription
Hey there! Rob Reynar here checking in, wanna talk about some very interesting changes in the rules that have been brought down. I think it's a neat change and I think it's gonna impact the way sellers can deal with offers when they hit the table. So here's the change, in the past realtors were bound by CREB Rules, Calgary Real Estate Board Rules to disclose the existence of multiple offers. If there were two offers on a property I, as the Realtor looking after the sellers had to tell all the parties involved that they were in a competing offer situation. Well that rule has been amended, that it's now the instruction of the seller to, whether those offers are disclosed. So what it means is the seller can now decide that maybe they wont tell all parties involved that there's multiple offers. So you could be dealing on a house and not know that the seller is working on another offer. The importance of that is that the seller now truly has the ability to decide what's best for them in any particular given market. If it's a really soft market like it was last fall, if you knew there was multiple offers as a buyer you probably would pull your offer and not compete against somebody else. In some markets like we saw in the heated one of '07, you have no choice but to compete, you knew you were competing and that's when we saw houses go twenty, fifty, a hundred thousand over list whatever we saw. I think it's a really interesting change. It really demands that the Realtor know what the heck they're doing when they're looking after the seller. They have to be able to advise the seller based on current market conditions, property type, availability of other listings on how they want to handle the multiple offer situation. So what's the moral of the story, hire a Realtor who knows what the heck they're doing,has experience and can counsel you the best way to handle a multiple offer situation. Should realtors have to disclose the existence of all multiple offers? That's the question I'm asking you, Love to hear from you at info@robreynar.com. Talk to you later, buh bye!
