Whether you are a soon to be seller who has been working hard to prepare your home to hit the market or you’re a prospective buyer who has taken all the preliminary steps and is tirelessly looking for a home, it is important to prepare for the critical steps that lie just ahead. When the time finally arrives for you to work with drafting or responding to an offer or more than one offer, do you know what to expect?
This brochure is an excellent reference highlighting what options and obligations you have during the important offer and acceptance process during what can feel like a fast-moving part of your transaction. Take the time to familiarize yourself with this, especially if you are entering the market for the first time and be sure to ask your agent any questions you have about this part of the buying and selling process before getting started. When you know how offers and counteroffers will be handled, you will feel more confident in your decision-making.
The guidelines state that listing a property for sale is “an invitation by the seller for buyers to make offers”. When you begin to work with a listing agent, they will ask for your written permission to disclose the existence of a competing offer or other interest in your property, after discussing both the benefits and hazards of doing so. Disclosing that an offer has been made or received is not confidential and the agent must keep their client informed of stated interest in the property.
It goes on to emphasize that “the decision about how offers will be presented, negotiated and ultimately accepted or rejected are made by the client ~ not the agent.” Because the seller is not obligated to respond to an offer or to disclose the existence of a competing offer to buyers, it is important for buyers to understand they may not get the opportunity to change the terms of their offer after it has been presented to the seller and “….only one offer may result in the sale and the others will be faced with disappointment.”
It outlines that offers, counteroffers as well as the withdrawal of an offer should be made in writing to ensure that the terms, timeframes and legal obligations are understood by both parties. The terms in offers and counteroffers are confidential and may not be shared by the agent without prior written consent from the client.
The first or highest offer made does not bind or otherwise limit the seller to act upon that offer before considering any other offers. Sellers do not have to place priority on offers based on the order that they are received. Sellers are not obligated to accept a full price or cash offer and may accept an offer based on terms other than price.
A buyer or seller who is not represented by a real estate agent in the transaction is a customer, and not a client, who cannot receive advice or counsel from the agent who represents the other party. If you are a buyer who wants to write an offer while unrepresented by a real estate agent, the seller’s agent is permitted to help you by filling in the blanks on a purchase and sale agreement after providing you with a copy of the Maine Real Estate Brokerage Relationship form.
Ask your real estate agent about the best ways to develop a strategy based on the options which are listed in the Offer and Multiple Offer Guidelines and be well positioned to meet your real estate objectives when it is time to take action!
Nicole Foster is a Broker with Locations Real Estate Group and a Windham resident and parent who loves real estate and people. Call her at 207-615-7558 or visit www.LocationsInMaine.com
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