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Do Home Sellers Have to Disclose Multiple Offers?

disclosing multiple offers

We’ve heard a lot of whining from agents lately when they get beat out in a multiple offer situation.

“But you didn’t tell me to submit highest and best. You have to tell us when there are multiple offers on the table.”

Nope.

Home sellers don’t have any obligation to buyers or their agents to disclose multiple offers.

When it comes to multiple offers, there are advantages and disadvantages to a seller disclosing this information.

It’s an advantage to call for the highest and best, with the knowledge that buyers generally increase their offers when they know they are directly competing against other buyers for the same property at the same time.

It’s a disadvantage to call for the highest and best because some buyers may drop out of the running, not wanting to get involved in a bidding war.

Only the home seller can decide what course they want to take. Listing agents are hired to represent the seller and protect and promote their interests. While they have a duty of honesty to all parties, the existence of multiple offers is confidential if the seller decides they don’t want to disclose and the agent has to honor that request.

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New Orleans REALTORS providing home buying, selling, and rental services throughout the metropolitan New Orleans communities.

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Real buying, selling, and renting advice from New Orleans REALTORS