Listing brokers and their clients like nothing more than receiving at least one offer.
Getting an acceptable offer can mean the end to open houses and diminishing anxieties about price, time on the market and that tired old kitchen.
Many brokers love to gin up the motivation of other prospective buyers by intoning the magic words, “We already have an offer.” The hope, of course, is that providing the information will create buzz and generate even more offers, often better offers at or above the asking price with improved terms.
But few are the brokers who have permission from their sellers to disclose to buyers the receipt of an offer. Without that permission, the listing broker is in violation of the statutory mandate of fiduciary duty to the client.
As I have indicated in previous posts, one key component of that duty is to maintain client confidentiality.
The problem with disclosing the receipt of additional offers is that a client may worry, with some justification, that the information may have the reverse effect than what the listing broker intends. It may actually drive away those buyers to whom the notion of what they perceive as a bidding war is anathema.
Withal, a hint of perhaps “serious interest” or a second showing may kill two birds — the one that flies in the face of client confidentiality and and one that aims to attract a flock of buyers.
Tomorrow: Wish not
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022