Multiple Offers in Cleveland

Does the Listing Agent have to notify all parties when there are Multiple Offers?

A Listing Agent does not have to disclose there are Multiple Offers. This is Seller directed. The Listing Agent must ask the Seller if they want all parties to know there is a Multiple Offer situation. By informing all parties that there are Multiple Offers in Beachwood and Chagrin Falls, it may cause a buyer to pull their offer off the table because they do not want to be in a bidding war.

Offers and Acceptance

First and foremost, all offers and acceptance need to be in writing. This is due to the Statute of Frauds which states to have a binding contract, it needs to be in writing.

While negotiating an offer, if a verbal acceptance is reached, it needs to be put in writing as soon as possible. If another offer were to come in after the verbal acceptance, the Seller would be able to accept the most recent offer if the terms were better.

Experienced Agent

It is very important to have an experienced agent negotiating Multiple Offers. If the agent is not experienced, hopefully, they have guidance from their Broker or someone in the office. The Market is heating up and there have been many more instances of Multiple Offers!

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Joseph A. Zingales is a Broker in the State of Ohio, a Broker in the State of Florida, the Principal of The Zingales Team and has been a licensed Real Estate Agent since January 1998.

Licensed/Certified: Broker, Realtor®, Appraiser, and Home Stager

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