Disclosure of the Multiple Offers
With limited supply and increasing house prices, multiple offer situations are becoming more prevalent, and buyers are getting frustrated with the home buying and selling process.
The following information was provided by the Real Estate Board of Greater Vancouver (REBGV). It explains why seller’s agents are required to complete the new Disclosure of Multiple Offers Presented (DMOP) form and communicate to each buyer’s agents who participated in a multiple offer situation.
Q: Why is the Board introducing this form?
A: Through years of research and consultation, the REBGV found that home buyers are frustrated with the home buying and selling process, particularly in busy markets with multiple offer situations. Many buyers were concerned that their offers weren’t being fairly presented or considered. Some had questions as to the number of offers being presented and how this could be confirmed. The DMOP form increases buyers’ confidence in the process by demonstrating that their offers are always being presented and considered by the seller…however, the buyer will not know this information until after the seller accepts an offer.
Q: When is this DMOP form completed?
A: The seller’s agent will need to complete the DMOP form for any listing that receives multiple offers to be presented to the seller at one time. The seller’s agent must have the seller sign the completed form after the offers are presented to the seller and the seller makes a decision, e.g., accepting an offer, countering an offer/counter-offer, or rejecting all the offers.
Q: What is on the DMOP form?
The DMOP form lists the date of each offer received and the name of the brokerage of the Buyer’s agent. That’s it. The DMOP form balances the clients’ rights to privacy with principles of transparency.
Q: When do the buyers see the list of multiple offers?
The listing Realtor must then provide the completed form to each buyer’s agent and unrepresented buyer as soon as possible, but no later than one calendar day after the seller accepts an offer or rejects all offers.
When you are in a multiple-offer situation, the tendency is to write an offer with no subject conditions. When a Seller is comparing offers, the Seller will typically consider a subject-free offer as having an advantage over an offer with even one subject condition. Read more about this situation in the blog on the Rescission Period. Otherwise known as the cooling offer period for the Buyer.
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If you think I would be a good fit to work with you and your family, and you are not working with a Whistler realtor, please contact me. I look forward to hearing from you.
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Marion Anderson Personal Real Estate Corporation
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