When working with home buyers the first thing I do once an interest in a particular property is expressed is request a copy of the seller's property disclosure. The seller’s disclosure is a series of questions a seller is asked with property questions like any roof issues, systems (AC, heating, etc), appliances, association rules, water damage, zoning or future use changes, etc.
At the same time I ask the seller's agent whether an offer has been received or if other offers are expected.
This is good information for my buyers to know before making any offer.
But should a seller tell prospective buyers when there will be other offers coming in?
When I am working with sellers I don't believe there should be any disclosure about potential offers. An offer that has not been received is not an offer to be considered seriously!
Should a seller ask all prospective buyers to submit their "highest and best" offer? As always it is up to the seller.
Why shouldn't a seller disclose other offers being considered? Some buyers may decide they don't want to get in a bidding war with others so they walk away. Some buyers may think their offer will be too low so they don't submit an offer either.
Some offers may not materialize. Either way, there is some risk involved.
