Remember the possibility of other competing offers, when you formulate an offer or counter offer. The Broker and/or the Buyer may not have actual knowledge about the existence of competing offers. Therefore, the initial offer may be the only opportunity to buy. It is important to recognize there is no requirement that the Buyer be informed by the Seller or Seller's agent of the existence of other offers before another offer is accepted.
The Seller has the right to negotiate with only one Buyer at a time and not reveal this to other Buyers. This negotiation may continue until the Seller accepts an offer.
The terms of a Buyer's offer are confidential, but the existence of the offer may be communicated to other Buyers to obtain better terms or price. This is strictly the decision of the Seller.
The Seller may accept an offer on terms other than price. For example, the Seller may accept an offer based on a shorter close of escrow or inspection contingency period, etc...
All Buyers may be notified to present their highest and best offer.
The Buyer may choose to:
Make a better offer.
Leave the original offer.
Withdraw the exsisting offer in writing if the time period for acceptance is has not expired.
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