Multiple Offers and the Realtors Code of Ethics
There are 17 Articles in the Realtor Code of Ethics, and each of those are broken down into three divisions. You can read the entire
Realtor Code of Ethics here.
- Duty to Clients and Customer's
- Duty to Public
- Duty to other Realtors
Article 1 of the Code of Ethics
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01)
Within each Article are Standards of Practice
Standard of Practice 1-6
- REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)
I interprete this to mean you can not hold onto one buyers offer "while you wait" for another offer to come in.
Quickly means quickly.
A client is someone you have a contractual relationship with, a customer is someone you are helping with your services but have not signed a Listing Contract with or a Buyer Agency Contract with.
The Code requires us to promote and protect OUR CLIENTS best interest
Being honest and fair to all parties and other Realtors is part of the Code of Ethics of Realtors. Let all parties know up front what your plan is in a multiple offer situation.
As Realtors working with Sellers and Buyers the ultimate decision is up to them, we can advise them, show the data to them, but do not in any situation make decisions for them.
No comments:
Post a Comment