{"id":17761,"date":"2020-09-08T12:36:02","date_gmt":"2020-09-08T12:36:02","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17761"},"modified":"2020-09-08T12:36:02","modified_gmt":"2020-09-08T12:36:02","slug":"handle-bidding-wars-legally","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/handle-bidding-wars-legally\/","title":{"rendered":"Handle Bidding Wars Legally"},"content":{"rendered":"

Handle Bidding Wars Legally<\/h1>\n
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Ultra-competitive housing markets have fueled bidding wars as buyers frantically compete for a limited number of homes for-sale. Real estate professionals are finding themselves helping their home-buying clients navigate multiple offer situations. But they must be careful to avoid misunderstandings and reduce the risk of discrimination in the process, too.<\/p>\n

\u201cReal estate professionals can help avoid complaints and fair housing issues while helping both the buyer and seller understand their options,\u201d Deanne Rymarowicz, associate counsel at NAR, says in a new \u201cWindow to the Law\u201d video posted at NAR.realtor.<\/p>\n

Rymarowicz highlights three principles for real estate professionals to follow when navigating multiple offer situations:<\/p>\n

Be mindful of your legal and ethical duties. <\/strong>Your state likely has laws and regulations regarding timeframes for presenting offers and what needs to be disclosed to the other party in a multiple offer situation. Some states, for example, prohibit revealing the terms of a buyer\u2019s offer without the buyer\u2019s consent. The REALTOR\u00ae Code of Ethics also speaks to handling multiple offer situations, such as requiring that REALTORS\u00ae \u201cprotect and promote the interest of their client\u201d in multiple offer situations.<\/p>\n

Watch for potential fair housing red flags. <\/strong>\u201cBuyer love letters\u201d\u2014letters, videos, and photos given to the seller from the buyer expressing their desire for a home\u2014could possibly lead to some fair housing violations. \u201cThese \u2018love letters\u2019 often innocently include personal information that reveals a prohibited basis for discrimination, such as \u2018we can see our family celebrating Christmas around the fireplace\u2019 or the \u2018wide hallways will accommodate my wheelchair,\u201d Rymarowicz says in the video. Fair housing centers on eliminating discriminating and \u201clove letters\u201d could potentially cause an implicit bias. \u201cAccepting an offer based on anything other than the price, terms, and merits of the offer might violate fair housing law,\u201d Rymarowicz says.<\/p>\n

Let the client make the decision<\/strong>.\u00a0Educate your client about multiple offers and strategies for responses. \u201cYou may even offer suggestion and advice based on your knowledge and experience,\u201d Rymarowicz says. But ultimately, \u201cit\u2019s up to the client to decide what offers and counteroffers to negotiate, reject, and ultimately accept.\u201d<\/p>\n

Window to the Law: How to Handle Multiple Offers<\/a> from NAR<\/a> on Vimeo<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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REALTOR\u00ae Magazine Daily News<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Handle Bidding Wars Legally Ultra-competitive housing markets have fueled bidding wars as buyers frantically compete for a limited number of homes for-sale. Real estate professionals are finding themselves helping their home-buying clients navigate multiple offer situations. But they must be careful to avoid misunderstandings and reduce the risk of discrimination in the process, too. \u201cReal … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17761","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nHandle Bidding Wars Legally - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/handle-bidding-wars-legally\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/handle-bidding-wars-legally\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/handle-bidding-wars-legally\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Handle Bidding Wars Legally\",\"datePublished\":\"2020-09-08T12:36:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/handle-bidding-wars-legally\\\/\"},\"wordCount\":384,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/handle-bidding-wars-legally\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/handle-bidding-wars-legally\\\/\",\"name\":\"Handle Bidding Wars Legally - 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