Does the Listing Agent have to notify all parties when there are Multiple Offers?
A Listing Agent does not have to disclose there are Multiple Offers. This is Seller directed. The Listing Agent must ask the Seller if they want all parties to know there is a Multiple Offer situation. By informing all parties that there are Multiple Offers it may cause a buyer to pull their offer off the table because they do not want to be in a bidding war.
First and foremost, all offers and acceptance need to be in writing. This is due to the Statute of Frauds which states to have a binding contract, it needs to be in writing.
While negotiating an offer, if a verbal acceptance is reached, it needs to be put in writing as soon as possible. If another offer were to come in after the verbal acceptance, the Seller would be able to accept the most recent offer if the terms were better.
It is very important to have an experienced agent negotiating Multiple Offers. If the agent is not experienced, hopefully they have guidance by their Broker or someone in the office. The Market is heating up and there have been many more instances of Multiple Offers!