Realtor® Legal Tip – How should you withdraw an offer or counter offer?
November 28, 2018
Author: Curtis Bullock
Realtor® Legal Tip – here is a simple but important one to remember. Especially in multiple offer situations.
How should you withdraw an offer or counter offer?
Let’s suppose your Seller has countered an offer from Buyer #1. Soon after, Buyer #2 makes a better offer. The Seller would like to consider Buyer #2’s offer but realizes there is an outstanding counter that Buyer #1 is considering. How should the listing agent withdraw the counter?
Answer: The first thing you should do is pick up the phone and call Buyer #1’s agent and verbally withdraw the offer. As soon as that conversation happens, the offer is legally off the table. If you don’t get the agent live on the phone, leave a message and try sending a text. You might also try calling the broker. But to make sure you have a paper trail, after you verbally communicate the withdrawal, have your Seller sign the “Seller’s Notice of Withdrawal of Counter Offer” form and send a copy to the agent. If the situation were reversed and the Buyer was withdrawing their offer, the Buyer’s Agent would do the same thing and call the listing agent and verbally withdraw the offer or counter offer and then use the “Buyer Notice of Withdrawal of Offer / Counter offer” form.