What to do with multiple offers on the table

Main floor condo living in the heart of Niantic Village. Upgrades, room for guests, open floor plan and first floor master suite. Gleaming hardwoods. Gas fireplace in the cathedral Living room. Kitchen with high end, white cabinetry and granite. Walking distance to Town, Boardwalk, and Beaches. 3BR Split Level home w/remodeled KIT, white cabinetry and SS. Master suite with FBA and balcony. Hardwoods on main level. Lower level FR w/FBA. LR w/fplc, and cathedral sunroom. 3BR Charming Colonial on 2.12 private acres. Center island KIT w/SS and pantry that flows into spacious FR/LR with gas fplc. Master suite w/walk in closet and additional closet/office. Gleaming hardwoods and bonus room over gar. 4BR/3FBA Colonial on quiet cul de sac, located near schools, shopping and beaches. Hardwoods and carpeting. New KIT appliances. Main floor FR w/slider to four season room. Finished LL w/pellet stove, sf not in total living space. Water view, Water frontage and water access. 3 bed and 3 full bath on Oxoboxo Lake . Main level living with 2 beds on main living and upstairs for guest. Walk out lower level, 2 car gar and closets galore. Pristine hardwoods. New roof. Rejuvenated Ranch with views of trees and a peek of Lake Pattagansett! Remodeled Kitchen, new windows, landscaping and newer boiler. Sun room overlooking fenced backyard. MBR w/FBA. Hardwood and tile. Two fireplaces. By Mathew Lisee Sponsored by: Eastern Connecticut Association of REALTORS®

In eastern Connecticut, depending on the price range, condition and location of a home, it's entirely possible that a seller could find themselves in a multiple offer situation. This has been happening for a few months now. While it's exciting for sellers to receive multiple offers on their property, many states do not have laws or regulations governing how real estate licensees are obligated to deal with such situations, sometimes resulting in a dilemma over what to do next.

The National Association of Realtors recommends that the safest way for listing brokers and sellers to ensure a seller's best interest is protected is for the listing broker to review how multiple offers will be handled with sellers before any offers are received.

Sellers should decide how multiple offers on their property are to be handled. This is a good policy since it's the sellers who may not get as high a price if some buyers aren't told about other buyers' offers, and it's also the sellers who risk losing all offers if potential buyers back out after being told of other offers.

Keep in mind the following circumstances, however. Sellers that have already accepted an offer when they receive a subsequent offer on their property may want to consider the second offer. Alternatively, a seller may accept an offer, receive a second offer they want to consider, but feel in a dilemma because the first acceptance has not yet been delivered to the potential purchaser.

In either of these scenarios, listing brokers should advise that sellers proceed only after receiving legal advice. Legal counsel can help sellers make sure that the acceptance of a second offer is clearly contingent on the first offer's becoming void.

Multiple offers are a great problem to have. Just be sure you plan for them by setting a policy and having clear direction between sellers and listing agents on how to handle them when they arise.

For a detailed explanation of multiple offers go to the Buy or Sell page on

easternctrealtors.com.

Additionally, you can find real estate attorneys and other affiliated services of the Eastern Connecticut Association of Realtors at easternctrealtors.com/resources/ affiliated-services/.