Low inventories have created a seller’s market, and your buyers may be tempted to write multiple purchase offers on their favorite listing, for instance, as well as the close second.
On the one hand, it may increase the odds of their getting one of the two homes they want. But is it worth the legal risk if the buyer needs to back out of one of the offers? They could end up in multiple fully-executed contracts to purchase if the offers weren’t written with adequate contingencies allowing them to cancel. They could be accused of breaking a good faith covenant and face major legal ramifications.
How would you advise your client?
An Accredited Buyer’s Representative course may help.
“Never let your clients enter into multiple contracts without intent to buy,” said instructor Adorna Occhialini Carroll, CRB, ABR, GRI, broker/owner of Realty3 in Berlin, Conn., and president of Dynamic Directions, Inc., an international sales training consulting firm. This was one of many important buyer-related topics covered the debut of a new ABR class at the National Association of REALTORS® headquarters in Chicago last week. About 25 REALTORS® from around the country participated in the two-day VIP ABR course, covering everything from buyer’s representation agreements handling objections.
“Our hope is to expose the course so that brokers will recommend the ABR designation to their agents as an essential key component of their professional development,” said Carroll.
The course is designed for any REALTOR® active in real estate. In order to achieve the actual ABR designation, you also need to take one elective course and have proof of five closed transactions where you have represented the buyer.
NAR First Vice President Steve Brown, broker/owner of Irongate Inc., REALTORS® in Dayton, Ohio, was one of the course attendees. Continue reading »