Generally, the residential resale seller decides on issues such as timely and properly rejecting offers (SCR314), accepting an offer, counter offering an offer, communicating and utilizing highest and best terms offer procedures, not utilizing highest and best terms offer procedures, communicating information, complying with fair housing laws.

In general and for fair housing reasons, a best practice is arguably all buyers timely and properly compete with generally equivalent information. Perhaps in a hot market with limited inventory, potential buyers consider using their highest and best terms offer asap to have a better chance at buying the property.

https://screaltors.org/wp-content/uploads/Forms/314.pdf

Here are some additional thoughts:

SCR130 the ERTB buyer agency agreement allows the buyer side brokerage to comply with NAR ethics SOP 1-13

https://screaltors.org/wp-content/uploads/Forms/130.pdf

10. DISCLOSURE OF BUYER’S IDENTITY/CONFIDENTIALITY: The Broker does or does not have the Buyer’s permission to disclose Buyer’s identity to all property owners and other third parties. The Buyer is advised of the possibility that seller or seller’s agent may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by confidentiality agreement of the parties.

• Standard of Practice 1-13 When entering into buyer/tenant agreements, REALTORS® must advise potential clients of: 1) the REALTOR®’s company policies regarding cooperation; 2) the amount of compensation to be paid by the client; 3) the potential for additional or offsetting compensation from other brokers, from the seller or landlord, or from other parties; 4) any potential for the buyer/tenant representative to act as a disclosed dual agent, e.g., listing broker, subagent, landlord’s agent, etc.; and 5) the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

Posted by: Byron King on 04/07/22 (This information is only accurate as of 04/07/22. You must contact SCR for updates and changes to this information after 04/07/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)

This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.