Obviously, the Listing agent will have to disclose the count. How many Offers are there, and have any of them been withdrawn? The names of the parties as well as any of the terms is to remain private.
In a multiple Offer situation the Listing agent will also have to disclose if:
- any commission reduction if the Listing agent (or Brokerage) has a Buyer
- the Listing agent or their own Brokerage has an Offer,
- the Listing agent or their Brokerage is getting a referral fee, or
- a party is self-represented and the Listing agent will get the co-operating commission as well.
It would seem that most agents know #1, but are not aware of the rest.
Brian Madigan LL.B., Broker