How many times have you represented your Buyer in a multiple offer situation and you weren't the successful Buyer, and always had a suspicion that perhaps there really wasn't another bonafide offer?
What safeguards are there in place to verify that there was another offer? There are at times some agents who conduct themselves in an unethical manner, and we would always wonder if indeed there was another offer at all.
If I am presenting an offer and I am of the belief there are competing offers I always insert a clause to say that I am submitting the offer with the understanding that there are competing offers.
I add an additional clause that says if I my offer is accepted that the Listing Agent will provide me with the name and contact information of the competing agents, and failure to do so within a specific time period will render my offer null and void.
We also have introduced a form here in Ontario more than a year ago now, that must be signed by the buyer with the date and time they are submitting their offer, and how it is submitted (i.e. in person), email, fax. etc., to the Seller.
When presented to the Seller, the Seller must then sign that they received the offer, date and time, and how it was received (in person, email etc.) If there is a counter offer, the Seller must insert the time and date the offer was countered, and in turn the Buyer acknowledges receipt of the offer, date and time, etc., etc., so there is a chronology of events
It really is helpful in holding everyone to a high ethical standard and being transparent. It is also the law here now, and this form must be submited with every offer.
What safeguards do you have in place where you live?