Disclosing existing offers may help sellers

When sellers are entertaining more than one offer, it might be in their best interest to have these offers disclosed to prospective buyers.

In some cases, disclosing existing bids prompts other buyers to up their bids or even ignites bidding wars. These days such competition is more likely to occur in the sale of distressed properties.

Under NAR's Code of Ethics, practitioners should discuss disclosure of existing offers with sellers from the start and ask for permission to make such disclosures. If the seller agrees to have existing offers disclosed, they should be disclosed only if buyers request such information.

Source: Realty Times