As stated in Realcomp’s MLS Rules & Regulations, if a listing is under contract, and continues to be marketed for the purpose of gathering “Backup Offers Only” this information must be communicated to showing agents.
What is a backup offer? A backup offer is when a home seller has accepted an offer from a buyer, however it is determined it may be in the seller’s best interest to accept additional offers from other interested buyers. Backup offers are generally accepted if there is concern the current offer may fall through.
ShowingTime and Backup Offers -- “Backup offers only” is a setting in ShowingTime. This information can be communicated to buyers’ agents automatically and electronically through the ShowingTime software.
While in the ShowingTime Listing Setup, be sure to select “Pending, Show for Backup Contract” to notify sellers.
Realcomp’s MLS Rules and Regulations address this subject as follows: “Listing brokers, in response to inquiries from buyers or cooperating brokers, shall, with the seller’s approval, disclose the existence of offers on the property. Where disclosure is authorized, the listing broker shall also disclose, if asked, whether offers were obtained by the listing licensee, by another licensee in the listing firm, or by a cooperating broker.” (Amended 11/2008) Section 2.1.