Final answer:
Sellers are not legally obligated to respond to offers based on the order of receipt and can prioritize based on their own criteria. A buyer's agent should manage the buyer's expectations and advise on how to make their offer stand out.
Step-by-step explanation:
As a buyer's agent, you should inform your buyer that while it is common courtesy for sellers to respond to offers in the order they are received, there is no legal obligation for them to do so. Sellers can decide which offer to respond to based on their own criteria, and this can include factors beyond timing, such as the attractiveness of the offer, the financial status of the buyer, or other personal preferences.
It can be frustrating for buyers who feel that being first should give them priority, but in real estate transactions, multiple offers can be considered concurrently, and sellers may prioritize the highest or best offers. It's essential to prepare your buyer for this possibility and to manage their expectations. Maintaining open communication with the seller's agent can also help to understand the seller's position and timeline for responding to offers.
Strategic advice is crucial in these scenarios, as there may be ways to make your buyer's offer more attractive that go beyond just the price—like flexibility in closing dates, minimal contingencies, or a larger earnest money deposit. These factors can sometimes sway a seller's decision in your buyer's favor, even if their offer wasn't the first one on the table.