As part of our Listing Contract in Colorado, Section 5.8 talks about
“When asked, Broker disclose to prospective buyers and cooperating brokers the existence of offers on the Property and whether the offers were obtained by Broker, a broker within Brokerage Firm, or by another broker. If Broker wishes to disclose the terms of any offer, Broker must first obtain the Seller’s written consent.”
There are pros and cons to either options here
1. When you don’t disclose other offers exist
Cons – You may not drive the price as high
Pros – You keep buyers rational and may get more offers
2. When you tell them about other offers
Cons – You may lose buyers that can’t go as high and that ‘high’ bid may change their mind. And then you have lost buyers
Pros – Buyers know what they are competing with and it could drive the price higher. As a buyer, you always want this strategy.