Use the New Offer feature when a listing gets one or more new offers or falls through and needs to be turned into a new listing.
What is a "New Offer"?
The New Offer feature is used to create a duplicate of an existing transaction. This feature is most useful when a pending offer on a listing fell through (or was cancelled/terminated for any reason) and there's now a new offer on the same listing. This feature is also useful when a deal has fallen through and you now need to track new activity on it isolated from the fell through transaction.
Creating a new offer will copy over listing agents, all docs except sale and buyer docs, and optionally, all tasks except selling agent tasks.
Since no sale-specific information is carried over to the new transaction, adding the new offer information to new transactions keeps sales' documents, tasks, and other activities separate.
Click here to learn about Creating a New Offer→
Using the New Offer Feature When a Subsequent Offer is Made on a Property
Use the New Offer feature when a subsequent new offer comes in. In other words, store the original offer information in the original transaction and if that falls through, then create a new offer to separately track the two offers. And if that falls through and there's an additional offer, add a second new offer to track the three of them separately in separate transactions - and so on.
Each new offer transactions can be handled the same as any other transaction, with its own tasks, status changes, and other activities. If any of the offers closes, update the status in the appropriate transaction.