Lawrence Mck…, Other/Just Looking in Harker Heights, TX

Can/should agent advise interested client if another offer comes in on a property? Is this considered ethical issue by the industry?

Asked by Lawrence Mckinney, Harker Heights, TX Sat Apr 28, 2012

I am very interested in a property currently listed as active. I live in CA. and can't get out to
TX to view the property until 5/18. The property has been on the market for several years now but I realize it might go at any time. I'm interested in knowing if an offer comes in on the property so that, if it did, I could change my plans, get out there, and, if I found the property acceptable, get in my own offer. I don't work in the industry so I don't know if this is reasonable. After one offer goes in on a property does that effectively take it off the market or is there some specified period for other offers to come in? Thx

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Answers

7
"Day late and a dollar short"
You are rolling the dice,
to mix my metaphors.

You are betting that they won't receive another offer.

My best advice, if you really want the property; would be to either send them a personal letter advising them of your situation,
or,
making an offer, contingent upon your personal inspection on 5/18.

Either of these may keep the door open for you.

Good luck and may God bless
1 vote Thank Flag Link Sat Apr 28, 2012
The property goes off the market once the sellers accept and sign the purchase agreement and any contingencies that were put in place are lifted (inspection, financing). But once the buyers and sellers come to terms and the signature is on the contract, it's pretty hard for a 3d party to come in and make an offer.

As a listing agent, what I do when I receive an offer (especially if it's low) is to contact the other agents who have viewed the property and whose clients have expressed an interest in making an offer. This is a little like 'all in all done' at an auction. And if there's no other offers, we negotiate with the offer that's been presented (which doesn't necessarily mean the seller will accept the offer - but that offer is negotiated to either conclusion or rejection).

If you're serious about the house, contact an agent working in the area and talk them about the listing. They could go out and take preview the property then get back to you. You might decide that the property is not right for you once an agent takes a look at the home and gives you a proper valuation of the home.
1 vote Thank Flag Link Sat Apr 28, 2012
I have sold many homes to families that have relocated to the area and were unable to travel here. Seeing that it is now after May 18th, were you able to travel here? Were you able to make an offer on the house? Would you like to look at other homes?
Andrea Thompson, Assoc. Broker
254-291-3685
http://www.HomesAndrea.com
0 votes Thank Flag Link Wed May 29, 2013
Thanks Bruce, is it normal in this area to make offers sight unseen (except for the pictures on the net-some of which the agent tells me are a couple of years old)? I don't understand what a longer option period would be and how that would be structured in an offer. Additionally, wouldn't it be customary to include some earnest money in the offer and would that be in jeopardy if I got out there and didn't like the place as much as I thought I would?

I, too was a bit apprehensive about why this place has been on the market for so long. I'm not at all familiar with the Harker Heights area. The listing agent did say the original owners did a lot of work on it but could no longer keep it up so they moved out a couple of years ago. As the property languished on the market they eventually lost all interest, stopped making any kind of payments or doing any kind of upkeep. Just hearing that made the danger bells go off in my mind, so I really want to get out there and look at it and determine how much of a fixer it is before I commit any money.
0 votes Thank Flag Link Sat Apr 28, 2012
Thanks for your responses. I've found them very helpful. I am in contact with the listing agent for the property who I believe shares Ron's opinion that to wait is a game of chance. I agree and like the idea of getting proactive by having an objective party get out there to give me an assessment of the place and writing a letter to the bank. The property is being handled by the bank as a short sale but I'm told it was never foreclosed on even though the original owners haven't made a payment on it in a couple of years. Consequently, I'm assuming a letter would go to the bank and not the owners(?) Additionally, how would such a letter be formatted? My objective is for whoever the authority is to wait for me to get a chance to look at the property and make an offer if I like it. To that end I'm fully willing to come in at the asking price. But, the listing agent tells me that if the property does stay on the market another 3 weeks (it's already been on a couple of years) the bank will likely lower the price again. So, I'm not certain I should disclose my financial position so early. Any suggestions would be much appreciated.
0 votes Thank Flag Link Sat Apr 28, 2012
Several YEARS..... that's weird and unusual and cause for concern for me.
It happens, but that is pretty rare.

Good question you propose. My thought is that request is so rare, I probably would try to comply with the request. Shouldn't be that big of a deal for most agents. I guess I would want to know if I did get another offer, would you hop on a plane and get out here the same day to make an offer. Otherwise I'm probably not going to wait several days to see if you will come out and see if you are interested in the property and see if you still want to make an offer and see if you will close, considering I have one in hand that will work. Just lots of what ifs.

Why don't you make an offer now, with a longer option period, that would encompass your planned travels? They're probably more inclined to keep you in the loop of other offers if you make an offer now.
0 votes Thank Flag Link Sat Apr 28, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Call me at (254)290-1602 and I will give you an answer to your question.
0 votes Thank Flag Link Sat Apr 28, 2012
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