One of the essential elements of a valid contract of sale is a meeting of the minds, the buyer and seller agree on the terms of the sale, which is accomplished through the process of Offer and Acceptance which you are in the process of doing (or trying to do). You could ask your agent about submitting a form for the sellers to sign regarding the contract being reviewed or looked at for your own piece of mind.
The parole evidence rule states that the written contract takes precedence over oral agreements or promises. A promise that is not in the written contract may not be legally binding.
All offers (as I agree with another agent per this question) from the listing agent should be presented to the home owner and respond back within 24 hours. 3 days is really unacceptable and her broker should be notified as such.
Verbal offers hold no validation for me whatsoever. I will let the owner know of course, but I also let them know that I have not yet received the written offer and to not take the offer seriously until I get a written offer, with proof of funding.
My question is, do you have a buyers agent representing you, or did you go straight to the listing agent for representation?
In any case, since this happened in January, would love to know exactly what happened....
Hope all went well and you are in your new home!
Secondly It's the listing agents responsibility to present all offers in a timely manner to his sellers and if for some reason he can't he should communicate that to your agent and let him know the reason why. There should not be three days of no communication, I'm sure your agent had a 24hr time period of the offer being null and void. Tell the listing agent your offer is no good anymore and your moving on to your second choice. It will give you more leverage to get a response out of them and give you a leg up in negotiations, at that point they'll decide to talk to you.
Let us know how you make out,
If I was the listing agent, I would not trust a verbal offer any day over an offer that is written on paper.
Hope you find out soon as to what is going on with the offer!
The home owner was the CEO of a software security company.
The house I was commissioned to sell. 'at a really great' price had all the "wow" stuff.
This CEO would be in Singapore on Tuesday, Beijing on Thursday, Dubai on Monday and around the world he went. This was his life.
Another worked for the World Health Organization.
And the defense contractor, I never knew where he was.
Do you think the 24 hour response or the 'immediate' notification intentions will work well with these global travelers? If you do, disappointment would have been your experience regarding these, 'Knock Your Socks Off" homes.
As you can understand, there is insufficient data to start throwing other agents under the bus.
Unless you were at the table when the listing agent and homeowner signed the listing agreement, you can not know what arrangement has been made.
Sometimes, communications and patience is the best policy. If you are looking for conspiracy behind every tree...guess what, you will find it! Even if it exists only in your imagination.
Often, if there will be a known delay in seller responsiveness, it MAY be indicated in the realtor remarks. As the professional selected by the home owner to protect their best interests, allowing the buyer to impose conditions starts the process with a buyer advantage. Would not a responsible listing agent neutralize that momentum in a market with insufficient inventory?
Unprofessional, in my ever so humble opinion, is making a ruling without the facts.
IN this case the facts are:
1. no one here was at the table when the listing agreement was signed.
2. the situation of the seller is unknown
3. we don't know what communication the 'pros' exchanged
4. the listing agent should never show the cards regarding existing offers.
5. the buyer can say, "NEXT."
As professionals, we must recognize, that this stage of the process is extremely reactionary and does not easily fit snugly in the 'expectation' of a anxious buyer. At the exact point, the real pro surfaces. Hysteria, accusation and conspiracy are the tools of armatures.
Confidence in strategy, solutions and results are the garments of professionals.
Wishing the the very best of success
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
A written offer is really the only legit offer. This way, you know
the seller is made aware of the offer unless they requested
to only see offers above a set level.
This is a clear indication of their professionalism.
As they have stated, the seller has to be notified as soon as possible of the offer on the table.
I would concur with Tammy that the maximum deadline to get it presented should be 24 hours unless there is a valid reason for the delay.
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate
If you and your agent feel as if the listing agent has not presented your offer to the Seller, I would suggest your agent having their Broker in Charge call the listing agents office and speak to the Broker in Charge there and tell them what's going on. Failing to present an offer in a timely fashion is a serious licensing offense as it is a failure of fiduciary responsibility.
Hope this helps.
If you suspect that your offer has not been presented, you agent can have his manager call the other agents manager to verify. Also,'you can ask your agent to arrange a meeting with the listing agent and the seller so you can watch your offer her presented in person. (Just know that the seller choose not to take the meeting.)
I think your best bet is getting the managers involved to make sure the seller received your offer on a timely basis. Make sure your offer is very appealing since you are apparently in a bidding war and clearly want the home badly.
Best of luck!