Home Buying in 12302>Question Details

kevmom711, Home Buyer in Glenville, NY

How long does the listing agent have to present our written offer to the sellers? Is there any way to be sure the sellers have received it?

Asked by kevmom711, Glenville, NY Wed Jan 30, 2013

The listing agent claims to have a verbal offer and it has been 3 days since our agent submitted our written offer to him.

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Dennis Evans’ answer
The contract offer here in this area will include a time table in which your offer is good until.... If that time period has expired, technically... the offer has expired as well.... Your agent should also have had some type communication with the other agent to find out what the situation is.... The system has many safe guards and three days without communication is unacceptable.
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!
0 votes Thank Flag Link Sun May 19, 2013
BEST ANSWER
Have the Sellers received the actual offer in writing, and how can you truly know since it has been 3 days since your agent submitted your written offer.
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.
0 votes Thank Flag Link Wed Jan 30, 2013
Your offer should have been provided to the seller immediately- . Mostly within 24 hours. However when I get an offer in writing I submit it to the owner immediately.

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?
0 votes Thank Flag Link Fri Aug 23, 2013
First let me say that verbal offers mean absolutely nothing! Until I have a written offer from a buyer I won't bring it to the attention of my seller so with that being said if the listing agent is telling you he has a verbal offer from another buyer he really has nothing and you shouldn't worry about it because you are the only one that has an offer down on paper.

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,

Mark
0 votes Thank Flag Link Thu Feb 21, 2013
In our local contract, in the paperwork, there is a time period of the offer. Once that time passed it can be considered to be that the offer is dead. This is protect buyer/seller from long drawn out waiting game of the offer process.

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!
Heather
0 votes Thank Flag Link Fri Feb 1, 2013
Annette you make some great points. I remember a couple of years ago I was negotiating by email with someone who was traveling the outback of Australia. You want to talk about being out of the area. This is all fine as long as the agent presenting the offer was told that the owner may be difficult to reach. When an agent goes out of their way to say they have a verbal offer, which we all know isn't worth the paper it's not written on, you get the impression the listing agent is either trying to sell it to their own client of pump up the price. In this day and age with email and smart phones "most" people can be gotten in touch with. As you said, someone working with the WHO, a defence contrator or in my case the outback can be difficult to reach. I also like your point 5 if the buyer is not happy with the way things are going....Next.

Don
0 votes Thank Flag Link Wed Jan 30, 2013
Wait just a minute!
-
Recent scenario
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.
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Another worked for the World Health Organization.
And the defense contractor, I never knew where he was.
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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.
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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.
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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.
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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?
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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."
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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.
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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
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Wed Jan 30, 2013
A verbal agreement isn't worth the paper it's not written on.
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.
0 votes Thank Flag Link Wed Jan 30, 2013
Since you have an agent, you really should be having this discussion with him/her; if your agent is not being helpful you really should be contacting his broker, and or, office manager and expressing your concerns; you can ask your agent's broker owner, and or, office manager to contact the listing agent's broker owner/office manager regarding the offer....
0 votes Thank Flag Link Wed Jan 30, 2013
The listing agent should present the offer immediately to the home owner and respond back within 24 hours. A written offer with a pre-approval or proof of funds is stronger than a verbal offer as it is only hearsay . 3 Days is definitely unacceptable and her broker should be contacted.
0 votes Thank Flag Link Wed Jan 30, 2013
Thank you , a little additional info The sellers agent also owns the listing real estate co and upon receiving our written offer Mon he told our agent he had a verbal offer-what was our best offer? We up'd our offer 15k not knowing if the verbal offer was even legitimate Our offer expired Tues 7pm We asked for a written acknowlegement from the sellers of our offer yesterday. We have heard nothing since then from anyone
Flag Wed Jan 30, 2013
I applaud the Realtor who applauds her fellow Realtors.
0 votes Thank Flag Link Wed Jan 30, 2013
thanks:)
Flag Wed Jan 30, 2013
I applaud my fellow realtors here who responded that the offer has to be presented immediately to the seller upon receipt of the offer.

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.
0 votes Thank Flag Link Wed Jan 30, 2013
Thank you
Flag Wed Jan 30, 2013
The listing agent should contact the seller ASAP when there is an offer and you should have a response within 24 hours. I don't know why it has taken him 3 days to get a response to your agent. A buyer's agent can request to be present when the offer is submitted. That doesn't mean they have to be in the same room as the sellers, just present when the offer is submitted. This could be by phone or even watching the agent submit the offer by email. At this point you might have your agent call the other agent's principal broker. The market is picking up in spite of the fact that it is winter here in NY. Every day that goes by presents the opportunity for another agent to show the property and yet another offer come in. Stay on top of it.

Good luck.

Donald Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

http://www.nyhomeseller.com
0 votes Thank Flag Link Wed Jan 30, 2013
the listing agent is also the broker/realty co owner
Flag Wed Jan 30, 2013
Listing agents should present offers within hours of having received it. Buyers agents should not write up open ended offers. All offers should expire within 24-48 hours if the buyer's agent hasn't received a response.

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.
0 votes Thank Flag Link Wed Jan 30, 2013
A listing agent really should contact the seller right away to let them know he or she has an offer. Sometimes logistics may prevent the agent from running to the seller with the actual written offer the minute is comes in. So the general rule of thumb is 24 hours max.

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!
0 votes Thank Flag Link Wed Jan 30, 2013
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