C,

First, there is no rule or regulation or even ethical standard that mandates that a seller look at one offer before another. In MN a seller can do pretty much whatever they like with an offer (whether it is a good idea or not is whole seperate issue).

One thing that is different in MN as opposed to some other states is that a seller can only sign and fully execute one offer. Once they have done this, legally and technically (I say this because it does not take reality into complete account), the seller has to work with you first. The reason this isn't reality is that the only way that you can enforce a contract is through suing the seller for specific performance. While every agent will scream "specific performance" at the first sign of trouble, it is rarely pursued because the court battle that ensues is lengthy and expensive. It is almost always better to lick your wounds and go out and find something else.

A couple of corrections that I wanted to bring up. Rob (sorry friend) brings up a very common misconception in real estate and sadly it is a view that is heald by most realtors as well. Time is of the essence does not mean that people must hurry but rather it means that the dates and times in the contract are real and must be adheared to. It is not a unique legal concept to real estate transactions but rather can be applied to all of contract law.

http://en.wikipedia.org/wiki/Time_is_of_the_essence

Their is an ethical standard that all Realtors (only members of the national association of realtors) must adhear to as listing agents. Standard of Practice 1-6 states says that: "REALTORS® shall submit offers and counter-offers objectively and as quickly as possible". All this means however is that the listing agent must present your offer to the seller quickly, it says nothing of the sellers response time.

I hope all of that helps. Do let us know if you have any other questions.

Cameron Piper

No. The seller may look at all offers before deciding on what they want to do with your offer. At that point they can counter your offer, reject your offer or take your offer. If both offers are very similiar they may ask you both for your highest and best.

No. Sellers need only decide whether to accept your offer by the expiration date on your offer.

C
What does your Realtor say?
It sounds to me as though you perhaps are working on your own?

That might not work in your favor. If you do have a Realtor, then they should answer a question like this.
We don't know any of the details, so I think other than a very general answer, like you have, is probably not going to be helpful.

For example, when I submit an offer, beforehand I have talked with the Listing Agent (L/A), I know most of the time why they are selling, what their needs are (length of escrow, how much they really need to net out or where they are moving and why), and any other tidbits that will help me write a really great offer.

Then I put together an offer package that includes a letter from the buyer, a letter from me, proof of downpayment, proof of credit worthiness, letter from a lender, the entire package. So I know before I submit it (and I prefer to submit in person) what is going on.

If your Realtor is not aware of some of these things (which may not be customary in your area), then I would ask them to find out if there are other offers, where you stand. etc.

Good luckl

Lenny makes a good point about short sale/foreclosure situations as opposed to a willing seller. If it's a willing seller, most likely they will respond to you in a timely fashion. However, if you don't want to be subject to the waiting, you can put a time limit on the response time. This can backfire, so make sure you are willing to walk away if the sellers don't adhere to your restrictions. As far as banks on short sales and foreclosures, all bets are off. There are no rules about how long they can take to respond to your offer, whether accept, reject or counter. If that's the case, be prepared for a long siege.

Everyone tries to present offers as fast as they can but sometimes descions take a little longer to make so in the meantime more offers can come in. At that point they look at the offers side by side to figure out which one they would like to work with or make a counter offer on. If your working with a bank or short sales they decisions can sometimes take quite a bit of time which allows more time for other offers.

No. Not if they are presented around the same time period. There is a 'time of the essence' ethical standard. Realtors follow this standard and simply won't 'sit' on your offer until they get another one...