Home Selling in 18020>Question Details

Maggie, Home Buyer in 18020

How long can an agent sit on a legitimate R/E offer? The listing agent is waiting to see if another offers comes in.

Asked by Maggie, 18020 Tue Nov 8, 2011

I am leaving for the winter in a couple of weeks, and want to close before I go. The seller will have very little time to consider my offer. My offer is cash @ 8% below asking. The other party is pursuing financing, and has not made any offer as of yet. I do not think this fair or ethical.

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Just an update: It was the listing agent who refused to present our offer. She wants to field offers herself so that she can get both sides of the sale. My husband complained to the owner of the agency. An hour or so later, he called back to report that he had directed the listing agent to present the offer, and that she had done so. We still doubted this, however, so we phoned the seller, who had no idea there was any offer in the works! I don't understand why they don't want buyers and sellers talking to each other. It seems like the only way to get things done. The seller said she would be contacting the listing agent IMMEDIATELY. It was not our intention to make trouble - we just want the seller to have a couple of days to consider our offer! Maggie
1 vote Thank Flag Link Tue Nov 8, 2011
A Realtors like that needs to be reported to the board of Realtors. I am so sorry this has happened, yes there are a few not ethical Realtor out there. However there are more Realtors who always do the right and ethical by their clients so please do not think that all Realtors are like the jerk that you had to deal with. And you should report this . The Real Estate business does not need anymore people who think things of this kind of nature is ok.
0 votes Thank Flag Link Wed Nov 9, 2011
PS the seller's agent is playing a dangerous game if you had a REPLY TO date on there.
0 votes Thank Flag Link Tue Nov 8, 2011
Does the seller know what she is doing? Perhaps she is being instructed to stall. If not, and the seller is unaware of your offer, that is not right.
0 votes Thank Flag Link Tue Nov 8, 2011
they are either ignoring your offer or playing a little mind game. Your agent probably put in an expiration date and it has already passed. Your call to either up your offer or leave town.
0 votes Thank Flag Link Tue Nov 8, 2011
You don't say whether the agent is a member of a local Board of Realtors which typically subscribes to the NAR Professional Standards of Practice. Standard 1-6 states that a Realtor must submit all offers objectively and as quickly as possible. You may want to contact the Broker of Record at the Listing Company and advise the broker of what has transpired, or perhaps file a complaint at the local Board, provided they are Realtors and members.The 'Realtor' designation holds them to a higher statndard of ethics and practice.
0 votes Thank Flag Link Tue Nov 8, 2011
You determine the response time by establishing a response deadline. Did you do that?
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Tue Nov 8, 2011
Maggie a listing agent should submit all offers to the seller as they come in. The seller may wait to answer but an agent can not hold offers. As far as making offers at an percentage off an asking price, it is never recomended, you need to assess what the house is worth in todays market and base your offer on that, you dont know if that asking price is at market value, way above or already below. You should insist the agent submits your offer promt;y. you can contact the real estate commission for an exact law in your state
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Nov 8, 2011
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