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Buy Phoenix, Home Buyer in Phoenix, AZ

Is my agent required to present all offers even after we already have a signed offer on my property?

Asked by Buy Phoenix, Phoenix, AZ Mon Dec 3, 2012

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11
The issue here is, when does the agent's obligation to you end?

I would agree with those that all offers, even those coming after a signed offer has been accepted should find their way into the owner's hands. There could be unsatisfied contingencied on the initial contract that may cause the deal to collapse. It sure would be nice for both the buyer and the agent if there was another buyer "on deck" waiting.

Good luck,

Bill
0 votes Thank Flag Link Wed Dec 12, 2012
Hi Buy Phoenix:

The legal/regulatory obligation may vary from state to state. The link to the Arizona Department of Real Estate is below in case you want to explore this with the regulators.

But what does not change between states is the Code of Ethics and Standards of Practice of the National Association of Realtors®. All Realtors® agree to abide by this code, but not all agents are realtors®. You should check.

Basically Article 1-7 of the code states that Realtors® shall submit all offers and counter-offers until closing unless the seller has waived this obligation in writing.

Best,
Ron
Web Reference: http://www.re.state.az.us/
0 votes Thank Flag Link Wed Dec 12, 2012
Your agent should present ALL offers to you unless you have instructed them to do differently. Our new listing agreement has those instructions included in the form.
0 votes Thank Flag Link Wed Dec 12, 2012
Your listing agreement has specific instructions on if back up offers are to be presented or not. The listing agreement was just rewritten and one of the things they changed was for this specific quesion. Check with your listing agent and your contract to see what was agreed upon in your contract.
0 votes Thank Flag Link Tue Dec 4, 2012
Your agent should be keeping you posted on additional offers that come in. Have you asked your agent if he/she has received any other offers on your home?
0 votes Thank Flag Link Mon Dec 3, 2012
That is a depends question. Have you and your agent discussed your instructions to them once you have an accepted offer.

I can only speak for myself when I say that is a conversation I have ahead of time during my buyer consultation to discuss what the buyer can expect and how he/she wants to handle multiple offers and offers being received after we are under contract.

The nice thing about getting "other offers" is they can be in a backup position if your initial offer fails to complete the transaction.

Hope that helps.

Debbie Nieman
Keller Williams Sonoran Living
602-799-5239

http://www.diverdebi.com
0 votes Thank Flag Link Mon Dec 3, 2012
Have you given your agent written instruction to continue to market your property? Unless you have done so, then agent is not required to present additional offers. However, it is in your best interest to instruct your agent to do so. This needs to be in writing. Keep in mind that all subsequent offers in a 2nd position and can only be consider should the first offer not come to completion.
0 votes Thank Flag Link Mon Dec 3, 2012
Keep in mind, that if you have already accepted an offer... subsequent offers are considered BACK UP OFFERS ONLY until your current offer cancels or is nullified somehow etc...refer to Page 5 Section 21 of your Arizona Real Estate Listing Agreement/contract. If you want your agent to let you know of back up offers coming in, just let him/her know!
0 votes Thank Flag Link Mon Dec 3, 2012
The answer is based on what instructions you may have given your agent. An agent must submit all offers to you unless you tell the agent you don't want to see them.
You cannot cancel the offer you already accepted unless the Buyer breaches the contract (normally you must give them 3 days notice to cure a breach under a standard AZ contract)
I would suggest that you entertain all offers and counter as a Backup Offer assuming the first offer might fall through. This way you have a fall back position.

Loren Hoboy
623-688-0004
0 votes Thank Flag Link Mon Dec 3, 2012
Yes, it is the agent's responsibilty to preasent ALL offers. If you have reached an agreement with the Buyer then the status should be changed in the Multiple Listing Service to Pending or AWC (Active with Contigencies). If the status was changed to Pending then generally offers are not submitted but in the caese where you are under Contract, the sale is still contigent upon other factors in order to close such as inspection, appraisel, loan, etc. It therefore would be in your best interest to have your property in AWC status so that you may accept back-up offers just in case the first offer falls out of Escrow.
Mark Lindabury ABR, GRI
Russ Lyon Sothby's International Realty
0 votes Thank Flag Link Mon Dec 3, 2012
Buy Phoenix,

That is an excellent question. In the absence of any specific instructions from you to your agent, an agent does NOT have any duty or obligation to present offers once you have accepted and signed a contract. However, if you have instructed your agent to continue presenting offers, then he must follow your instructions. If he has not followed your instructions, he or she may be in violation of NAR's Code of Ethics as well as Arizona statute.

A good agent will always marketing a property, even when under contract, and will encourage submission of backup offers.
0 votes Thank Flag Link Mon Dec 3, 2012
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