Home Selling in Santa Monica>Question Details

cansell, Other/Just Looking in 14221

Seller's agent tells potentail buyer's agent of seller's acceptance of offer, then continues to negotiate with other potential buyers.

Asked by cansell, 14221 Tue Aug 28, 2012


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Felix Hung’s answer
Yes this is ethical. If you're the buyer and buyer's agent - you are still in the driver's seat. It's only if something happens to where you don't want to proceed or cannot close where this matters. What kind of transaction is this? What exactly is going on and how do you know? Have you received an accepted offer signed by the seller? Has the status changed in the MLS?

0 votes Thank Flag Link Thu Aug 30, 2012
Until you have your agreement signed and delivered in writing you only have lip service.
0 votes Thank Flag Link Mon Oct 21, 2013
Verbal agreements are here say until the actual contract is signed. They also still reserve the right to accept back up offers
0 votes Thank Flag Link Mon Oct 21, 2013
May simply be attempting to attract back up offers at Seller's request.
0 votes Thank Flag Link Mon Oct 14, 2013
Verbal deals are NO DEALS!

You need a fully executed written purchase agreement for the agreement to be valid, and binding.

Kawain Payne, Realtor
0 votes Thank Flag Link Mon Oct 14, 2013
ALWAYS try to line up a back up offer. - Conrad
0 votes Thank Flag Link Sun Jul 28, 2013
Not only ethical, but good business. A good listing agent will keep other buyers in back up should the current buyers be unable or unwilling to close. An accepted offer is an engagement, not yet a marriage. There may be nuances to your question given its brevity, but on face value, yes it's ethical.
0 votes Thank Flag Link Sun Jul 21, 2013
Absolutely, there is a 30% to 40% chance you won’t close for some reason or another, taking back up offers is a good move if they can get them.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Aug 30, 2012
If the instructions with the seller is to continue to market property until fully ratified by all parties, then Listing Agent will do just that. Perhaps listing Agent should have clarified the seller's intention to accept offer, however, they will still continue to review offers. Good luck

Elizabeth Sorgen
0 votes Thank Flag Link Thu Aug 30, 2012
As mentioned below, until the offer is signed and returned to you then it is not accepted. I would push for that signature.
0 votes Thank Flag Link Tue Aug 28, 2012
I agree with the below and yes, it gets very frustrating for a buyer and their agent. Besides, a verbal acceptance basically means 'bupkiss.' Until you have that piece of paper in front of you with a signature, you have nothing.

Listing agents cover their bases by seeking backup offers and I encourage buyers to do the same. Keep looking until you get yourself a contract.

Best of luck.
0 votes Thank Flag Link Tue Aug 28, 2012
In our area 35 - 40% of all tranactions end up back on the market. A good listing agent will continue to try and get back up offers for their client in case the worst happens for them and the current buyer backs out or is unqualified.
0 votes Thank Flag Link Tue Aug 28, 2012
They are simply looking for a back up offer in case you change your mind or for some reason won't be able to purchase this property.

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0 votes Thank Flag Link Tue Aug 28, 2012
Hi Cansell:

In the market today, when the Seller accepts an offer, it is usually tagged in the MLS as "looking for backups" meaning that until all of the contingencies are removed (ie: inspections, loan, appraisal, title, etc.), that the Seller's agent may look for back up offers to have in place in case the current accepted offer falls through.

It is very common for Buyers to back out of an offer for the simplest things...the property needs too much work or they have an issue with the loan or appraisal.

It is in the Seller's best interest to have back up offers in place. This does not necessarily mean that the back up offer will be negotiated...it's usually just placed on file and in the case that the current Buyer backs out, then they would go to the 1st back up offer and negotiate it.

Good luck!

All the best,

Kat Becker, Realtor
Estates, Residential, Commercial
Prudential California Realty
0 votes Thank Flag Link Tue Aug 28, 2012
There is no longer any such thing as a perfect deal guaranteed to close – deals fall out of escrow with regularity. Consequently, most of our listings go pending with the MLS stating “Pending – Show for Backups.” If an offer comes in, it goes in a backup position. It increases leverage on the first offer to put up or shut up. It’s a totally normal part of the selling process.
0 votes Thank Flag Link Tue Aug 28, 2012
I think he is doing his best by his client (the seller) and is to be commended. This may upset the buyer, which is unfortunate, but he has probably seen sales disappear even after an offer was verbally accepted. There is no deal until every detail has been agreed upon and it is all signed by both parties. Until then, you are working toward the deal. And if the deal gets signed, he then has a party to whom he can turn if something goes wrong, such as a contingency gets invoked.
0 votes Thank Flag Link Tue Aug 28, 2012
Hi cansell,

There is no acceptance of an offer until all parties have signed the contract. In real estate, everything has to be in writing, not verbal. So, until you have a signed contract, the seller may have instructed the seller's agent to continue seeking other offers - which the seller's agent has to do (is instructed to do so by their client). Now, if you have a contract signed by all parties, it doesn't really matter what the seller's agent does because you have a legally binding contract.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Tue Aug 28, 2012
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