When you counter the offer request an EMD that is satisfactory to you and also request a pre-approval letter to accompany. I agree with you but just wanted to point that out! Good luck with your offer!!!!
This scenario happened to me and my sellers a couple months ago. As a broker, my first thought was this deal will never make it to closing and I need to look out for the best interst of my sellers. In turn, my sellers would not accept the contract until the buyers obtained a bank letter and doubled the earnest money deposit. Sure enough, once we accepted the contract and the double earnest money was put into escrow the buyers pulled out of the deal a couple weeks later, however, the sizable earnest money went to the sellers.
Thanks for sharing your experience!!
Why don't REALTORS understand consideration (EMD) is one of the essential parts of a contract? And how unprofessional to present an offer without an approval letter!
Low ball offers are part of the game, but I am not a believer in them. I hope your agent didn't participate or condone these actions. Best of luck in your home sale.
With the market being soft, you don't want to disregard any offer, how ever, you should just insist they get you a pre-approval the next business day. Good luck!
Your indignation is justified.
In order for you to negotiate in good faith you need all the perameters anf facts. When a realtor allows a buyer to submit an offer in piece meal fashion it can set a seller up for problems.
All the best,
The R/E Maven
It is true that the procedure manual seems to be re-written a bit with a number of things going on in our industry, especially in Michigan. However, it is still the Agent's job to manage expectations and get Buyers to a reasonable level. By law, we have to present any and all offers ... but there is no law that says we must represent the unreasonable...
Your Listing Agent was doing what they had to do ... hopefully they can educate that prospective purchaser into seeing what a decent and reasonable price for your property is. Regardless of, "low ball," or not, no EMD and no preapproval has NO excuse...
Clarify the issue with your agent and have him/her post on the MLS that you will not entertain offers without an EMD.
You just might be starting a trend that deals with the problem.
Thank you for making this point,
The "Eckler Team"
As for the EMD another problem we are seeing too. It was easier getting the check before the offer presentation, when we could meet with the seller and agent to present the offer. Mostly because we knew everything would get wrapped up fast. However, today it can take days before we get an answer, so we are saying check to be deposited upon acceptance. This makes it easier on the bookeepers, especially when there are multiple offers and the checks need to move from house to house.