BOTH BUYING AND SELLING PARTIES), YOU HAVE THE RIGHT TO AN INSPECTION ACCORDING TO
THE WORDING ON YOUR CONTRACT. REFER TO YOUR CONTRACT FOR THE TIME LIMITS FOR
THE INSPECTION AS WELL AS YOUR RESPONSE TO THE SELLER ON THE OUTCOME OF THE
If the "realtor" is a "Realtor" as in the National Association of Realtors, then he is governed by a Code of Ethics.
In the 2007 Version of the Code of Ethics, there is a section that states:
â€¢ Standard of Practice 1-6
REALTORSÂ® shall submit offers and counter-offers objectively and as
quickly as possible. (Adopted 1/93, Amended 1/95)
Well then, that sounds pretty straight forward.
What happens if the Owner directs his/her Realtor to hold Offers until there are at least 2 Offers?
Now that is a really good question. Does anybody know the answer to that question?
And what happens if the Owner is presented the Offer and the Owner doesn't want to repond to the Offer until there is a 2nd Offer? Or if the Owner doesn't want to have Contingent Offers presented? Or if the Owner doesn't want Offers presented until after a certain amount of time has passed?
These are all very good questions! I believe that the key is in the Disclosures.
Which reminds me,,, I am not an attorney, nor do I play one on TV.
I am not in that area but ill try to answer you questions.
Is the home a foreclosure or bank owned or short sale?
Sometimes the lender requires you to have the home inspection done before submitting any contracts.
This way you know exactly what is wrong with it before putting in an offer.
Try to be there for this so you can ask any questions during the inspection.
If this is not the case, I cannot see why the agent would not submit the contract unless
it is the problem stated above. But without knowing your exact situation I cannot give you a more detailed answer.
Is the agent the same agent that has it listed?
Have you signed a transaction broker agreement with this agent?
If you'd like, give me a call, and though I cannot give legal advice, I may be able to point you in the right direction and shed some light on this for you from a realtor's perspective.
All the best,
Tobias Kaiser, MS, CIPS
Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist
954. 561.0066 x 11