Home Buying in Palm Beach>Question Details

Kristi, Home Buyer in Palm Beach, FL

WE are the only ones with a contract to purchase a house at the moment. Tomorrow there are more inspections.

Asked by Kristi, Palm Beach, FL Fri May 9, 2008

Does the realtor have to present our offer prior to waiting on the other inspections? he'stelling us that he'll wait until there others come forward. We want to be first and foremost for negotiations. Does any one know our rights? Thanks.

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Answers

6
Is "your" agent under a buyer's representation agreement with you, or an agent for the brokerage that listed the property for sale? Are you sure that this situation is not due to some decision on the part of the seller? As for your rights, beyond saying that you must be treated fairly and honestly, you should direct all legal questions to an attorney.
1 vote Thank Flag Link Fri May 9, 2008
IF YOU HAVE AN "EXECUTED" CONTRACT ON THIS PROPERTY (THAT IS, A CONTRACT SIGNED BY
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
INSPECTION.
0 votes Thank Flag Link Mon Jun 23, 2008
Hi Kristi,

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:

• Standard of Practice 1-6
REALTORS® 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.
Web Reference: http://www.ByJoveMyHome.com
0 votes Thank Flag Link Sat May 10, 2008
Hello Kristi,

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?
0 votes Thank Flag Link Fri May 9, 2008
Kristi, I'm not certain either if I understand your question(s) correctly.

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
0 votes Thank Flag Link Fri May 9, 2008
all offers have to be presented to the seller...You can bid on a property with others and it normally comes down to final and best offer ..but to hold an offer ..I cant understand how that can be? As for inpections not sure I know what you mean..you do your inspections after the offer has been accepted ...what inspections are you talking about?
0 votes Thank Flag Link Fri May 9, 2008
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