Should the listing agent submit my contract to the seller ASAP, or wait for more possible in the works contracts?

Asked by WDR, Cedar Park, TX Fri Dec 27, 2013

My contract is exactly what the seller wanted. The listing agent is holding my contract waiting on others that are "in the works". Seems I am being setup for a bidding war between me and other potential buyers.

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8
Stephen McCl…, Agent, Georgetown, TX
Tue Dec 31, 2013
WDR,

Good day to you. The listing agent is bound to the seller and the seller's direction (instructions) for presenting offers. That said, the listing agent has a legal fiduciary duty to their seller client. Thus, an obligation to present all offers as soon as reasonably possible exist in that fiduciary duty unless instructed otherwise by the seller. If the listing agent has knowledge that another offer is coming in on the property, they are bound to notify their client of that possibility. If the seller chooses to sit on the contract and hold out for multiple offers that is the seller's choice not the listing agents. That is acting in the best interest of the client at all times.

Good luck,

Stephen B. McClain Owner Broker
Cornerstone New Home Solutions
512 876-3116
smcclain@cornerstonenewhomesolutions.com
1 vote
Le Green Sch…, Agent, Anderson Mill, TX
Wed Dec 31, 2014
Even if you didn't put an expiration date, you have the right to withdraw your offer at any time before the seller accepts it. So have your agent contact the seller's agent and let them know you plan to withdraw at a certain time if it hasn't been accepted, so that you can go look at homes that the sellers actually want to sell.
Web Reference:  http://Www.legreeNhomes.com
0 votes
Gary Geer, Agent, Antioch, IL
Tue Dec 31, 2013
As soon as reasonably possible unless otherwise directed in writing by the seller.
0 votes
Dallas Texas, Agent, Dallas, TN
Sat Dec 28, 2013
Your buyers agent should have included an expiration date for seller response UNLESS the property is foreclosure OR short sale. Lender could require any and all offers.

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0 votes
Bill Eckler, Agent, Venice, FL
Sat Dec 28, 2013
WDR,

Your purchase offer should spell out clearly the amount of time they have to respond......

This is exactly why it's important to allow the seller a short window of time to respond to your offer. Unless there are extenuating circumstances, we always allow only 24 hours for the seller to respond to our offers.

Good luck,

Bill
0 votes
Hayat Shaban, Agent, Cedar Park, TX
Fri Dec 27, 2013
The listing agent must submit any and all contract to the seller ASAP. It is a violation if the listing agent held any offer from the seller for any period of time. Listing agent can hold any offer, if was instructed to do so by the seller. Sometime seller will ask the agent not to submit any offer on certin days or time. Seller can also ask the agent not to present any offer less than a price that he have in mind. My point is the listing agent is working for the best interest of her seller and the agent will do what the seller had ask the agent to do. Good luck on your offer!
Hayat Shaban
http://www.allaboutcedarparkhomes.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Fri Dec 27, 2013
WDR,
I know in my state an offer may be withdrawn anytime before it's signed and returned. You can withdraw your offer if you don't like the way it's being handled, you can amend your offer making it higher, lower, closing sooner or later, with more or less earnest money, whatever you think will help your situation.
Most offers have an expiration date, so if your offer expires you and they sign it, you may not be bound.
Bottom line, the seller can instruct their agent to present whenever, and take the risks associated with it or they can sign the first one and wonder if others may have been better.
0 votes
Nancy Bilunas, Agent, Round Rock, TX
Fri Dec 27, 2013
WOW! There are lots of things that could come into play here. Those other offers may or may not materialize. Is the property a short sale or foreclosure? Sometimes lenders hold offers or they instruct their listing agents to keep the offers until a certain date & time. If that's not the case, perhaps the seller is out of town for the holidays & it's difficult to get make contact. Most Realtors keep in close contact with the listing agent during the offer process; talk with your agent about your options.
0 votes
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