Could someone please explain to me the procedures for presenting offers to sellers in Maryland?

Asked by Gina Baum, Shrewsbury, PA Mon Oct 20, 2008

If a seller has been presented with an offer, and then they know of another offer coming in, but it has not been presented, how long can the seller hold on to the first offer before counteroffering or rejecting?

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Fernando Her…, Agent, Gaithersburg, MD
Mon Oct 20, 2008
Offers presented should be promptly presented to the seller. A technique I use to present offers is to give sellers a reasonable set time for a response or the offer becomes null and void automatically. The seller has the choice to accept, reject it or counter. It is apparent in your case that the seller is using your offer to create competion with another buyer. At this time your options are to give them a deadline, and simply go on. . .
0 votes
Kim Mills, Agent, Crofton, MD
Mon Oct 20, 2008
If the seller is in counter offer stages with you, they should withdraw the counter offer with your client in order to work with the other offer. Did you respond to the counter offer? Was it in writing or a verbal counter?
Web Reference:  http://www.kimandrenie.com
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Judy Glazer, Agent, Washington, DC
Mon Oct 20, 2008
Did you respond to the counter offer?
0 votes
Gina Baum, Agent, Shrewsbury, PA
Mon Oct 20, 2008
We presented it on Saturday evening. The LA called us with a counteroffer on Sunday and then she called this morning, Monday, to say that another offer was coming in and the sellers wanted to wait before counter offering to my buyer.
0 votes
Kim Mills, Agent, Crofton, MD
Mon Oct 20, 2008
Unless there is a set time frame in the contract, then there is not a time frame. However, the buyer has the right to withdraw the offer which could leave the seller without a contract at all. In this market it would seem that you would not want lose a buyer for an unknown offer, that may or may not come in. The seller maybe deciding if they can live with the offer, or if they can line up a moving company to accomodate the settlement date etc. I dont think it is unreasonable for the seller to take a day or so from when it was presented if needed. I would talk to the listing agent, find out the time frame is and let the buyers decide if it is worth waiting for or if they want to withdraw. You did not mention how long you have been waiting for a response.
Web Reference:  http://www.kimandrenie.com
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