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Tommy Burris, Real Estate Pro in Baton Rouge, LA

Is a GFE 'required' to be submitted with an offer in Oklahoma?

Asked by Tommy Burris, Baton Rouge, LA Mon Sep 8, 2008

I was told this by a local realtor there.... and though I am 99% sure that this realtor is Steering her client, I wanted to get some back up answers.

Help the community by answering this question:


There is a big difference between "requesting" and "requiring", I did just a quick search to put this question to rest and found this from the Oklahoma Attorney General in a case decided 2/19/2002. I will include the reference link below. "¶8 It is, therefore, the official Opinion of the Attorney General that:
Where a broker enters into a listing agreement with a seller, the broker cannot comply with the seller's request not to present offers which are less than the seller's listing price without violating the provisions of the Transaction and Single-Party Brokers statutes and the Oklahoma Real Estate Commission's administrative rules, which require a broker to present all bona fide offers to the seller. 59 O.S. 2001, §§ 858-353(4)(a), 858-354(B)(4)(a); OAC 605:10-17-4(10)-(11)."

The following is directly from the OREC...
"605:10-17-4. Prohibited dealings
Within the meaning of subsection 8 of Section 858-312 of the “Code,” untrustworthy, improper, fraudulent
or dishonest dealing shall include, but not be limited to, the following: (11 ) Failure to submit all bona fide offers to an owner when such offers are received prior to the seller
accepting an offer in writing.
“Bona fide offer” means an offer in writing."

You can request a GFE, but it's not required to submit an offer, and can not be used as a reason not to present an offer.

As my little disclaimer I'm not an attorney and do not specialize in Real Estate Law, this is information found on the internet from previous cases and directly from the Oklahoma Real Estate Commission.
Web Reference: http://www.OKLocations.com
0 votes Thank Flag Link Wed Sep 10, 2008
I always request a good faith estimate in oklahoma city our contracts have a lot of info on the financial page and the gfe really helps, also we are required to provide a buyer estimate of costs without a good faith estimate we can simply not do that effictiivly. If the buyer wants seller to pay any costs we need to know what those are.
2 votes Thank Flag Link Tue Sep 9, 2008
A GFE, as in Good Faith Estimate? I've never heard of anyone requiring a good faith estimate to submit an offer. Did the Realtor possibly mean an Approval Letter or maybe Commitment Letter? Approval Letters and Commitment Letters although usually not required to submit an offer will sometimes result in the sellers sending a counter with something along the lines of "Home to remain active on the market until Lender Commitment Letter is received". If the property involves a bank or corporation, like a short sale or foreclosure, they will often times not even look at an offer without an approval letter
Web Reference: http://www.OKLocations.com
1 vote Thank Flag Link Tue Sep 9, 2008
I have been through this situation many times. I like Heidi Everett think a GFE is needed to write the contract properly and fully inform the buyer about the closing costs. If I have a lender who provides the information easily like I feel any good lender should do. After all you would only be disclosing what you are intending to charge the buyer. I would have no problem. However, if you are not forthcoming with this information, then I would encourage the buyer to seek out a lender who is a bit more transparent with their fees.
0 votes Thank Flag Link Fri Jan 2, 2009
All great answers....Thanks!!
I prefer to work with Realtors who are honest. If she would have simply explained that she needed it to work up an expense sheet for the borrower, I could appreciate that!! I just find it disturbing that some people aren't strong enough to be upfront and honest.
0 votes Thank Flag Link Wed Sep 10, 2008
No. A GFE is definitely not required to be submitted with an offer in Oklahoma. Obviously the selling realtor provides the buyer with a buyers expense sheet and the listing realtor provides the seller with the sellers net sheet. As Jace said, many realtors request a pre-approval letter but certainly not a GFE.
0 votes Thank Flag Link Tue Sep 9, 2008
My Broker does require us to get a GFE so we can prepare an accurate estimate of expenses for our Buyer which is required. Some Lenders do not want to provide this and I am leary of them. Maybe they have something to hide.
0 votes Thank Flag Link Tue Sep 9, 2008
No, the realtor did NOT mean a pre-approval letter, she said that she needed both..... then kind of ducked my questions about why(LOL). The realtor is trying to steer my client to another lender.
Thank you!!
0 votes Thank Flag Link Tue Sep 9, 2008
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