How to Handle a Real Estate Offer. The EASY WAY!
The most enjoyable occasion working as a realtor is having multiple offers on a property by numerous potential buyers and usually means you have been doing your job well and there will be a “sold” sign in the lawn soon. At first, it may seem like having numerous offers would be a fantastic thing but I came across real estate agents that dislike this situation because on many occasions it can become antagonistic.
When there are numerous offers on a property from a couple of different buyers there will only be one winner. On the occurrences, you may encounter some very heated losers.
As a realtor, I have to wear a specific hat, and that’s a Realtors hat. My job is to sell my client’s property in a timely manner and in good terms. It is not my job to worry about another Realtor’s obstacle.
While working with different offers, I have found myself that many real estate agents do not have a clue about the different states’ laws when it comes to real estate offers. To me, it seems like there are other real estate agents that “think” they could make their own fortitude of the different laws.
I’ve made a small list of the mistakes being made right now in this business from ignorant real estate agents that should know better.
In the majority of the United States, all offers, regardless if they are written or verbal they must be presented to the seller
The listing broker can’t make the decision of what is or what isn’t worthy of the seller’s consideration. It is not up to the agent to decide if the seller has decided a ridiculous offer. He or she is only the agent, not the decision-maker. It is a violation of the code of ethics to withhold any offers whether written or verbal.
In the many years of working in the real estate world, I have encountered numerous realtors that will not present an offer unless it was in writing. Ladies and gentlemen, it is not up to the realtor to withhold and offer or tell another real estate agent they “have to” put it in writing. These requests have to come from the seller.
Something that completely amazes me is that people think Realtor cannot reveal the terms of a buyer’s offer to another buyer or their agent. This is a MYTH.
The sellers listing agreement has the following information:
“Seller hereby authorizes the broker to disclose to prospective buyers whether an offer has been submitted on the property and to disclose whether the offer is from a buyer introduced to the property from the listing agent, by other licensee associated with the broker, or by a cooperating broker. Disclosure of the price and any other terms of any offer shall remain confidential until closing unless otherwise authorized by the seller.”
The words “authorized by the seller” is the key factor in determining what the real estate agent can do with the resources they have. The smart thing to do is share information with another party to achieve a better price for their property. This is a big key to deal with a real estate offer. You have to remember that the listing agent has a fiduciary responsibility to the seller to get the best conditions and terms by whatever legal means possible.
If a real estate agent doesn’t reveal the terms and conditions of a competing offer without the seller authorization is an absolutely different story. Unfortunately, this would give one of the parties an upper hand and would breach a duty of fairness. The realtor has to remember to make sure he follows the law or else he would definitely get sued. The agent should always follow the lawful directions of their clients.
Multiple Offers? Here is the best way to handle them
You have to always remember that there are a few things to take into considerations when it comes to expanding the best offer possible but to make sure you don’t neglect parties and end up with no offer at all.
In some situations, it is possible that multiple offers coming in around the same time which should be presented to the seller as soon as possible or at the same time. Other situations may occur where you are in the middle of a few negotiations and you end up getting one or a few more offers.
