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Twice today: Agents tried to discourage me from submitting offer because there are already offers on the table

I'm incensed!

Twice today, I was nearly rebuffed by two agents whom I called when I tried to submit my offers.

The first one was an REO. She said she already received an offer last night, and another one this morning --- as if two was enough. She tried to discourage me from submitting an offer since she thought the ones she had were good enough. I insisted that she present my offer since there isn't an accepted offer at this time. To make sure she submitted my offer, I asked that the bank acknowledge receipt.

The second was a listing already scheduled for a trustee sale next month. The agent did everything he could to discourage me, saying the seller has already received six offers and that they were forwarded to the lender. I stood my ground that if my offer turns out to be best of the bunch, that the lender would want to know. Turns out that the agent thinks he'll have a hard time getting hold of the seller and getting him to review my offer. So it's all about HIM! I reminded him that as long as there is no accepted offer, that it is his responsibility to submit/present all offers.

But geez.....why do I even have to nearly beg to submit my offers?

I know that several REOs are getting multiple offers. But it still shouldn't be the agent who decides when to stop presenting offers. Or am I wrong?

Posted by Pacita Dimacali, REALTOR, e-PRO, SRES on 05/10/2008 01:10 AM

Comments (13)

submit offer, multiple offers, short sale, trustee sale

Post is included in group: Realtors®
Post is included in group: ETHICS and the REALTOR
Post is included in group: It's A Buyer's Market

13 Comments on Twice today: Agents tried to discourage me from submitting offer because there are already offers on the table

Pacita, I agree with you. I hate to say it, but is it possible the agents are discouraging you because they have submitted an offer for their own clients and are hoping to get both sides? I commend you for standing your ground!

05/10/2008 01:24 AM

by Christine Howlett - Lake County Ohio Real Estate (Howard Hanna Smythe Cramer)

Congratulations on standing firm- clients are owed the best service we can provide and you're doing just that.

05/10/2008 05:08 AM

by Vanessa Krempa (Prudential New Jersey Properties)

Pacita - why would anyone want to turn down an additional offer? Doesn't more competition mean that their client could end up with more money in their pocket, and don't they work for the seller?

05/10/2008 05:13 AM

by Stanton Homes - Penny Hull: Raleigh Area Custom Home Builder (Stanton Homes Inc - Raleigh Custom Homes)

I would have asked to present the offer to the seller myself.

05/10/2008 05:43 AM

by Ernie Steele (Prudential Homesale Services Group)

As a listing agent, I feel the more offers the merrier!! I agree with you that it isn't the agent that has the say in whether or not he should present the offers. Legally we have to present ALL offers. I hope yours get accepted!

05/10/2008 05:56 AM

by Laura Karambelas-Chicagoland Real Estate (Baird & Warner)

Pacita - I suspect the Christine may be on to something. If that were the case, the listing agent appears to not be looking out for the best interest of their client.

05/10/2008 07:47 AM

by Tiffany Wilson (Shorewood Realtors)

Pacita, I think the NAR Code of Ethics sums it all up:

Standard of Practice 1-7

When acting as listing brokers, REALTORS^® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS^® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS^® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)

Good Post!

05/10/2008 12:24 PM

by Michael Setunsky (Michael's Commercial LLC)

In New York by law we have to submit any and all offers. I recommend any and all offers be submitted until CLOSING when I teach the ethics course.

All the best!

05/10/2008 01:30 PM

by Kevin O'Shea, White Plains, NY Real Estate (American Classic Homes, Inc.)

I have had a seller's agent tell me the same thing. I still submitted my offer. I don't mind being told there are other offers, but don't tell me know to submit it. In our market, we have a multiple offers form that is supposed to go to all parties, but it rarely gets used.

It is kind of funny, in 2005 and 2006, multiple offers were expected and encouraged. What a difference a market can make!

05/10/2008 02:46 PM

by Leslie Stewart – Realtor ®, CRS, eCertified (Prudential Real Estate Professionals)

Thanks, all, for your comments.

The mere fact that I have to remind the agents that it is their ethical and fiduciary responsibility to present all offers to their seller, was gnawing at me. I am following up on my offers. What was unnerving about this is that the second agent who did all he could to discourage me from writing appears to be the broker of the agency!

One of my listings is a short sale with an accepted offer. Per our MLS rules, I put it as pending as soon as the offer was accepted by the seller. However, the lender instructed us to continue offering the property as actively for sale until the lender accepts. And so I did. I look at this as an opportunity to bring more prospective buyers, and if they have agents, to develop good working relationships with those agents. Yes, the more, the merrier.

05/11/2008 02:38 AM

by Pacita Dimacali, REALTOR, e-PRO, SRES (Gallagher & Lindsey, Inc.)

I submitted an offer on a short sale and the agent said THE BANK only wanted to look at one offer at a time. It made no sense what so ever. Ours could have been higher and better but the agent said "the bank said one at a time." So, we are the back up offer. It doesn't make any sense to me.

05/16/2008 05:22 PM

by LaNita Cates (REMAX of Joliet)

I agree that it is the responsibility of the listing agent to present all offers to the seller (although the seller is not obligated to look at them).

In the REO example that you cited - had you verbally given the listing agent the terms of your offer? If you had and if your offer was just totally out of the running, she may have been trying to tell you in a subtle manner that you were just wasting your time.

If you had doubt that the listing agent was acting fairly, you were probably correct in insisting that she submit your offer. And while you could ask that the bank acknowledge receipt, I'd be shocked if they actually did so.

05/16/2008 09:42 PM

by Frank Sauer (CENTURY 21 Garner Properties)

Take it to them anyway and tell them to submit it . Here if an agent refuses you can approach seller directly.

05/17/2008 11:11 AM

by Classic Realty Inc./GMAC Real Estate

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