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Does a realtor have to submit an offer to the sellers?

Friends of mine recently have been interested in a home in the area. When they called the seller's agent, and told them they wanted to put in an offer.

She said it was too low, and the owner's wouldn't entertain it. Is there a way to "officially submit a bid", in writing as the buyer's don't have an agent. Does a real estate lawyer draw up the offer for them?

Thank you Active Rainers for your advice.

Posted by Lois Geller Marketing Trainer/Speaker/Author on 08/10/2008 10:16 PM

Comments (12)

bidding on a property, how to submit a bid, low ball bids dont count realtor has to submit every bid

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12 Comments on Does a realtor have to submit an offer to the sellers?

AUG

2008

Yes, it's your duty and outlined in the code of ethics.

Lois, personally I think your friends should find a buyer's agent to represent their interest. In our state it is our fiduciary duty to submit all offers and I expect Florida is the same.

There is nothing to stop the buyer from going to the seller directly, however it is best for the buyer to have some form of representation. I don't know what numbers we are talking about here but in this market I would think very seriously about rejecting any offer.

The true challenge is with the seller's agent who doesn't want to face their seller with a low-ball offer and get yelled at. It would be best to find a realtor that will write the offer and then will present it to the seller in person.

I'd be happy to help you find your friend a Realtor in Aventura. Email me.

All they have to do is contact another agent who can then submit the offer. It's never up to the seller's agent to make the final decision; they must submit all offers. The seller's agent isn't even giving the seller the opportunity to make a counteroffer. I always say, never turn down an offer, no matter how low. An offer opens the opportunity for dialog which may lead to an agreement among all parties. I would also go a step further and suggest to the buyer that their agent present the offer directly to the seller, in person.

Hi Lois,

Agents are duty bound to submit all offers, unless they have expressed instructions from the seller otherwise.

It is an agent's fiduciary responsibility to present all offers to the Seller. However, the Seller has a right to refuse to address the offer. They Buyer has a right to present their own offer, however the Seller has the right to refuse their presentation.

The Buyer would be better off finding representation.

Also, in this market an Agent and/or Seller should never flat out refuse to address a written offer. I have had many "Unreasonably Low" offers turned into acceptable ones by countering back with something acceptable to both Buyer and Seller. Most offers are coming in too low because the Buyer's are being taught by the media that they should do so. Once they realize they can't get the major steel they were hoping for, they become more reasonable.

Well, the Sellers agent has to submit all offers, unloess he/she is directed by the Seller otherwise. The Seller can say that he does not want to see the offers below some ammount, and then the agent can reject the offers base on that instruction.

AUG

2008

A realtor has the duty to submit to his/her client all the bids for their property. The only person authorized by law to refuse an offer is the owner. Anything different will be consider a violation of the code of ethics.

Gabriel

Hello Lois, I wrote you a response to this question but decided not to submit it. I think it is more interesting to just park and come back and see what other's have to say about this. So far not a complete answer in my opinion. Perhaps the different State Departments of Real Estate should put this question on their exams,:-)

AUG

2008

Hi Lois...You got some awesome advise here from Realtors for your friend, great ideas to share this in the Rain. Good Luck with your Friend's purchase!

As always have a great day!

OCT

2008

Lois, Have your friend find a buyer's agent, as mentioned above by several others. Have the agent include "written response from seller required" as part of the offer. Many sellers tell their agent that they won't consider a "low" offer. I have ratified many a contract that was lower than seller said they would entertain. In Maryland, written offers must be presented.

If you have any questions, give me a call. We haven't talked for a long time.

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