We May Live in Louisiana But We are Not Backwards!

By
Real Estate Agent with Marilyn Boudreaux, Century 21 Bono Realty 0912122870 LA

lake charles real estate

When a Seller Presents an Offer to Buyer

In Southwest Louisiana common practice when moving forward with the purchasing a home is the Buyer presents the Seller with a contract.

License Law requires the listing agent to present Buyer's offer to Sellers.  Seller will either accept, reject or counter Buyer's offer. 

That is normal protocol.  Today I received a contract from the listing agent---Seller's wanted to present Buyer with a offer which is out of the ordinary for our Louisiana market--not normal protocol. It is going in the opposite direction!

True, my Buyer's did view the property on two occasions and have some interest but not enough to make an offer

The listing agent is thinking outside of the box showing Seller's are motivated but that is hard to explain to  First Time Buyers.  Now I have to present my Buyer's with Seller's offer when we have not even gone through what a purchase contract is.  The listing agent thinks he is doing a great thing by presenting the contract to get negotiation started; however this has just confused the Buyers!  Here are my thoughts:

  • How Can Seller write a offer when they don't know what the Buyer's needs are i.e. closing costs?
  • If Buyer wanted to purchase Seller's property, they will make an offer of their own

As a Buyer's Agent, First Time Home Buyer's need alot of guidance and hand holding through the purchase process.  It is important that we follow the order of steps and not pull anything creative out of the box!  Approaching first time home buyers  when they are still learning the process is just going to confuse them--I don't like doing things backwards!

 

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Out Of The Box!
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Rainmaker
335,096
Lori Churchill Cofer
Beasley Realty - Pullman, WA
Realtor - 509-330-0086 - Pullman, WA

Marilyn,

That is rather unusual for sure.....

Jan 31, 2011 01:33 PM #1
Rainmaker
1,117,968
Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

Kookie for sure. I have heard of some people doing this but not often.

Jan 31, 2011 03:04 PM #2
Rainmaker
1,166,284
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

I think that is incredibly inventive. In the back of my mind I recall reading this very same thing way back on AR. It actually is not a bad idea for a first-time buyer who might be afraid to make the first move.  Let us know how it goes.

Jan 31, 2011 04:35 PM #3
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Marilyn - personally, I think this is very creative marketing.  The ONLY thing that bothers me about it is if the contract is for less than the listing price, then it could possibly be a problem.  We all THINK that a homeowner will take less than the listing price- typical practices are to "negotiate", so if it's in writing for less, there could be some liability for false adverstising among a few other things that the legal eagles in AR hopefully will give us input. 

As to license "law" - I doubt that there's anything that states the contract MUST start with the buyer.  A contract can start from any side. 

Please let us know - I think this is very interesting.  Maybe a new marketing techinique that's "outside of the box?"  As long as it doesn't break any "laws", I'm thinking this is quite creative. 

Jan 31, 2011 04:52 PM #4
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Marilyn Boudreaux
Marilyn Boudreaux, Century 21 Bono Realty - Lake Charles, LA
Lake Charles LA Century 21 Realtor

Jane & Juli yes it is very inventive thinking on the listing agent's part I will give him credit for pushing the envelope to stir up interest and there is nothing that prevents him from doing so.  We have to present all offers not matter who they come from! My buyers did view the home twice however after the second showing I shared feedback with the agent that they were not ready to move forward on that house,   The agent asked me if my buyers were doing a rural development loan and I said yes wondering why he asked that....Bottom line is they need closing costs this is why we are viewing homes that qualify for 100% financing, yet in the seller's offer there is no mention of closing costs contribution which is kind of a given with RD loans ...at least in my market.  If seller is motivated and wanted to make an offer knowing up front that my buyers needed closing costs, and they decided to be bold enough to go with an offer to Buyer, it is fruitless without including some closing costs in the offer.

YES the contract is less than list price!  If you are going to be inventive enough to present an offer at least write it for list price with a little towards closing costs!  Just not well thought out in my opinion

Jan 31, 2011 06:27 PM #5
Rainmaker
506,030
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Marilyn, things do get messed up that way. Because I work with my husband many people think they can do the same, agents who know him sometimes try to go straight to him. It is frustrating because as you say we need to do the paperwork.

Jan 31, 2011 10:40 PM #6
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779,627
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

I'm studying for my brokers license now, and such practice is allowed. But honestly it sounds like something one of those TV agents would do. I don't like it either!

Feb 01, 2011 01:53 AM #7
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1,023,277
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

I LOVE IT!  In some cases, it could be just the shove a buyer needs to seriously consider one property over another.  Remember the negotiating rule, he who speaks first loses.  Well that would be the seller, in this case.

Feb 03, 2011 08:56 PM #8
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Lake Charles LA Century 21 Realtor
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