Received fully signed offer with NO terms or conditions - Empty Offer

By
Real Estate Broker/Owner with Phoenix Property Shoppe AZ Broker BR030809000
https://activerain.com/droplet/QmJ

Received fully signed offer with NO terms or conditions - Empty Offer

 

 

You're probably asking what the heck is an empty offer?  Before today I'd be wondering what does one mean by EMPTY OFFER.  Huh?  That doesn't make any sense, does it?  Yesterday I received 3 offers on a new short sale listing.  Two were low balls and not going to work for the seller.  I was hopeful that the third offer would be workable. 

 

 

The first few documents of the attached offer looked fine. Agent had attached the correct forms (which doesn't happen often) and the buyer had signed them properly. But when I opened the purchase contract it was a totally EMPTY OFFER.  The buyer had initialed and signed the purchase offer in all the right places but there were absolutely no terms or conditions. None.

 

My first thought was, now I've seen it all. How an agent could send an empty offer is beyond my comprehension.  What did he want us to do, fill it in ourselves? Or maybe they thought it best for  the seller decide the terms and conditions?  OK - sure I guess that means we'll raise the price by $100K and it will no longer be a short sale. 

  

That was easiest Phoenix short sale ever! Just Kidding! 

  

I emailed the agent right away and let him know that he just sent me a signed but EMPTY OFFER and asked him to submit a corrected offer.  24+ hours later I still haven't heard back from the agent.  Needless to say we're not waiting around to see if he ever responds. We've received three more offers and one offer is a keeper.  

 

Here's what I think happened: Investor signs the contract and says to his trusted agent, "now go out and find as many properties as you can, fill in the terms and conditions and submit offers and we'll see what sticks".  Most of these type of offers  are low ball offers and wouldn't fly with a properly priced short sale on the market only 2 days.  Maybe if it was 30 to 60 days out we'd give it a try.  But rarely does this type of property last long on the market in Phoenix with our current market conditions. There is no point in the seller accepting an offer that most likely the lenders will NOT consider. It's a waste of everybody's time and quite frankly could put the seller in a worse situation over time.

 

So there you have it, now you know what an empty offer means!

 

 

Received fully signed offer with NO terms or conditions - Empty Offer

 

 

 

Posted by

 

Phoenix Property Shoppe
  

 

 

Anna "Banana" Kruchten
Designated Broker & Owner
CRB, CRS, GRI, CNE, SFR, CDPE, WLS


Phoenix Homes For Sale

 

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Show All Comments
Rainmaker
834,432
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team
Hi Anna, must have been an agent with an empty head.
Feb 07, 2013 03:12 AM #55
Rainer
78,723
Mike Sibbald
Elevations Real Estate, LLC - Fort Collins, CO
Broker/Owner Elevations Real Estate, LLC

That is interesting isn't it!  I received one about a year ago that was very similar.  I did get in touch with the agent though.  I was told they were placing 60 offers that day!  I will remember now that is an "Empty Offer"!  Thank you!

Feb 07, 2013 03:47 AM #56
Rainer
473,014
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

And this agent and others are still doing business in this industry, aren't they? Doesn't that just scare the #### out of you and who knows about his clients, are they victims too? 

Feb 07, 2013 04:09 AM #57
Ambassador
2,812,469
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Joetta no ink wasted on a blank contract!

Jan yes we see them all the time - just never have we had one that's totally empty of terms and conditions. Craziness abounds on this one.

Lynn - doubtful by about 100%.  If that were the case this young man had a chance to make it good - but he didn't respond.

Ric - first for me too.

Bob - haha that's a good one!

Mike - that's exactly what is going on - but for an agent to miss an entire 'easy to fill in the blank details' is a really bad job.

 

Kimo - some things never change - as in most professions.

 

Feb 07, 2013 04:44 AM #58
Rainmaker
1,058,012
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Amazing.  I have not heard of this happening before.  Realtors are frequently told in ethics classes that no buyer should submit offers on more than one property at a time. Anna, it was kind of you to give the buyer an opportunity to submit a real offer.

Feb 07, 2013 06:32 AM #59
Rainmaker
1,522,319
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

No wonder I enjoy hanging out on Active Rain - every few days I hear about something I had never heard of before.

An empty offer is definitely a new one on me.

Feb 07, 2013 07:01 AM #60
Rainmaker
1,016,521
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

Just sounds like a software glitch or some sort of mistake to me.  I have occasionally seen blank offers come through because the software was incompatiable between computers.

Feb 07, 2013 07:54 AM #61
Rainmaker
1,469,136
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Interesting story and some of the comments as well.  Good luck getting it sold to a genuine buyer who will be there to perform on his end.

Feb 09, 2013 03:33 AM #62
Rainmaker
601,186
Paula Bradfield
Bradfield Ramsey Group - Salida, CO
Your Salida Colorado area Realtor Team

Anna, it would be tempting to scare the agent ... fill it in with a very high number and write back...accepted! That might shake them up enough to be more careful with her/his client's money.

Feb 09, 2013 03:34 AM #63
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Gotta love it, Anna.  But, like a few said, it could be a softward glitch.  If the agent were real about the offer, he would've contacted you and fixed it, but the lack of communication speak the loudest of all.  No empty offer here!!!!

Feb 09, 2013 03:37 AM #64
Rainer
295,383
Paddy Deighan JD PhD
TimeshareLawyers.pro - Vail, CO
Paddy Deighan J.D. Ph.D

perhaps the buyer was hopoing that you would fill in the blanks with better terms than they were hoping to get from you via negotiation!!

Feb 09, 2013 09:25 AM #65
Rainmaker
2,704,514
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Anna,

I have had this happen, but it was a mistake by the agent...using a template for the investor, I was supposed to receive a completed copy...as you mentioned - it could have been fun to fill it in(!)  

Feb 10, 2013 09:12 AM #66
Rainmaker
3,013,643
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Certainly, the first I've heard of this! Opens it up to lots of problems in the end. And why would a buyer's agent want to spend all that time preparing offers that won't go anywhere?

Feb 10, 2013 08:55 PM #67
Rainmaker
647,093
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Anna, that is another one for the books.  Attention to details is critical!

Feb 14, 2013 11:30 AM #68
Rainer
262,021
Gary J. Muccio, Associate Broker
Keller Williams of Central PA - Camp Hill, PA
Exceptional Customer Service!

Wow this is a new one! I have experiences where a few contractual items were missing, but not an "empty offer"! I teach a forms class for our Association and now have a new term to share. I agree with Kathy Sheehan - attention to details is key - it's the key to success! Thanks for sharing your experience

Dec 18, 2013 10:17 AM #69
Rainmaker
1,938,655
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Sign here and sign here... and here. No questions.

Jun 16, 2014 12:19 AM #70
Ambassador
1,965,505
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Anna, I came here from your post on Robo Offers and was curious about "empty" offers. Well, you know what they say about leaving blanks.... it might have been fun to complete it with the listing terms and sent back. 

Mar 09, 2015 09:25 AM #71
Rainmaker
797,509
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Anna - Empty offers are not worth the paper they are written on.

Mar 10, 2015 05:21 PM #72
Rainmaker
592,801
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

Sure, I've seen offers with key details missing,  and I wonder if the agent was working on too little sleep.

This is a new level, and I'm unsure how the strategy will work.

Mar 12, 2015 01:26 PM #73
Ambassador
1,978,332
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Sadly, I too, have seen this before. Usually due to agent oversight. Pass.

Nov 26, 2016 04:54 PM #74
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