Short cut to offers: ask agents/buyers via WORD sheet at open house?

By
Real Estate Agent with Alain Pinel BRE 01367196
https://activerain.com/droplet/SBD

Has anyone else run into this?

My client expressed an interest in a property which we haven't seen yet because it just came up. The only viewing opportunity was during the first and only open house. 

At the open house, the out-of-area agent asked buyers and their agents if they're interested in submiting an offer. And if such, the agent handed out a simple WORD document which had short questions, and asked the buyer/agent to complete.

  • Contact info for buyer
  • Contact info for seller
  • Offer price

The buyers and their agents were told that the deadline to submit "offers" was at the end of that open house, and that the offers will be discussed with the sellers immediately after the open house

At the end of that meeting with the seller, the agent then called the agents to let them know what the top offer was.

Remember...neither a formal offer nor a preapproval letter was submitted. Just a WORD document with basic information.

I suppose whoever comes out on top will then be instructed to submit a formal offer using the requisite purchase agreement. But for now, this is how the agent wanted to compare "offers".

 

What's wrong with this picture?

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Kathleen Daniels 03/24/2013 10:54 AM
Topic:
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Rainmaker
207,960
Peggy Wester
Realty Executives Integrity - Grafton, WI
Real Estate Agent Ozaukee & Washington County

What?!? How can you do that? It's not an enforceable contract (if I'm understanding you correctly). Can't wait to see the other comments you get!

Mar 24, 2013 10:49 AM #1
Rainmaker
2,828,086
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Pacita,  E V E R Y T H I N G  .... is wrong with that picture.  What on God's Green Earth is that listing agent thinking!? Where did they come up with that hair-brained idea?  I feel so sorry for the sellers!!! 

Mar 24, 2013 10:50 AM #2
Ambassador
2,364,610
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

No Signed Written Offer.  No Binding Contract.  No Pre-Approval Letters.  No Terms or Conditions.

Wow!  Is this Agent just Fishing, or what?

Mar 24, 2013 10:55 AM #3
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4,075,327
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Pacita

Yikes. Why on earth is a supposedly knowledgeable agent operating this way? What is the point? The sellers are not getting the representation they deserve in a crazy market. The agent has no right to the contact information for a buyer who is working with an agent, at least under a contract, I don't think. And how about having an enforceable contract?

Jeff

Mar 24, 2013 11:30 AM #4
Rainmaker
710,643
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Peggy -- I think the agent just wanted to do it fast by checking who is going to write an offer and at what price. That way, he eliminates the work for comparing offers. But he misidentified the process by calling it "offers"

Kathleen -- the agent probably thought he was being efficient. But it bothered me enough that I told my broker about it. And he also agrees that this is very bad business practice.

Fred -- This is the agent's short cut. He wants to eliminate those who are not in the ball park. I know I wasn't because he called me to tell him the highest offer is nearly $100K over mine.

Jeff -- Had he NOT said deadline for submitting "offers", but rather referred to it as preliminary inquiry as to the buyer's intent, it may not have been questionable. But to ask for the buyer's info as well? Not good.

Mar 24, 2013 01:26 PM #5
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Rainmaker
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Pacita Dimacali

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