Seller Rejects Buyers Full Price Offer
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- เผยแพร่เมื่อ 24 ส.ค. 2017
- Seller rejects Buyer's full price offer because they expected a bidding war; the Buyer won't change their offer... does anyone have recourse?
Annie Fitzsimmons,
Washington REALTOR® Legal Hotline Lawyer
#LegalHotline #Friday Video
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Thank you for this....I was in this very situation recently. New listing on the market, fully prepared offer to submit for my clients. Full price STRONG offer. Called the listing agent to see if any other offers etc and was told that it would not be accepted if it was not over list price because it was too new on market and they wanted more for it. Story ended with my clients asking me NOT to present the offer on this house because they do not NEED or WANT it bad enough to play that. We have found something else! :-)
Where do i find the realtors commission form for rejected offers for oklahoma ? and how do you know if offer is even submitted? when a realtor say they wont take that offer how do i know they are not holding out for a bigger commission ? and when they wont respond when asking for a signed rejection form And i have had some make up a generic form with a signature you cant even read this is comon in the industry the NAR never respond to these concerns allowing them to continue every day doing the same thing. Thank you
Only an issue if a Realtor was after a quick transaction (under priced it etc.) looking out for Self-best interests. Then falling back for defense on the contract for protection, sad.
Interesting video. Several times I've heard of the strategy of listing a property somewhat low in order to generate a bidding war. My assumption is that this strategy was suggested by the broker based on their experience in the market. Given that most sellers have maybe sold one or two houses before, whereas the broker has probably sold dozens, and that the seller is trusting the broker's experience and expertise, should it really fall on the seller if a bidding war does not occur and a full price (only) offer is made?
If the broker tells the seller they should list their property low to generate a bidding war, but then a bidding war does not occur, would the seller have a defense against the type of claim in this video?
Yes, I got a full offer, too good to be true. Reason I rejected, R E contract was incomplete, name of one buyer missing, not signature of husband then I am giving only four hours to accept, lender's letter two names.. For more that I requested for contract to be corrected, my listing agent asked as well, contract was edited but still where is the name of the second buyer. This agent did admit to wanting to DITCH buyers too picky wife. I did fail to explain the main reason of why contract was rejected.
I have rejected a second contract in the grounds RE contract my name appeared as a buyer. I did explain why I was rejecting it. It was too low of a offer.
Third Contract: Seller name are missing, only address of the property appears. Conventional, Realtor indicated FHA, microwave? None being offered. Yes, it was corrected in the counter. My listing agent of course can edit on my behalf. Went into pending and buyer decided to move on.
I live in Memphis, TN. While protected class applies, we are reverse some how.
How do we distinguish in a contract when a protected class buyer or not?
While I am not a lawyer, RE agents fail to complete the lines. It is my pet peeve, a contract that has errors shall be rejected regardless.
Agents that the due care, careless. So next time shall take the full offer regardless of errors, name missing, signatures? Written over, correction? Let my listing agent correct the names of buyers in the counter?
The biggest issue that I see is the contract offer is likely to be defective in some manner due to a drafting error. Basically not an offer that the seller could accept without some sort of counteroffer. If that were the case I'd have a hard time seeing how the selling agent would be entitled to compensation, and even the listing agent who did not draft the contract could possibly have issues in that regard.
Beyond that, I believe the selling agent has to go through the NWMLS arbitration procedures and a listing agent suing their client if they aren't forced to pay a selling agent is somewhat problematic/not a good thing to do.
Industry standard listing input... does not incorporate industry standard buying terms, e.g. buyer's inspection contingency. A great many offers incorporates contingencies to protect the buyer (inspection and other) not specified by Seller. These are all incompatible with Seller's stated acceptable terms. Therefore, no seller's agents/listing agent bringing an offer that meets every seller term (EM, Price, Financing, Closing Date, and nothing else) including non-seller specified contingency to protect any buyer interest.... creates any reliable basis for recourse... full price alone does not guarantee your income.
It would be nice to know how these work out in arbitration/court, but as to your point I think a seller could add sale terms to their listing and protect themselves from this risk, but to the extent that the sales terms ask for a waiver of inspection rights they would open themselves up to other risks post-closing. I really doubt though that the arbitrator/judge would rule in favor of a seller for a financing contingency, unless maybe the complaint was with regard to the buyer's lender and that complaint was communicated.