Investor · Bellefonte, PA · Member since 2008 · 1k+ posts · 88 votes
Is there a Realtor "law" that requires a listing agent to submit any offer to the seller? If there is could you tell me exactly where it is in the Realtor "rules"?
I'm asking the question because I submitted an offer and the listing agent laughed at it and said I will not present any offer that is under $X. The agent told my agent "bring me back an offer that is over that amount and I will submit it."
So now I'm really getting ticked at agents that won't submit offers because "they" think it's too low and won't let the property owner decide if it's to low or not.
Involved In Real Estate · Anderson, SC · Member since 2008 · 350 posts · 70 votes
17y
It is interesting to hear investors take on this. Inflating the suggested value is a rule violation for REALTORs by the way.
If you put an offer in writing, it should be submitted. Even if I know it is lower than what my client has said they have to have, I would let them know anyway since it only shows I am getting activity and interest in the property. It is correct it should be in writing the seller will not consider offers below a certain amount for CYA.
I like the approach of calling the bluff of multiple offers by sending the letter. I cannot contact another REALTOR's client to do this but like the idea of playing hardball for an investor to force the issue. Since the listing agents job is to get the most for the property, I am sure they would skillfully explain their dirty deed as actually being them "looking" out for the seller, trying to get more for it, etc, etc, blah blah blah.
I have heard of a movement to make the offer process more transparent, another good idea. Anything to drive the tricksters out is good to me. And I have hated the few times I had a listing in multiple offer situation.
I think most states require that a agent present all and any offers ,regardless of how small they are.
In the past, I had someone threaten to report me to the DRE unless I provided them undenyable proof that I submitted the offer to the seller, so I forwarded them an email from the bank's AM telling me the offer was a joke....was enough proof.
Why bother with the RE licensing board? Just find an agent that's on board with your buying style. It'll work better for both of you.
Would you say that process has changed in 15 years? Seeing as that's how old my foreign post was that you quoted.