Re: Financial topics
Posted: Fri Mar 19, 2021 4:35 pm
Years ago, there was a realtor handling a bank foreclosure and to look at it I had to go through him, as he had an exclusive listing. He started our conversation by asking whether I was a Christian. It seemed like an odd way to start a conversation about business. I told him I was and he said he was too, and he gave a few more details about that before we even started talking business. Strange. We looked at the house and it was priced way too high so I gave him my price to write up an offer. He became very indignant and refused to write up the offer, which is illegal. He said the house was worth every bit of what he had listed it at, or something like that. So we didn't write up an offer and I went on my way.
https://www.chicagotribune.com/news/ct- ... e%20offers.Is there any law which requires real estate agents to present all offers?
A-Yes. It is a serious breach of a real estate agent`s fiduciary duty to the seller not to present all purchase offers. Even if the agent felt your offer had no chance of acceptance by the seller, the agent should have written up the offer and presented it to the seller.
I am shocked by the agent`s irresponsible conduct. Unless the seller has instructed the agent not to accept offers below a specified price, the agent must present all written purchase offers.
In the future, when you want to make a written offer to buy a home, insist the agent prepare and present the offer. If you think the agent will not enthusiastically present your offer, just write in the offer: ''This offer to be presented to seller in person only in the presence of the buyer.'' Then you have the privilege of accompanying the agent to present the offer to the seller.
If the agent gives you any trouble, report the matter to the state real estate commissioner for investigation and possible revocation of the agent`s sales license. There is no excuse for agents not acting in the best interests of the home seller by presenting all purchase offers. The worst that can happen is you might receive an acceptable counteroffer from the seller.