All Offers Must Be Submitted To Seller
Hi,
My name is Angel. I'm currently trying to work with a real estate agent in NYC. I placed an offer on a property, and he claims that my offer is a back up offer in case the first one doesn't get accepted. He told me that the first one was for $360k, and I placed mine at $362k. Should my offer be presented to the seller?
Thanks,
Angel
Real estate agents are required to submit all offers to the seller. Whether they do or not depends on their ethics of course. That seems strange that he won't send your offer esp. when its higher than the other offer. Or maybe there's another higher one yet.
I don't have much confidence in RE agents. I would ask the agent to let you talk to the seller. Whether it's over the phone or in person. This way you can give off the right impression to the seller rather than relying on the agent to do that for you. I more often than not get the feeling that agents have their own agenda and never really represent you (the investor) to the seller the way you would like.
Just spoke the agent,
He claims that their agency is so large (which happens to be #1 in county), that their owner developed a system of having sellers review 1 offer at a time. In hopes to eliminate, battling amongst the different agents.
I really don't buy it, I know that there is something strange behind it. Would it be improper to have my real estate lawyer call their office and get on them?
-Angel
I would ask them to take me to see the seller, and make sure I'm talking the the listing agent. The agent will want to be apart of you conversation with the seller but that's okay. But I wouldn't cause a fuss (or tick off the agent) so that the agent doesn't want to deal with me. Remember most agents work for the seller not the buyer.
sounds like the first contract was ratified, and they are keeping you in the 2nd position just in case the first one falls through, which happens quite a bit.
I would think the department of Real Estate would be interested in this Broker's policies......
All offers are to be presented to the Seller, no matter what!
Unless the Seller specifically states there are to be no more offers presented. (This is highly unusal and I would get it in writing.)
It could be the night before closing, or even after closing, and the seller has the right to see any other offers.
It may be well worth it for the seller to back out of the 1st deal. It may not! However, The Seller gets to choose (and pay the consequences)
Agents are required to present any and all offers unless the listing agreement says otherwise.
For future reference you may want to put a provision in your contract that states that you reserve the right to occupany the agent when presenting the offer.