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NC requires a lawyer to complete a real estate tranaction. If you were in CA or NV no lawyer is involved so why not just use a lawyer in NC or are most Real Estate agents in NC lawyers?
I think a question like that deserves its own thread.
In short, most real estate agents in NC are not lawyers.
Why in the world are you diddling around with this realtor. There are plenty of them that would be happy to work with you I'm sure. If they aren't giving you good service, then call and tell them you are done and find another one. I can't believe you are at the point of reporting them to a Board, or asking about legal issues. A realtor should be doing what you want them to do, or get a new one.
if the "goats" get their house!
In the meantime, an attorney is not required to complete a sale in NC, although it is the standard here to use attorneys for closings. They charge the same as an escrow company would, less than in most other states, so I prefer to use one.
In the same vein, stick with the forms that are also standard for our area, unless you want to invite the need for another type of attorney!!!
It does take a while to drive to a computer/printer or place where forms are kept and a good while to fill them out after looking up all the proper legal descriptions, etc. Again, these forms are very important. The courts take real estate contracts very seriously and you want the contract to protect you.
The market isn't so hot that you need to worry unduly about losing a particular house, but your agent can also call the listing agent and let him or her know an offer is coming. That agent should let your agent know if any other offers are imminent. Although they need the seller's permission to do so, most sellers agree to that. They just need to provide a level playing field and let all parties know there are other offers on the table.
Good luck and keep your cool! Even though most people know a lot about houses, there is much, much more that goes on that you do not know about.
Work WITH your professional and call him/her if you have questions about the process. The Board would be lauging over anyone who called them and complained that it had taken 4 hours to get a contract together. It can easily do so.
Last edited by House Lady; 01-23-2008 at 04:35 PM..
Reason: sp?
Forms differ in most states, and most realtors will not make any moves, until you sign some agreement, which makes the realtor a rep for the buyer, and a contract is done in such a way with many protections to the client, such as home inspections, financial protections, and the assurance that you loose nothing, in case of items that need to be addressed. Once you have signed with an agent, then they can make any offer, as long as you understand , they work for you, and then their job is to protect and serve you as best they can.
Realtor is bound with the upmost ethics whenit comes to get involveed with a transaction there are couple of things that you should know before you enter a transaction which you are not familiar about. There is new form that was placed in effect on Nov 1,2007 for offer to purchase. A realtor is required to fill that out if you want an acceptance of the offer legally.
You are apsolutely right about putting an offer on piece of paper and getting it to the seller but seller will tell his/her agent that they want to see it on the right form required by the NC Real Estate Commission. The offer becomes valid when the correct form is filed and is signed by both the parties. There are many changes that are made to theis contract and it is little more time sensitive than the old contract.
Another thing I need to ask you is, Do you have a Realtor? or this was sub,itted directly to the seller's agent. If you don't have a realtor than the seller agent only owes you honesty and you can not ask of that agent much more because he/she has to protect his seller.
Yes that agent is responsible for submitting the offer to the seller with or without the contract but that is he said and she said. Please get a buyer agent and fill out a agency contract so you have representation. Let your agent do the negotiation than you get involved in this proces and get aggrevated on every step. You don't pay the agent the seller does. Take the advantage of free help. this will help you enjoy your time better and you would have someone that can helpp you in your negotiation.
I am sorry that you feel this angry with the agent butthe agent is just trying to do her job and stay out of trouble. I hope this was helpful. Good luck I wish you get the answer on this home.
You know, after this thread came up, I asked in the office if the obsolete form was acceptable, and got a resounding, "No."
And it seems that everyone has made the assumption the OP has an agent. I saw no reference to that agency.
As far as presenting the offer, I would call my client and say (This is presenting, BTW.) something along the line of, "Hey. Got an offer. It is interesting in price and terms(if that applied), but is on an obsolete form. I suggest you encourage the Buyer's agent to resubmit on the current form, which has more seller protections than the obsolete form which was to be purged from forms files everywhere as of 11/1/2007."
If the buyer was unrepresented, it would be proper to require that the offer be drafted from scratch, but not submitted on a proprietary Realtor/Bar Association standard form.
Is there an "official" form which must be used to submit an offer? I think I am being stalled by an unscrupulous realtor who is telling me that there is. We submitted a carefully filled-out offer (NC Bar Assoc Form No. 2 - 2005) and she did this song and dance that it was not the right form. I informed her that offers can be made on the backs of envelopes, she has a fiduciary responsiblity to the seller to present every offer. Nevertheless, here I sit, four hours later, waiting for her to email me the "correct" form. In the meantime, I know that other offers are coming in on this house--perhaps from her cronies who want to buy it and flip it. We, who are looking for an actual place to live, will get left out.
What to do?
I would suggest the NC real estate commission but since they are completely worthless and do nothing to discourage agents from foul play you would most likely be wasting your time. I would be pissed and would leave a note for the owners on their door telling them that you would like to make an offer. I am sure the agent will get mad but what can you do...
Is there an "official" form which must be used to submit an offer? I think I am being stalled by an unscrupulous realtor who is telling me that there is. We submitted a carefully filled-out offer (NC Bar Assoc Form No. 2 - 2005) and she did this song and dance that it was not the right form. I informed her that offers can be made on the backs of envelopes, she has a fiduciary responsiblity to the seller to present every offer. Nevertheless, here I sit, four hours later, waiting for her to email me the "correct" form. In the meantime, I know that other offers are coming in on this house--perhaps from her cronies who want to buy it and flip it. We, who are looking for an actual place to live, will get left out.
What to do?
Actually you can pay an attorney to write up an offer and present it yourself. Probably wouldn't cost too much either.
Is there an "official" form which must be used to submit an offer? I think I am being stalled by an unscrupulous realtor who is telling me that there is. We submitted a carefully filled-out offer (NC Bar Assoc Form No. 2 - 2005) and she did this song and dance that it was not the right form. I informed her that offers can be made on the backs of envelopes, she has a fiduciary responsiblity to the seller to present every offer. Nevertheless, here I sit, four hours later, waiting for her to email me the "correct" form. In the meantime, I know that other offers are coming in on this house--perhaps from her cronies who want to buy it and flip it. We, who are looking for an actual place to live, will get left out.
What to do?
If I'm understanding this correctly, you called the listing agent and gave her your offer to present to her sellers? Now you are waiting to hear back from her?
Have you considered calling the listing agent and explaining that you have decided you'd be better served by having your own buyer's agent? Then you call someone who has been referred to you and let your buyer's agent write up an offer and give it to the listing agent.
I guess I should have posted "the rest of the story". Didn't realize there'd be so much interest!
Okay, so it all worked out for the best. After about 24 hours and lots of emailing, our offer was rewritten by the listing agent on the form she wanted (we were functioning as our own realtors, if you will) and presented along with the three or four other offers on the property. Ours was selected. We close at the end of the month.
Everyone's happy and I guess this was the house that was meant to be. Previously, I had tried to submit offers on "hot" houses and couldn't even get the listing agent to return my calls--only to see the house quickly sell. Later, I checked the register of deeds and found out what the sale price was...not as much as we would have offered! So, my suspicion is that some realtors are holding off real buyers while waiting for their buddies to get the financing to buy the house themselves, presumably for flipping purposes. Of course, this would be impossible to prove, but I have my suspicions... Why settle for a paltry 6% when you can flip the place and make more money? I guess I can see the logic in that.
Also, I'm none too thrilled with the so-called "standard required" form here in NC. It leans strongly towards protecting the seller and the realtor. If you compare it with the VA purchase offer form, you'll see some huge differences. The VA form is MUCH more pro-buyer. So, don't give me this dribble that the form is "protecting" me, the buyer. That just makes me angry. Of course, this form is better than the back of an envelope, as I had jokingly referred to initially.
Anyway, I'm glad I gave this listing agent a chance. It turns out she was dealing with us in good faith--she was just overwhelmed with the interest in the house. An honest agent. I'm going to remember her.
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I can't wait to see...
