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Is it considered "unethical" if a fellow in-house agent has a deal in attorney review and the "house" won't let other agents present any offers to the agent who has this deal in attorney review for his/her seller to take into consideration during the attorney review time period because "we don't back-stab our agents like that"?
Is it considered "unethical" if a fellow in-house agent has a deal in attorney review and the "house" won't let other agents present any offers to the agent who has this deal in attorney review for his/her seller to take into consideration during the attorney review time period because "we don't back-stab our agents like that"?
Why settle for "ethical?"
Where I work, withholding an offer from the seller would not be "legal." Seller gets to see all offers, right up to recording of the deed.
However, we don't have routine "legal review," so that all may not be relevant in areas where there is such a custom.
Is it considered "unethical" if a fellow in-house agent has a deal in attorney review and the "house" won't let other agents present any offers to the agent who has this deal in attorney review for his/her seller to take into consideration during the attorney review time period because "we don't back-stab our agents like that"?
I am sure you understood what you meant...but I think you are solo.
Like Mike we present all offers even after it has gone to contract. But in the western system there is no out for the seller after contract is signed...though he can take advantage of a buyer create opening if it should occur.
Maybe the answer is to get rid of "attorney review period". We don't have any and it all works fine.
I am sure you understood what you meant...but I think you are solo.
Yeah, that's the best way I could offer the explanation. Sorry for the confusion. Let me dumb it down:
A bunch of realtors work for, let's say, a branch of Weichert in a town.
One Weichert agent (Agent A), in this branch, has a deal in attorney review.
Another Weichert agent (Agent B), who works for the same branch, has a client/buyer who wants to make an offer on the property that Agent A has in attorney review.
The specific in-house rules for this particular Weichert agency dictate that Agent B can't mess up Agent A's deal that is in attorney review by presenting his buyer/client offer to Agent A's seller.
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Like Mike we present all offers even after it has gone to contract. But in the western system there is no out for the seller after contract is signed...though he can take advantage of a buyer create opening if it should occur.
That's not what I was asking.
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Maybe the answer is to get rid of "attorney review period". We don't have any and it all works fine.
Yeah, that's the best way I could offer the explanation. Sorry for the confusion. Let me dumb it down:
A bunch of realtors work for, let's say, a branch of Weichert in a town.
One Weichert agent (Agent A), in this branch, has a deal in attorney review.
Another Weichert agent (Agent B), who works for the same branch, has a client/buyer who wants to make an offer on the property that Agent A has in attorney review.
The specific in-house rules for this particular Weichert agency dictate that Agent B can't mess up Agent A's deal that is in attorney review by presenting his buyer/client offer to Agent A's seller.
That's not what I was asking.
Where are you from?
The question can only be answered by a local and most of them will not know. You are into the archaic rules of common law RE as modified by the local statutes. It will deal heavily with how agency is defined in that state.
I would be inclined to expect that Weichert rules will be inside the law. Weichert custom may not be...but the written rules? Note thqt the laws may be quite different if both agents are not Weichert.
Many of us will agree this is all screwed up. I certainly do. But we are dealing with a role created by modified common law and the interest of the various stake holders. That is not a good way to run a railroad.
Why settle for "ethical?"
Where I work, withholding an offer from the seller would not be "legal." Seller gets to see all offers, right up to recording of the deed.
However, we don't have routine "legal review," so that all may not be relevant in areas where there is such a custom.
Well there you go. That's what my realtor was so irate about. The realty company who had that "in house rule" is a mom and pop shop, one of the two long standing "family" owned RE companies in the city.
What ended up happening is that I found out the seller's contact information on my own (my realtor couldn't legally contact the seller, so he suggested I do so), called him, and asked if his property was still for sale. He told me that he had just concluded attorney review earlier that day and asked me where I was a few days ago - we had a higher offer than he agreed to sell for. Trying to get my offer to YOU, is what I told him and after he asked how I found his phone number. A little no-brainer research...he was in his 70's, not used to all the new-fangled ways of creeping on people who have listed phone numbers. Sweet Greek man and invited me to his restaurant up in the northern part of the state where he lives - meaning he got over the "how did you find my phone number" pretty quickly.
He also told me that if anything fell through he'd let me know immediately. Apparently all went well.
This was about two years ago. I don't know if my realtor ever "reported" anything to whatever board he said he was going to. I don't know if the seller bothered doing anything about it either (not getting all offers presented to him even while in attorney review).
Sometimes a bird in the hand is worth two in the bush.
The question can only be answered by a local and most of them will not know. You are into the archaic rules of common law RE as modified by the local statutes. It will deal heavily with how agency is defined in that state.
I would be inclined to expect that Weichert rules will be inside the law. Weichert custom may not be...but the written rules? Note thqt the laws may be quite different if both agents are not Weichert.
Many of us will agree this is all screwed up. I certainly do. But we are dealing with a role created by modified common law and the interest of the various stake holders. That is not a good way to run a railroad.
I practice in Nevada. CA and AZ are very similar.
I'm sorry, I know I've made this confusing...but Weichert was just an example used for name only.
So there is no attorney review in some states? Is there a time period to back out of a contract, under another clause or name?
I'm sorry, I know I've made this confusing...but Weichert was just an example used for name only.
So there is no attorney review in some states? Is there a time period to back out of a contract, under another clause or name?
In NC, we have a "Due Diligence" period, wherein the buyer must perform all investigation of the condition of the property, loan qualification, appraisal, survey, zoning and HOA investigation.
During that period, the buyer may terminate "for any reason or no reason."
After that period, the buyer will forfeit any earnest money if terminating for a reason linked to property condition.
Providing insurable and marketable title remains seller responsibility until through closing.
I'm sorry, I know I've made this confusing...but Weichert was just an example used for name only.
So there is no attorney review in some states? Is there a time period to back out of a contract, under another clause or name?
Once gone to contract there is no standard out for the seller. The buyer has a due diligence period of a week or so to do whatever to decide if they want the place.
It is not impossible for a choice property to sell in the minutes after it hits the MLS. There are likely games being played. But by whom and why is not generally available information.
I've bought homes in LA, MS, UT, and TX and never had any attorney review period. TX has a $100 option for - I think - 10 days, non-refundable and you can back out without saying why.
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