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If you list a home and expect multiple offers over a weeks timeframe - how does that work for a sellers and buyers?
For example: if you list it at 400k and someone comes in with a 400k offer - no contingencies - what do agents put in the listing information that allows sellers to wait and see what other offers come in over a weeks time frame? Offers over asking are fairly standard here now.
Couldn't the agent that submitted that 400k offer have a claim for compensation since they met the terms of the listing offer?
If you list a home and expect multiple offers over a weeks timeframe - how does that work for a sellers and buyers?
For example: if you list it at 400k and someone comes in with a 400k offer - no contingencies - what do agents put in the listing information that allows sellers to wait and see what other offers come in over a weeks time frame? Offers over asking are fairly standard here now.
Couldn't the agent that submitted that 400k offer have a claim for compensation since they met the terms of the listing offer?
I usually put a House on the market by Thursday and tell all agents by the MLS Remarks to have their Highest and best offers in by Sunday or Monday by 5-6 pm. This semi-creates a bidding situation if you think there will be one. I may even do 2 open houses that weekend to get traffic through and stir up interest.
BTW I will not represent a Buyer if they come to me wanting to buy this house. I send them to another agent.
And no you don't owe the Buyers agent any $ unless they close the house. Actually, your Broker owes that Buyers agent the $. Your contract is with your agent and his Broker. Your Broker is responsible for paying Buyers agents.
I had one recently that had 5 offers all over the List Price. Those 5 agents had no rights to any of the $$ unless they were the ones who went under contract and closed.
Yeah (RE above) buyer brokers never really have a claim for compensation unless they bring their buyer all the way to closing.
Theoretically, a claim could maybe be made by the LISTING agent if they have presented many full price offers with no limiting contingencies and seller repeatedly refuses to sell (or cancel). It is the listing agent who has an agreement in place with the seller.
The truth is, though, there are always negotiable contingencies in any offer and any contract. Even walking in the door with a suitcase full of cash, ready to close today, represents a terms and a timeline that may be unacceptable to seller. All contracts have room for negotiation, there is no sure close, until it closes. And few such claims ever get far.
If you list a home and expect multiple offers over a weeks timeframe - how does that work for a sellers and buyers?
For example: if you list it at 400k and someone comes in with a 400k offer - no contingencies - what do agents put in the listing information that allows sellers to wait and see what other offers come in over a weeks time frame? Offers over asking are fairly standard here now.
Couldn't the agent that submitted that 400k offer have a claim for compensation since they met the terms of the listing offer?
They met one term of the listing. The sky's the limit on the rest.
Just a lowly consumer here. But my question is this. Say that you use Mike's Offer deadline statement but then on Monday night you realize there is nothing commanding in the pile, or indeed no offers have come in. Then what do you do? Just go in and change the agent remarks to eliminate the faux pas? Do you then tell the first tranche of low offers, sorry try again?
Seems like at some point it could have a negative impact.
Just a lowly consumer here. But my question is this. Say that you use Mike's Offer deadline statement but then on Monday night you realize there is nothing commanding in the pile, or indeed no offers have come in. Then what do you do? Just go in and change the agent remarks to eliminate the faux pas? Do you then tell the first tranche of low offers, sorry try again?
Seems like at some point it could have a negative impact.
Yes, you go in and change the Agent Remarks to "offers reviewed upon receipt" or whatever new strategy you're adopting.
It's better than leaving it there! I sometimes see listings that say "Offer Review deadline Monday June 14" which is never good when it's July 12.
As for the low offers, customs vary. It's polite to send them notice that they've been rejected, but there's no requirement to, here. No response is a response.
Just a lowly consumer here. But my question is this. Say that you use Mike's Offer deadline statement but then on Monday night you realize there is nothing commanding in the pile, or indeed no offers have come in. Then what do you do? Just go in and change the agent remarks to eliminate the faux pas? Do you then tell the first tranche of low offers, sorry try again?
Seems like at some point it could have a negative impact.
It does happen, if the agent and/or sellers overprice and underpresent.
I'd be embarrassed if it happened to me. If I wasn't confident of receiving offers, I just wouldn't express a deadline.
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