Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thanks Chet - I can breathe a bit easier about it. I'll have recent bank statements and employment letter available and wait for "my" house to show up in the listings.
So, if an offer is not to your standards, you withhold it from your client?
My license would be less than toilet paper if I practiced that way.
I guess North Carolina is a little different than other states, in that we must present all offers.
I am not a principal, unless my name is on the deed, I have a financial interest in the property, or I am trying to buy in my name.
I must present all offers, and that includes incomplete offers.
Now, that does not preclude me strongly advising my client as to the pitfalls of an offer, but the client, the principal, decides whether to accept, counter, reject, or ignore.
Every time, without exception.
Mike you can try to twist it however you like. When I have a listing where an offer comes in with an out dated pre-approval, no pre-approval or a cash buyer without proof of funds I will tell my client and with my advice they will not accept the offer until this is produced. After all we are paid to guide them and protect their interest. It takes about 5 minutes to get a pre-approval or proof of funds and if the buyer does not have the time to get either of these they are not that serious about buying. A pre-approval is only good for 3 months after date of issue. The people that gave the buyer the pre-approval will not honor it so why would a seller? The buyer's agent should be advising their client on how to go about putting a strong offer together and if they are competent the offer will not come over incomplete.
Last edited by byoak; 08-06-2009 at 10:09 PM..
Reason: add
Mike you can try to twist it however you like. When I have a listing where an offer comes in with an out dated pre-approval, no pre-approval or a cash buyer without proof of funds I will tell my client and with my advice they will not accept the offer until this is produced. After all we are paid to guide them and protect their interest. It takes about 5 minutes to get a pre-approval or proof of funds and if the buyer does not have the time to get either of these they are not that serious about buying. A pre-approval is only good for 3 months after date of issue. The people that gave the buyer the pre-approval will not honor it so why would a seller? The buyer's agent should be advising their client on how to go about putting a strong offer together and if they are competent the offer will not come over incomplete.
I "twisted" nothing.
Quote:
Originally Posted by BeckyBrand
byoak is right - no REALTOR worth their salt will accept an offer without a strong preapproval letter.
( I recognize this is not your post. This is the post I originally disagreed with, and where you found fault with my position. MJ )
Quote:
Originally Posted by MikeJaquish
????? The Realtor is not the Principal in the transaction.
The homeowner/Seller gets to decide, and the Realtor only counsels.
If I refused an offer for a client because there was no preapproval letter...
It would be Real Estate Jail for me!
Quote:
Originally Posted by byoak
The offer is not valid if they can not prove that they can close on the deal.!! How can you get an offer from a buyer that is not pre-approved for a mortgage or have proof of funds? Because they said they are pre-approved? Any agent that sends me a pre-approval that was not done in at least the last three months should double check on what they are doing in this business. A pre-approval is only valid for 3 months if that now. If you present this offer...are you acting in the best interest of your client? Now you are going through the motions getting the home inspected and then waiting for a mortgage commitment that is not going to come. If the buyer is a serious buyer they will go and get that second approval for themselves. Why waste everyone's time and get your sellers hopes up for something that is not going to happen? What is one of the first things you ask when you are interviewing a buyer you are going to represent?
Quote:
Originally Posted by MikeJaquish
So, if an offer is not to your standards, you withhold it from your client?
My license would be less than toilet paper if I practiced that way.
I guess North Carolina is a little different than other states, in that we must present all offers.
I am not a principal, unless my name is on the deed, I have a financial interest in the property, or I am trying to buy in my name.
I must present all offers, and that includes incomplete offers. Now, that does not preclude me strongly advising my client as to the pitfalls of an offer, but the client, the principal, decides whether to accept, counter, reject, or ignore.
Every time, without exception.
No twist. Just a little confusion from the flexibility you indicate in your acceptance and presentation of an offer.
Sometimes you say what I say, and sometimes you deny what I say. And I have been consistent in my position that all offers must be presented, even disclaiming that that may be a local law not applicable in your market jurisdiction.
You have changed your position materially twice from presenting an incomplete offer to the client, next to proposing rejecting an offer as an agent, and then back again to acting as an agent in advising the principal to reject an incomplete offer, just as I have been saying all along.
That last (final?) change in your position supports a fundamental tenet of North Carolina real estate practice, that the client is the principal and the decision-maker, not the agent.
No twist.
Just trying to clarify:
Do you routinely pocket offers that don't suit you?
Or do you present them, as you imply I should not, and let the client decide with your counsel as I say I do?
No twist. Just a little confusion from the flexibility you indicate in your acceptance and presentation of an offer.
Sometimes you say what I say, and sometimes you deny what I say. And I have been consistent in my position that all offers must be presented, even disclaiming that that may be a local law not applicable in your market jurisdiction.
You have changed your position materially twice from presenting an incomplete offer to the client, next to proposing rejecting an offer as an agent, and then back again to acting as an agent in advising the principal to reject an incomplete offer, just as I have been saying all along.
That last (final?) change in your position supports a fundamental tenet of North Carolina real estate practice, that the client is the principal and the decision-maker, not the agent.
No twist.
Just trying to clarify:
Do you routinely pocket offers that don't suit you?
Or do you present them, as you imply I should not, and let the client decide with your counsel as I say I do?
My first post was just advice to not get the approval too early as it will have to be redone anyway. I will tell my client an offer has come in without any proof of funds or a pre-approval and because of these two factors I would not accept the offer if I was them. Is an offer an offer if it is incomplete? Pocket an offer? Ya, I say that is too low lets not tell the client about it unless it is neccessary. Come on pocket an offer? My clients are aware of all Written offers. I should not have to worry about any of this if there is a competent buyer's agent sending me the offer. I would never send an offer over for one of my buyers if they did not have either proof of funds or a recent pre-approval.
... Come on pocket an offer?...I would never send an offer over for one of my buyers if they did not have either proof of funds or a recent pre-approval.
Another interesting situation.
If my client has engaged me to act as their agent, and intrinsically they have if I am writing an offer for them, at their insistence I MUST send over the offer whether they have their preapproval or proof of funds or not.
That is the law in North Carolina, that I must follow legal instructions of my client.
There is no law here requiring a preapproval or proof of funds.
Mike,
We can go back and forth all day. I look out for my clients and they are very happy with the way I handle their listings. If a buyer I am working with is not qualified to purchase a property or does not want to get a pre-approval I will gladly recommend them to someone else to write up the offer for them. I am in the business of bringing two people together that are ready, willing and able to get a deal done.
Mike,
We can go back and forth all day. I look out for my clients and they are very happy with the way I handle their listings. If a buyer I am working with is not qualified to purchase a property or does not want to get a pre-approval I will gladly recommend them to someone else to write up the offer for them. I am in the business of bringing two people together that are ready, willing and able to get a deal done.
Is an offer an offer if it is incomplete?
What is the legal definition of a complete offer?
Does it include a preapproval letter in PA?
What is the legal definition of a complete offer?
Does it include a preapproval letter in PA?
When I list a property I explain to the sellers about getting offers with or without pre-approval letters, 99.9% say I do not want to see an offer that does not contain a pre-approval. If they say we will entertain any offer then they will be notified. My instructions to other agents is then please send offers over with pre-approval or proof of funds. If you are getting a mortgage then yes you need a pre-approval letter. It all comes down to ready, willing and able.
An offer is incomplete to me even if a page from the lead addendum or in PA we have a part about coal in the AOS, I am not in a coal area but if the page is missing it is incomplete.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
