Submitting offers on a house when you're away?

Question

I'm a real estate agent in NY, and have stumbled on a huge problem that I've never had to deal with in the past. I'm going away on vacation tomorrow, and will be 500+ miles away from my office. I just received a phone call from one of my customer's bankers telling me that she (my customer) will have her pre-approval letter ready by this Saturday afternoon, and that she wants to make an offer on a house right then and there. I cannot see flying back to sign the paperwork, and I told her (the customer) countless times that I WOULD NOT be available from tomorrow (Nov 29th) through December 8th. Ok, point being..can I write up the offer ahead of time (I was told exactly how much the offer would be, I just need the banking paperwork as proof) sign it..and leave it with another agent (or my broker) at my office to do the transaction for me? I feel like I've been a "victim" of Murphy's Law here, lol.

Answer 1

Welcome to the Club! The "Murphy's Law Club" certainly has many sub-chapters, doesn't it?

Whether you're around or not, your
"customer" is going to do what she wants to do.

If there isn't any other agent you can refer her to so you can get "half a loaf", you're just going to have to grin and bear it.

OR perhaps you could write a letter to the other office or agent putting them on notice she was introduced to the property by you and you are entitled to 1/2 the commission.

IF the other agent and/or office are honorable, they will do the right thing and accordingly split the commission with you.

It happened to me. I showed a property to a couple. They "went behind my back" to the listing office. The broker in the listing office was notified. The broker in the listing office was an honorable man. At settlement he directed the title clerk to cut a check for our office.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!

Answer 2

I'm not sure how NY laws differ but you should be able to write an offer on any property without the pre-approval letter. The offer would indicate that the buyer has applied for financing and will provide proof via a conditional committment letter withing so many days (usually 5).

Now, because you'll be out of the office you should automatically have someone lined up to assist with ANY transactions that could occur. Someone might want to give you an offer on a listing, etc. Talk to the broker first. They should have an idea of what's standard to compensate a different realtor or they may do it themselves or free.

Answer 3

Yes, you can have another agent or your broker handle your paperwork while you are away. All transactions are with the agency, not with the individual agent, so any agent in your firm can handle that for you.

Be prepared, however, to pay a fee to whomever handles the situation in your absence. The fee should be based upon the amount of work your substitute is required to perform until you return. To not offer a fee is considered taking advantage of another. And make the agreement BEFORE you take off.