is it true that a realtor must submit every offer to the seller regarless of price?

Answer 1

I am amazed at the amount of misinformation among real estae agents and REALTORS on this topic.

First: Contrary to what some of the other responders have said, you do not have the right to be present when your offer is presented to the seller and your agent does not have the right to be present when the offer is presented to the seller by the seller's agent..

The seller has the right to direct his agent to collect all offers and present them to the seller without the buyer or the buyer's agent being present.

This is very important: the seller needs to talk privately with his agent. Also many buyer's agents will attempt to influence or intimidate the seller, particularly if the seller is under pressure to sell.

This is improper behavior. It is not in the best interest of the seller. This is the seller's property. The seller, not the real estate agents or REALTORS is the one with the right to control whch offers are presented and under what circumstances.

The seller may direct his agent to present all offers or the seller may direct the agent to only present offers that are more than a specific price. The seller may also direct his agent to instruct the agents of the buyers that they do not have the right to be present when the offers are presented and that they will not be permitted to be present.

The buyers agents are to give their offers to the agent of the seller. They will be notified of the decision of the seller but the will have no contact with the seller.

The responses that I see by the agents on this site are one reason why I refuse to have anything to do with real estate agents and REALTORS,

Real estate agents and REALTORS are very poorly trained and often provide the buyer and the seller with a great deal of misinformation that serves only the interests of the real estate agents themselves, not the buyer or the seller.

Answer 2

If the Offer is a true Offer, in that it gives the Offeree the power to Accept, and thereby form a mutually binding Contract, an agent has no latitude to delay disclosing that Offer to the Seller, even if the Seller has given instructions that they are not to be bothered with offers less than a certain amount. The laws governing Agencies requires them to disclose any valid Offer promptly, regardless of how preposterous the terms of the Offer might be.

So, the answer is "yes, absolutely".

Answer 3

Yes, EXCEPT - that in some listing contracts (and such is the case in in the standard listing contracts approved by my state & local Boards of Realtors) there is a provision that:
" Once an offer has been accepted in writing by the owner and a sale is pending, the Broker shall have no further obligation to present subsequent offers to the Owner unless instructed to do so by the owner in writing".
So, the issue doesn't involve price, but rather whether the property is already under agreement for sale.

Answer 4

The seller calls the shots. All written offers must be presented to him, unless written instructions to the contrary have been given. The seller may elect to have the buyer's agent present the buyer's offer or the seller may elect to deal only with his own agent, or indeed he may insist that all offers be faxed to him and no realtors are present.

Neither the buyer nor his agent has any right to be present at the offer presentation, but they may request an acknowledgment of receipt of the offer. This is particularly important in cases of multiple offers.

Answer 5

We just received an offer that was so insultingly low that it has destroyed my trust in that realtor. It is beyond me that she would even bother to show our place to that buyer who obviously had no inention of paying anywhere close to our asking price. This would be unethical of her, I would think. But then I was told that there are indeed realtors who hope the sellers would accept the low offers; after all a smaller commission is better than nothing.

Answer 6

There is, in fact, an exception to the requirement to submit every offer. And that ONE exception is if the real estate agent has been directed by the seller to NOT present an offer from a specific person, with certain criteria, or below a certain price.

I've only encountered this ONCE, and I insisted that the seller sign that instruction as part of the listing agreement.

Answer 7

no and yes. When i had my home listed and sold in florida it was the clear understanding with the broker that they would not even present me with offers that the buyer was not pre-qualified with a mortgage or was paying cash ( verified with the bank ) and it had to be within 25% of my asking price.

Saved both of us the trouble of all the clowns offering 40%-50% of the asking price and then wanted owner financing so they can float and try to resell it.

but if no other agreement is in place then yes. If a buyer offered 3 cents it is the duty and obligation of the agent to present any offer, no matter how ridiculous

Answer 8

Generally yes, UNLESS the seller has expressly instructed him not to present offers below a certain amount or not meeting certain requirements -- in which case he should so inform the person making the offer.

Specific listing agreements, brojkerage contracts or local rules may change the general rule.

Answer 9

yes, but you will find that if your offer is so low, they will not present the offer but they will tell you they did. Also know that if the offer is so low and the guy does accept, the realtor is likely to offer 1,000 dollars more than you and then turn around and tell you it got sold at a higher offer. If you make an offer, make sure you are with the realtor when he presents it. you have that right.

Answer 10

I am a licensed re agent and a realtor but rarely tell anyone that I am a realtor. many realtors that I have dealt with use this designation as nothing more than an advertising gimmick as if it sets them apart from mere agents because the realtor code of ethics sets standards for its members. BS..note I did not capitalize realtor...this designation means absolutely nothing...