Are Realtors required to submit all offers to the Sellers?

I had submitted an offer on a short sale home and never heard back from the Seller’s Realtor. Once my Realtor finally got an answer from him, he said the Sellers were out of town and accepting all offers during the time they were away and would review them and decide upon return. I submitted another offer (since the first one had expired) and it has been three days since they have been back and still nothing. Both offers were above the “bank approved” amount advertised. Is the Seller’s Realtor required by law to submit all offers to the Seller for review?

Now that I think of it, is there anything in place to prevent a Selling Agent from only submitting offers from his/her own clients in an effort to receive both commissions? How do I know the Seller has even seen my offer? I am a first time home buyer on my second short sale home (the Sellers on the first home decided not to sell – after I was approved by their lender), and becoming very frustrated with the lack of respect towards contract dates, scheduled showing times, etc. Is this normal in the industry and/or normal concerning short sales?

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Permalink Reply by Susan Laframboise on April 20, 2011 at 9:31am


I wanted to make sure that the Seller had been presented all offers.  I totally understand that the lender would only accept one contract.  I was worried that only offers from select clients would be shown to the Seller and I was hoping there were some kind of policy and/or procedure in place to protect a buyer and ease my mind. 


Brenda Rogers said:

Bryant, I beg to differ.  Please see my response to the original question.  Realtors are NOT required to present all offers to the lender.  The Seller/Borrwer is the client, not the short sale lender.

Bryant Tutas said:

Realtors are required to present all offers UNLESS their seller has instructed them differently. Depending on what area you are in and how busy the market is it can be frustrating for buyers and their agents as good properties could have a dozen or more offers on them.  The seller is under no obligation to respond to your offer. Lack of response doesn't necessarily mean your offer wasn't presented.  No response is a response. It means it was rejected.

 

As frustrating as it is just keep pushing forward. Diligence and patience are needed in this market. Once you find and close on the house you want it will all be worth it.

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