SC Real Estate Forums

Where can I read about a Real Estate Agent's responsibility to present an offer to the Seller? My buyer's agent had me sign, date, and put a TIME of signature on a contract, then I was told that there were 5 contracts presented all at one time to the seller. If my contract was signed and dated before the actual contract that was accepted, shouldn't my contract have been presented first? (I offered OVER the asking price with no contingencies, so it was a good contract)

Posted: Sat Jun 04, 2005 10:21 pm Post subject:

Hello Sandy,

Our market is so hot right now that unfortunately I see this all the time. The rule for offer presentation is more or less a trade policy of 24 hours or whenever it is first possible.

The Buyer has the right to set the expiration of the offer, which could have helped you in this instance.

If the Seller recieves 3 contracts on the same day, there is no rule that they have to negotiate the first contract before looking at the others.

If the property is in fact a good enough deal that you are willing to pay over the listed price, you may want to consider an automatic elevation clause to the sales price.

I have used something similar to the one below:

Both parties agree that the offered sales price within this contract shall exceed any other offer based on net proceeds by $1,500 not to exceed $10,000 above the offered sales price within this contract. This increase shall only occur upon proof to the Buyer from the Seller of the higher offer.

or something like that.

Regards,

Mac

Posted: Sun Jun 05, 2005 1:48 am Post subject:

:D Mac,

Thanks so much! This is very helpful information!
Sandy