Realtor’s Responsibility To The Seller
Listing Management and Bad Faith Negotiations This is out of the standards of practices, this is out of the National Association of Realtor code of ethics. A Realtor shall continue to submit to seller all offers and counteroffers until closing unless a seller has waived the obligation in writing. And this is part that I really liked: Realtors shall recommend that sellers obtain the advice of legal counsel.
So I know you all hate us, but the National Association of Realtor told you to do it. The reason I put this in is because I get a lot of questions on short sales, on short sale situations especially now that we’re back, we’re getting back tot he sellers market, multiple listings, you put it on today, multiple bid rather, you put the listing up today and you get you know 3, 4 offers sight unseen, you get bidding aspects, you get that kind of stuff You get that kind of stuff. I have a lot of questions come to me about how do we handle multiple offer situations I’m first gonna refer you back to your brokers, because they are the one’s that going to be setting policy they’re the one’s that are going to be instructing you on how to deal with that From a legal perspective, as long as everything is disclosed, I have no problem with the first offer being the first offer, and once that first offer is accepted and there is a contract that second offer is the second offer and it only becomes a contract when the first contract goes away. The same scenario, if you’ve got multiple offers coming in, you let the seller make the call. I’ve been involved in that from a legal aspect, I’ve been in that from a buying aspect, and I’ve been involved in that from a selling aspect. My agents came to me and said here’s the three offers that we got, this one’s buying cash, this one’s buying FHA this one buying traditional what do you think? And we went through all the pro’s and con’s but once I accepted one of these offers and signed on the line. The other two were either rejected, or they became backup offers. Only becoming offers when the first one goes away. In addition to the code of ethics, there’s also a Florida Statute on it. doesn’t matter if you are a transaction broker or a single agent. One of the duties of both types of agency relationships is that you present counteroffers in a timely matter, unless the party had previously directed otherwise in writing. So again, same thing as the previous example.