613,494
It's about time...
That will not eliminate the dishonest that will just initial the lie for the seller, but it will help. It will put a crimp in those that hold good offers to get their own buyers lower offer accepted.
Besides, how many BA will actually "request in writing" and how many LA"s will flip out because they "never heard of it...
Eve
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Barbara Todaro
Franklin, MA
-
Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
5,111,821
I've had my suspicions as to whether offers were presented to a seller... I would support a required form that is signed off by the listing agent if not also their client. I don't love having to deal with extra forms, but too much abuse of the process in a hot market that we can't otherwise control.
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Kris Collis, Associate...
East Stroudsburg, PA
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Fred Griffin Florida R...
Tallahassee, FL
-
Inna Ivchenko
Encino, CA
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
-
Kathleen Daniels, Prob...
San Jose, CA
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Michael Jacobs
Pasadena, CA
-
Richard Weeks
Dallas, TX
788,302
WORDING OF THE RULE
It's precisely because the COE requires sellers to be notified of offers, under existing rules (as John Juarez points out), that listing agents must acknowledge their compliance if the buyer's agent requests it, unless the seller provides a written waiver of the requirement, per the new rule.
The confusion (as Ryan Huggins - Thousand Oaks, CA points out) is understandable. A must rule mandates action, but making it conditioned by the word if can make the interpretation iffy, unless the word unless is used to create an exception to the rule.
Makes perfect sense.
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Fred Griffin Florida R...
Tallahassee, FL
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Inna Ivchenko
Encino, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
715,632
It is often frustrating when our buyer's agents don't know if their offer was presented. Listing agents are required to do so, but we have never had verification required to certify that this was done. Good that there will be some changes to this.
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Fred Griffin Florida R...
Tallahassee, FL
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
1,505,863
Ok, so it's an NAR thing not a state law thing.
I've only been asked for the initial on the rejected line twice in 4 years and never for the presented one. I do so love their wording on this.
According to the letter of the code we are required to respond that an offer was submitted to the seller is the other agent requests, unless the seller provides written notice saying not to present it.
So, if an agent asks, the COE REQUIRES use to say it was presented... EVEN IF IT WASN'T!!! Way to go NAR!!
-
Fred Griffin Florida R...
Tallahassee, FL
-
Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
-
Kathleen Daniels, Prob...
San Jose, CA
3,349,229
I saw that on the CAR forms update webinar the other day.
For all the work that a buyer and a buyers agent do just to submit an offer, I feel that seller acknowledging receipt of the offer is the very least the seller can do in exchange for the time and effort extended in submitting an offer.
I'd like to see the signed "rejection" be a mandatory requirement. There is no way of truly knowing if an offer is presented to a seller unless the seller signs acknowledging it was presented, and rejected. I don't like the word "rejected" either. I've asked that it be changed to not accepted.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
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Lyn Sims
Schaumburg, IL
430,172
I appreciate some acknowledgement the offer was received and presented. I think it should be done in all instances, but it is not.
It is not a hard process to check the box next to "Rejected" and sign on the line, but there are agents that can't afford that courtesy to people. I always require my seller to sign the rejection.
Like Candice A. Donofrio said, it is professionalism.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
-
Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
343,050
It's shameful that it has come down to this. ALL offers should be presented, and the cooperating agent should feel confident that it is so.
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Fred Griffin Florida R...
Tallahassee, FL
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
87,920
Yes, I believe it should be mandatory, why not?
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Brian L. Sirota, Esq.
Orange, CA
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
2,684,569
I've had it happen. Listing agent wanted both sides of the commission. My Buyer called the Seller directly to find out why his offer was not countered, and found out his offer was never presented.
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Eve Alexander
Tampa, FL
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
1,552,938
Good, I support that.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
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Michael Jacobs
Pasadena, CA
1,712,776
Sounds like a good change.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
-
Michael Jacobs
Pasadena, CA
4,319,773
Inna Ivchenko - I usually confirm the receipt of the offer from the buyer's agent. (And also, expect the listing agents to do the same with the offers from my buyers!)
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Inna Ivchenko
Encino, CA
-
Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
4,272,934
As a listing agent, I usually prefer calling and if I don't get an answer I leave a message!
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Debe Maxwell, CRS
Charlotte, NC
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Margaret Rome Baltimor...
Pikesville, MD
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Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
5,583,328
it took long enough....
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
1,056,097
I don't know if they should. But I do!
To me that's professionalism.
"Seller is in receipt of your offer."
Way too easy to not do.
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
-
Candice A. Donofrio
Fort Mohave, AZ
716,529
In our AZ Commissioner's rules, a buyer-agent can request the signature & date from the seller as evidence that a offer was presented.
I support the change in the Code of Ethics.
I'm from the old school - nothing prevents a buyer-agent from presenting an offer directly to a seller as long as you copy the listing agent.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Jeff Perlis Prime Prop...
Lake Arrowhead, CA
4,581,818
Enforcement? Penalties? A good idea but I wonder. . .because I can and do. . .
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Peter Testa
Danbury, CT
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
2,784,416
In the world of doing whats right, this shouldn't have to be put into law. What this says is there is shenanigans afoot by agents. There shouldn't be!
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
7,862,367
Thanks for sharing this new requirement.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
3,071,489
Should? yes. Do they? rarely
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Debe Maxwell, CRS
Charlotte, NC
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Jeff Perlis Prime Prop...
Lake Arrowhead, CA
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Michael Jacobs
Pasadena, CA
759,335
Accountability is a good thing.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
922,783
Its an idea, have the buyer sign all offers?
Never was an issue for us here in CT though.
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
5,253,385
Why not make it mandatory, Inna. Add a line to the Offer that the sellers' agent submitted the Offer to them - no commitment on behalf of the sellers to respond further - just that YES they did receive the Offer.
I think this, "he asked, she said" is just a step (a.k.a. delay) to the ultimate requirement (as above).
Why not just take it all the way and make everybody happy? Sellers will KNOW that they've received all Offers and buyers will be assured that the sellers did, indeed, see their Offer.
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Peter Testa
Danbury, CT
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Inna Ivchenko
Encino, CA
3,167,489
oh I would have liked to have had that in places yesterday when I am suspicious that a listing agent shopped our offer.
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
1,322,519
#1…I would never think of not presenting an offer to a seller. It is a basic requirement.
#2…I always notify the buyers’ agents of the receipt of their offers when received and the seller’s decision when it is made.
#3…if an agent lies about whether an offer has been presented, that same agent will be willing to sign or initial a form saying that the offer has been presented when it has not.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
2,191,471
If I was in CA , I'd probably write across the first page REJECTED (have Sellers initial it) and scan it over .
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
1,846,851
That's probably a good idea. I consider an email appropriate & always do tell an agent that I've given it to the seller.
I'm liking this change.
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
117,135
It makes common sense o keep eveyrone honest . we all know there are agents of ill repute out there... I"m good with it.
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Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
5,237,958
It's a bit over reaching, but them again it is NAR!
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Lyn Sims
Schaumburg, IL
-
Michael Jacobs
Pasadena, CA
2,221,377
I think the best solution is to revoke licenses to unethical individuals
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
3,627,072
Morning Inna.
In some cases I would agree. It does make one wonder, doesn't it?
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
6,416,359
3,986,308
765,973
No, but it would be nice upon request.
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Debe Maxwell, CRS
Charlotte, NC
544,014
4,800,132
4,900,085
I think we would be better served if NAR concentrated on other issues.
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Michael Jacobs
Pasadena, CA
4,434,177
3,988,013
I knew this change was coming and frankly it is said it has come to this that aggents have to be mandated that they submitted it. Many agents forget who they represent. My thinking is that these type agents will likely not tell the truth and only halfheartedly present an offer so nothing much will change.
5,877,179
In CO it is not required sadly, as think many listing agents never present all offers. Some don't even respond to an offer.
44,891
100% absolutely!!! this will get the slimeballs out of the business or they will start to play the game by the rules...
921,504
No. Too many buyer agents do nothing more that waste time and generate work by submitting 'Not a snowballs chance in Hell' offers from their 'investor types.'
Instead, the INDUSTRY needs to embrace a more transparent methodology where the anonymous owner responds to every offer received from anonymous buyers. Perhaps a seller could impose condition such is any offer below $$$ will be automatically rejected by the system and seller does/will not see it at all.
Seller responses could be:
1 Wait for response
2. Reviewed and your offer is # 23 in ranking. If you receive not further communication understand another offer was accepted. Now try submitting your real 'highest and best' within 4 hours.
3. Terms, price and /or conditions unacceptable.
4. Rejected because you thought you could compel a response by 5 pm.
5. Drop dead.
Agents may be authorized by the seller to make responses based on written instructions of the seller.
NAR/CAR effort is just more of the same.
Transparency, such as that provided by open ledger systems is the answer.
5,772,575