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Addora Beall's Advice

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Addora Beall wrote:

"Blank Check" to Make an Offer? I know is not right so...

Answer
As a Buyer, when you submit an offer, generally speaking, the Seller expects to see, what is known as a "Good Faith Deposit", meaning that you are submitting the offer in good faith and essentially, putting your money where your mouth is. 3% of the purchase price is the generally accepted deposit.When writing an offer, the buyer's agent will ask you for a 3% deposit. It can be made payable to the brokerage the agent respresents or you can make it payable to the escrow company you want to use. I do not ever recommend leaving the payable line blank, it's just too risky. The agent then will make a copy of the check and send the copy with the offer. The original check then is held, uncashed, in the Broker's Trust Account, until either the offer is accepted and then deposited into escrow or returned to the buyer if the offer is rejected.These days, the real check is not submitted with the offer because so many offers are faxed to the listing agent and offers are not presented in person by the buyer's agent.
August 30 2011
(0)

Aren't sellers' agents obligated to present offers to thier clients?

Answer
That's a great question that I am happy to answer for you. Unless the Listing agent has something in writing from the Seller that says they do not want to look at any offers until a specified date, then that agent is obligated to present every offer to the Seller.Time is clearly of the essense in this situation for you, as it is in many cases for Buyers. The Listing agent cannot unilaterally make that decision for their Seller. Listing and Selling agents have a fiduciary relationship with their clients and, therefore, are obligated to put the interests of their client before their own. This agent may be waiting to get an offer of their own or hoping to create some kind of buyer frenzy but none of that matters.Here is what I recommend that you have your agent do; Have your agent ask theListing agent for something in writing that the seller has signed that states they do not want to review your offer even though it is over the asking price. If that really is the case, then you are out of luck though common sense would say any seller would be a fool to miss out on an offer that is above the asking price, wouldn't you agree?Good luck!
August 30 2011
(1)