\n<\/div><\/div>\n<\/div>\n<\/div>\n

By Joey Sale <\/div><\/div>\n

Dear Joey: Can I receive confirmation that my client\u2019s offer has been presented to the sellers?<\/span><\/span><\/p>\n<\/div>\n

ORLANDO, Fla. \u2013 Dear Joey<\/strong>: In this market especially, when most properties have multiple offers, how can I know my client\u2019s offer was presented? I want to make sure I\u2019m the expert for my clients. <\/span><\/span><\/p>\n

Dear Real Estate Professional<\/strong>: Great question! The answer is yes, there is a way to know your offer was presented\u2013 and, the Code of Ethics has an article and two standards of practice to support this.<\/span><\/span><\/p>\n

You said you want to be the expert for your clients \u2013 serve them and their interests to the best of your ability \u2013 which of course includes confirming that their offer was presented, especially in today\u2019s market when many buyers get their hopes up only to find out their offer was rejected.<\/span><\/span><\/p>\n

Article 1 in the Code of Ethics says that Realtors\u00ae have an obligation to promote the interests of their clients. And Standard of Practice 1-7 expands on this in confirming that offers were presented. It states:<\/span><\/span><\/p>\n

\u201cWhen acting as listing brokers, Realtors shall continue to submit to the seller\/landlord all offers and counter-offers until closing or execution of a lease unless the seller\/landlord has waived this obligation in writing. Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide, as soon as practical, a written affirmation to the cooperating broker stating that the offer has been submitted to the seller\/landlord, or a written notification that the seller\/landlord has waived the obligation to have the offer presented. Realtors shall not be obligated to continue to market the property after an offer has been accepted by the seller\/landlord. Realtors shall recommend that sellers\/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1\/20)\u201d<\/span><\/span><\/p>\n

One note: Standard of Practice 1-8 was amended in January of this year and the same rule now applies to buyer\u2019s\/tenant\u2019s brokers as well:<\/span><\/span><\/p>\n

\u201cRealtors, acting as agents or brokers of buyers\/tenants, shall submit to buyers\/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Upon the written request of the listing broker who submits a counter-offer to the buyer\u2019s\/tenant\u2019s broker, the buyer\u2019s\/tenant\u2019s broker shall provide, as soon as practical, a written affirmation to the listing broker stating that the counter-offer has been submitted to the buyers\/tenants, or a written notification that the buyers\/tenants have waived the obligation to have the counter-offer presented. Realtors, acting as agents or brokers of buyers\/tenants, shall recommend that buyers\/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Amended 1\/22)\u201d<\/span><\/span>\u00a0<\/span><\/span><\/p>\n

As you can see, Standard of Practice 1-7 states that \u201cupon written request of a cooperating broker who submits an offer to the listing broker,\u201d the listing broker shall (this word creates an obligation) provide as soon as practical a written affirmation to the cooperation broker stating that the offer has been submitted or that the seller has waived the obligation to the have the offer presented.\u00a0 Similar language is in Standard of Practice 1-8 in reference to buyer\u2019s\/tenant\u2019s broker\u2019s obligation to respond in writing with regards to the submission of counter-offers.<\/span><\/span><\/p>\n

To make sure you receive confirmation that your offer or counter-offer has been submitted or that the party has waived the obligation to have it presented, request it in writing.\u00a0<\/span><\/span><\/p>\n

Now, you may be thinking, \u201cWhat if the broker refuses to provide the written affirmation after I have requested it in writing?\u201d If that does occur, they could be opening themselves up to a potential Article 1 violation.<\/span><\/span><\/p>\n

Joey Sale is the former Director of Local Association Services for Florida Realtors<\/em><\/span><\/span>
Note: Advice deemed accurate on date of publication<\/span><\/span><\/p>\n

\u00a9 2022 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n

Go to Source<\/a>
\nAuthor: izaakh<\/p>\n","protected":false},"excerpt":{"rendered":"

By Joey Sale Dear Joey: Can I receive confirmation that my client\u2019s offer has been presented to the sellers? ORLANDO, Fla. \u2013 Dear Joey: In this market especially, when most properties have multiple offers, how can I know my client\u2019s offer was presented? I want to make sure I\u2019m the expert for my clients. Dear Real Estate Professional: Great question! The answer is yes, there is a way to know your offer was presented\u2013 and, the Code of Ethics has an article and two standards of practice to support this. You said you want to be the expert for your clients \u2013 serve them and their interests to the best of your ability \u2013 which of course includes confirming that their offer was presented, especially in today\u2019s market when many buyers get their hopes up only to find out their offer was rejected. Article 1 in the Code of Ethics says that Realtors\u00ae have an obligation to promote the interests of their clients. And Standard of Practice 1-7 expands on this in confirming that offers were presented. It states: \u201cWhen acting as listing brokers, Realtors shall continue to submit to the seller\/landlord all offers and counter-offers until closing or execution of a lease unless the seller\/landlord has waived this obligation in writing. Upon the written request of a cooperating broker who submits an offer to the listing broker, the listing broker shall provide, as soon as practical, a written affirmation to the cooperating broker stating that the offer has been submitted to the seller\/landlord, or a written notification that the seller\/landlord has waived the obligation to have the offer presented. Realtors shall not be obligated to continue to market the property after an offer has been accepted by the seller\/landlord. Realtors shall recommend that sellers\/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1\/20)\u201d One note: Standard of Practice 1-8 was amended in January of this year and the same rule now applies to buyer\u2019s\/tenant\u2019s brokers as well: \u201cRealtors, acting as agents or brokers of buyers\/tenants, shall submit to buyers\/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. Upon the written request of the listing broker who submits a counter-offer to the buyer\u2019s\/tenant\u2019s broker, the buyer\u2019s\/tenant\u2019s broker shall provide, as soon as practical, a written affirmation to the listing broker stating that the counter-offer has been submitted to the buyers\/tenants, or a written notification that the buyers\/tenants have waived the obligation to have the counter-offer presented. Realtors, acting as agents or brokers of buyers\/tenants, shall recommend that buyers\/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Amended 1\/22)\u201d\u00a0 As you can see, Standard of Practice 1-7 states that \u201cupon written request of a cooperating broker who submits an offer to the listing broker,\u201d the listing broker shall (this word creates an obligation) provide as soon as practical a written affirmation to the cooperation broker stating that the offer has been submitted or that the seller has waived the obligation to the have the offer presented.\u00a0 Similar language is in Standard of Practice 1-8 in reference to buyer\u2019s\/tenant\u2019s broker\u2019s obligation to respond in writing with regards to the submission of counter-offers. To make sure you receive confirmation that your offer or counter-offer has been submitted or that the party has waived the obligation to have it presented, request it in writing.\u00a0 Now, you may be thinking, \u201cWhat if the broker refuses to provide the written affirmation after I have requested it in writing?\u201d If that does occur, they could be opening themselves up to a potential Article 1 violation. Joey Sale is the former Director of Local Association Services for Florida RealtorsNote: Advice deemed accurate on date of publication \u00a9 2022 Florida Realtors\u00ae Go to Source Author: izaakh<\/p>\n","protected":false},"author":4,"featured_media":6111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6110"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=6110"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/6110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/6111"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=6110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=6110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=6110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}