Realtor® Legal Tip – How do you know if your Buyer’s offer was submitted to the seller?
June 20, 2018
Author: Curtis Bullock
In today’s market where multiple offers are common, it is often difficult to know if your offer was submitted to the seller. We all know that according to the Code of Ethics, offers and counter offers must be submitted objectively and as quickly as possible to the seller or buyer.
Last month, the National Association of Realtors® voted to amend the Code of Ethics, Standard of Practice 1-7, to address this issue and improve the process of submitting offers for buyers.
This revised Standard requires a listing broker or agent to respond in writing that an offer was submitted to the seller if the cooperating broker who submitted the offer so requests. The listing broker or agent must respond in the affirmative unless the seller has provided written notification waiving the obligation to have the offer presented.
In other words, if the Buyer’s agent requests written affirmation that their offer has been presented, the listing agent must provide a written statement indicating that it was in fact presented to the seller.
My guess is that this new Standard will result in more seller’s signing rejections on offers they do not intend to accept as proof that the offer was submitted.
The new Code of Ethics rules will be published in January of 2019.