Questions for realtors

fj40 · Sep 29, 2018

My 80 year old uncle is selling a very unique piece of property.
He doesn't need to sell so no rush.
Does a realtor have to present an offer even if it is extremely low?
Does the seller have to respond to said offer or just leave it?

dtcat · Sep 29, 2018

All offers have to be presented. There is a place on the offer form to reject the offer without countering.

freeflorider · Sep 29, 2018

I’d just tell you're realtor this is my price and any offer that comes in below can go pound sand. Not a big fan of realtors...well around here anyhow. Watch em, they can be slippery.

fj40 · Sep 29, 2018

dtcat said:
All offers have to be presented. There is a place on the offer form to reject the offer without countering.

So the seller has to sign the form?

Cdnfireman · Sep 29, 2018

The realtor has to present every offer, both verbal and written, however obviously a verbal offer is worthless as it has no signature or deposit to bind it. In the past when a realtor has called me about a verbal offer, I instruct him to get it in writing with a deposit. The verbal offer quickly disappears at that point. ( just had this happen last week).
The only offer the seller can’t refuse is one that meets all his conditions, eg, price possession date etc, other than that he can refuse every offer that he doesn’t like. He only has to sign something if he amends the contract to meet the offer or to counter offer.

fj40 · Sep 29, 2018

Ok thanks
What I understand the realtor said he had to get my uncle to sign the offer that he is rejecting and not even countering.
That didn't sound right.

deaner · Sep 30, 2018

fj40 said:
Ok thanks
What I understand the realtor said he had to get my uncle to sign the offer that he is rejecting and not even countering.
That didn't sound right.

I would NOT do that. No he doesnt need to sign anything, or even respond. If he signed the offer, then he has basically accepted the lowball. Unless I am missing something (where he had him sign). I was a realtor for 6 years.....and yes it is a greasy disgusting profession.

lilduke · Sep 30, 2018

deaner said:
I would NOT do that. No he doesnt need to sign anything, or even respond. If he signed the offer, then he has basically accepted the lowball. Unless I am missing something (where he had him sign). I was a realtor for 6 years.....and yes it is a greasy disgusting profession.

Care to share any greasy realtor stories with us for educational purposes?

freeflorider · Sep 30, 2018

fj40 said:
Ok thanks
What I understand the realtor said he had to get my uncle to sign the offer that he is rejecting and not even countering.
That didn't sound right.

As deaner said, do not sign anything. If it’s not to your total satisfaction meeting all conditions never sign it. Sounds like you need a new realtor.

fj40 · Sep 30, 2018

Thanks for the info
Yeah That's what I was thinking going to talk to my Uncle about it.

LennyR · Sep 30, 2018

This is an option on the contracts , not mandatory . It's main purpose is to insure there is not a misunderstanding as to whether every offer was presented , creates transparency and eliminates any doubt . Especially relevant in cases where multiple offers occur .

fj40 · Sep 30, 2018

Ok thanks for the clarification
I wasn't sure if the realtor was doing his do diligence or be greasy.

arff · Sep 30, 2018

LennyR said:
This is an option on the contracts , not mandatory . It's main purpose is to insure there is not a misunderstanding as to whether every offer was presented , creates transparency and eliminates any doubt . Especially relevant in cases where multiple offers occur .

You might want to check but I believe that form is mandatory and on every contract.

LennyR · Sep 30, 2018

arff said:
You might want to check but I believe that form is mandatory and on every contract

Nope . But it Could be if dictated by office policy of listing Realtor .

deaner · Sep 30, 2018

lilduke said:
Care to share any greasy realtor stories with us for educational purposes?

Probably not the worst one, but first hand:

One of the "top" guys in town has an estate listing that I sell to a really nice young couple. Get all of the conditions signed off and they ask about the almost new john deere lawn tractor that is in the sled, and if they would be interested in selling it. I approach the listing realtor about this and ask him to inquire with the sellers. Well the sellers, 3 siblings selling their late father's property, find out it is a young couple buying their dad's house and say that they would like to give them the tractor as a housewarming gift. Listing realtor tells me this, and then says that we should tell my clients that him and I bought the tractor for them as a housewarming/thank you gift. Told him in no uncertain words that was not going to happen, and that the nice gesture the sellers extended would be passed along accordingly. I just told them the nice part, that the sellers heard they were a young family and wanted them to have it. They were really touched.

Best part is I seen the young couple a while later and they would hardly look at me. Were really unfriendly. Knowing how the listing realtor operates (after 6 years of working with him), Im guessing he ran into them and told them the story with our roles reversed.

freeflorider · Oct 1, 2018

deaner said:
Probably not the worst one, but first hand:

One of the "top" guys in town has an estate listing that I sell to a really nice young couple. Get all of the conditions signed off and they ask about the almost new john deere lawn tractor that is in the sled, and if they would be interested in selling it. I approach the listing realtor about this and ask him to inquire with the sellers. Well the sellers, 3 siblings selling their late father's property, find out it is a young couple buying their dad's house and say that they would like to give them the tractor as a housewarming gift. Listing realtor tells me this, and then says that we should tell my clients that him and I bought the tractor for them as a housewarming/thank you gift. Told him in no uncertain words that was not going to happen, and that the nice gesture the sellers extended would be passed along accordingly. I just told them the nice part, that the sellers heard they were a young family and wanted them to have it. They were really touched.

Best part is I seen the young couple a while later and they would hardly look at me. Were really unfriendly. Knowing how the listing realtor operates (after 6 years of working with him), Im guessing he ran into them and told them the story with our roles reversed.

Thanks deaner! If I’m ever looking at buying in creston I’ll hit you up for his name. Love to have him show me house after house, you know really waist his time and then go with someone else. Payback will come forth.

Bnorth · Oct 3, 2018

There are some good realtors but most are next to used car salesman imo.

broke'n'nuts · Oct 3, 2018

Bnorth said:
There are some good realtors but most are next to used car salesman imo.

Technically "used house salesmen" is what they are. My wife just got her license and its definitely an eye opener on how the industry works from an inside view.....and there is definitely some slime out there

Iron Horse Racing · Oct 5, 2018

Years ago bought a couple house's fixed them up to re-sell...
Was approached by a relator that said he would give me first dips on fixer uppers, if I intern would help him....OK I'm listening...

He wanted to use my name to buy a house, that he would then re-sell and share in a portion of the profit....

So I said how are you able to get it so cheap....he had signed an exclusive sell contract with an older lady that lost her husband, told her it was only worth X...
But he couldn't buy it, and had already done this that year 6 times through used friends and relatives....he needed fresh investor's (that's what he called them).

Needless to say I wasn't very popular when I threatened to turn him in, if he didn't set things right with the elderly lady....
He didn't believe me that I would, until I sent him a picture of me talking to her on her front porch...

Have bought and sold 7 properties with out the use of a relator...at the end of the transaction you still need to have a lawyer, with or without a relator..

I'm sure there are some good ones out there somewhere....

But ever read the fine print on every real estate contract....." they are not liable for any of the information, they provide"....

OK rant over....

deaner · Oct 5, 2018

Iron Horse Racing said:
Years ago bought a couple house's fixed them up to re-sell...
Was approached by a relator that said he would give me first dips on fixer uppers, if I intern would help him....OK I'm listening...

He wanted to use my name to buy a house, that he would then re-sell and share in a portion of the profit....

So I said how are you able to get it so cheap....he had signed an exclusive sell contract with an older lady that lost her husband, told her it was only worth X...
But he couldn't buy it, and had already done this that year 6 times through used friends and relatives....he needed fresh investor's (that's what he called them).

Needless to say I wasn't very popular when I threatened to turn him in, if he didn't set things right with the elderly lady....
He didn't believe me that I would, until I sent him a picture of me talking to her on her front porch...

Have bought and sold 7 properties with out the use of a relator...at the end of the transaction you still need to have a lawyer, with or without a relator..

I'm sure there are some good ones out there somewhere....

But ever read the fine print on every real estate contract....." they are not liable for any of the information, they provide"....

OK rant over....

Thats the thing. If you read the fine print in the training they give you, you actually arent supposed to give any real advice as a realtor! I got warned about this a lot when I was in the business. I have a background in building and renovating, but I was warned NOT to make any comments whatsoever about that area because I could open myself up to liability.......refer to a building inspector. I had a really good handle on all of the zoning regulations, legalities, etc, but was again warned NOT to advise clients........refer to a notary or lawyer. When it came to valuing properties I was always VERY close to what they would actually sell for. Had a client one time that wanted to pay a good premium above market value. An older realtor in my office says "who are you to tell them what its worth, let them buy it!". Uhhh.....Im their realtor.....the one who should be advising them on this? Again, if it came down to it......refer to an appraiser. The profession really is a joke. There are definitely a few good ones out there though. Even with my disdain for the profession, I have two realtors that I have been extremely happy with in the past.

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