OfflineIf a house is selling thru a realtor for $100,000, and you put in a low offer of $60,000 to the realtor, does the realtor need to go back to the seller and tell them of this offer? Or can the realtor shoot the offer down without even giving the seller the offer?
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I believe that a realtor has a fuduciary duty to report all offers to seller. Please check with your state to verify info.
Abdul1
They should remain neutral and not suggest any price offers...
Yes it is the re agent's duty to present all offers to the seller. If you think the re agent is just tossing your offers in the garbage, you can ask for a refusal in writing signed by the seller. If they refuse to do that, tell them you will report them to state Real Estate Commission for not carrying out their duties and they could lose their license.
That's what I saw Dean say.
Hope that helps.
RENinja
"Remember, success is a journey, not a destination.
Have faith in your ability."
Bruce Lee
In a perfect world, the agent should present all offers presented however, I can tell you a couple of reasons why they might not.
1) Sometimes agents work as both the buyer's agent AND the seller's agent. While I believe this is a conflict of interest, I know for a fact that this goes on. The agent may not want the seller to sell for too low because it hurts the agent's bottom line (hence the conflict of interest.)
2) the seller may have told the agent not to accept offers under $xx.00 so the agent just dismisses yours. Once again in a perfect world, the agent should tell you that the seller has a bottom number and you haven't reached it with your offer. When I sold my Mother's house last year, the eventual buyer made an offer that was so ridiculous that I told my agent (reminder: He was a friend of my Mother) that I didn't want to hear any offers under $..... This tactic worked because the buyer's next offer was 100K higher. He actually went up from there and eventually bought the house.
So my suggestion is basically the same as above. Try to ask the agent (before making your offer) what their position is. Ask if they know if there is a known bottom number and if you don't trust the agent, as for the rejection in writing. Keep this in mind though, if your agent isn't doing what you want them to do, get a new agent. If the seller isn't really motivated, it probably doesn't matter that they didn't get your offer.
Hope this helps...
Andy Sager
DG's AndyS
Andy Sager
DG's AndyS
CFIC & IE member
2013, 2014, 2015 & 2016 EDGE Alumni