A friend told me about a question posed on her Facebook news feed; “Nothing personal if you’re a Realtor, but why do so many of them feel the need to lie about things in order to try to pump up the price of what they are selling?”
The problem arose when a potential buyer contacted an agent who had a bank owned property listed. The buyer proposed to purchase the listed property, but was advised the seller had a standing offer which they were not yet prepared to accept, but which was the same as the potential buyer was offering. The potential buyer requested the listing agent draw up an offer for him to sign and to present it to the bank. The buyer was given a variety of reasons for not making the offer and, in the end, no offer was prepared or presented to the bank. The property was listed for $12,000 and the potential buyer wanted to make an offer of $5000. Because of the low price, finding an agent to represent the buyer other than the listing agent would be difficult, unless the buyer was willing to pay the agent for his or her time. Or, the buyer could have written up his own offer, presented it to the listing agent along with proof of funds and an earnest money check. The listing agent would be obligated to present the offer to the seller bank and the bank would be obligated to respond to the offer. The listing agent is under no obligation to take on the buyer as a client, but, should be receive an offer from anyone, she must present it to the seller.
Unfortunately, offers are often made which are never responded to, as are counter offers. As a buyer, if you do have an agent, your agent must present any offer you wish to make to a seller. If the agent will not do so, find another agent. If a buyer is repesenting himself or herself, and presents an offer to a listing agent, that agent must present it to the seller, unless the seller has, in writing, set the guidelines for offers to be presented. If that is the case, the seller’s agent must provide that statement to potential buyers.