Buyer Reserves Right to Make Offer.....? - Posted by Russell

Real Estate Investing
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Posted by Russell on February 22, 2000 at 19:59:32:

Glenn,
Thanks for responding. I may press a little harder on that to see what answer I get.

Russ

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Buyer Reserves Right to Make Offer…? - Posted by Russell

Posted by Russell on February 22, 2000 at 09:47:38:

I have some questions concerning the following clause: “BUYER RESERVES RIGHT TO ACCOMPANY BROKER TO PRESENT OFFER.”

I plan to make an offer on a rehab that needs a LOT of, primarily, cosmetic repairs. The offer is going to be lower than the seller is expecting, and I want to be able to explain my offer and the benefits for each party before revealing the offering price. The seller is very motivated.

Questions:

  1. Can broker legally tell the seller my offering price prior to me presenting the contract to the seller in person?

  2. Am I required to show the broker the contract prior to meeting with the seller to present the offer? (I am using a “TREC” - Texas Real Estate Commission - contract. Agent told me that was the only contract that I could use to make the offer. She gave me a blank copy at my request. I am presently putting together an addendum with all my protection clauses, etc.)

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Here’s the deal… - Posted by David S

Posted by David S on February 22, 2000 at 20:29:00:

You are in NO way obligated to do anything due to any licensing board, requirements, etc. Only the agent/broker falls under their thumb.

Offer to allow the agent to make your offer the way YOU want it presented, or get another agent who will.

If you are using an agent to buy rehabs, you may want to take a good look at your marketing plan, run ads on your own behalf, etc.

David S

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Re: Buyer Reserves Right to Make Offer…? - Posted by Glenn OH

Posted by Glenn OH on February 22, 2000 at 19:51:19:

1 Probably, I’m sure it is done all the time, but check with your state licensing board to see if this meets their presentation requirements on an offer.
2 I doubt if you can get away without them presenting - again for license reasons. As far as the TREC contract, I don’t know Texas, but another contract is legal in Ohio, so I would make the offer on my own contract. Make the agent show you the law that requires a TREC contract - I’ll bet he can’t, and I’ll bet you can get his license pulled if he refuses to use your contract and to allow you to be present at the presentation to the client.