Posted by JoeS on July 23, 2002 at 06:52:59:
It all depends on the wording in the contract between Realtor and seller. If the seller specifies that “No offer less than $XXX will be presented” then the agent will politely tell a buyer that if the buyer comes in with an offer less than the sellers bottom line.
The ethical and legal way to do this would be for an agent to both tell and show a buyer the listing agreement. Unethical practises by agents are done at times and are hard to prove. If I feel that I am dealing with one of these types of agents who listed a property I am trying to buy, then i will specify in MY purchase contract that “Buyer will be present for presenting of offer to seller.”
Agents usually do not like this. Too bad. If I do present a LOI instead of a formal offer it is usually with a seller of a FSBO where I can be a bit more creative and they can be more flexible (sometimes).