The National Association of REALTORS® Code of Ethics and Standards specifically states that “REALTORS® must submit all offers and counter offers objectively and as quickly as possible”. It doesn’t say anything about in accordince with the offer. If you put in your offer that the agent had to present the offer in a clown suit I dont think they would have to oblige.
I got into a spat with a full time multi-million dollar type realtor over an offer I made on a fixer listing she had and she pointed out that in NJ the listing agent did NOT have to allow the buyer to be present during the offer - and I was pointed to some paperwork that said so BUT I CAN’T REMEMBER WHAT IT WAS! (I will keep looking). The wording of it was vague but apparently it’s being read in this way. When/if I find it I will post it. Believe me, I was just as skeptical as you are but there it was.
The state makes laws involving real estate in NJ but individual MLS’s can also exact their own laws (I suppose as long as they do not supersede the state’s) - and since the Code of Ethics I mentioned above does NOT specifically state that buyers have the right to be present, perhaps maybe just my MLS says otherwise.
OBSTRUCTIONIST LISTING AGENT - Posted by Mr. Ed (ATL)
Posted by Mr. Ed (ATL) on March 13, 2000 at 17:47:16:
I am attempting to put an option contract on a house outside the Atlanta metro area, and am getting a great deal of resistance from the listing agent. Most of my calls, and even my original walkthru at the subject property, have been taken by the owner. The agent really has not been a substantive player in the process at all, until I made my first offer.
Currently, either the seller is telling two different things to me and the agent (I agree to your proposal/I don’t agree to his proposal), or the agent is misrepresenting the desires of her client. Being a relatively new investor, what sort of standards or Realtor rules does this agent need to go by, and what sort of recourse do I and/or her client have if she has been misrepresenting her client’s positions?
On your next written offer,put the wording “buyer reserves right to accompany broker during presentation of offer”…the agent HAS to take the offer to the seller by law with you. if he/she refuses to,the agent is breaking the lawand can lose their license. This wording basically gives the agent no option other than to take you with them to talk with the seller.
Bill - I know this is a “seminar” point but this is not true everywhere. For example, in NJ where I am (not sure if it’s my MLS or the whole state) the listing agent does NOT have to allow you to be present when they present your offer. I know it sounds wrong, but it’s true - I’ve checked this out because I ran into it myself (and I’m a realtor).
Wait a minute. Is a realtor required by law to submit the offer according to the terms of the offer? My guess would be they are. Therefore, if part of the terms of the offer clearly state that the buyer be present when the offer is submitted then the realtor would be obligated to do so, yes? I would say it’s not a question of the realtor to “allow” it. It’s a question of is it part of the offer or not being submitted and if the realtor is obligated to submit all offers, then must comply according to the terms of the offer. Unless of course the seller has given specific instructions on what type of offers and/or terms they do not want submitted to them.
You said you checked this out but your not sure if it’s your MLS or the whole state. What do you mean by that? Who did you check this out with? Who makes the laws pertaining to real estate in NJ, the MLS or the state?
Under normal circumstances if the buyer just asks to be present then the realtor may not have to allow it. But if the realtor is obligated by law to submit “all offers” and if part of that offer is written stating the buyer reserves the right to be present, then by law the realtor MUST submit the offer AND it must be submitted according to all the terms of that offer.
If the realtor didn’t have to submit the offer according to ALL the terms written in it, then the realtor could misrepresent any part of the offer as the realtor seen fit and make the claim they didn’t have to “allow” it for what ever reason. Wouldn’t that make sense?JohnBoy