Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
When trying to buy a home, you must put together a massive packet that acts as a purchase offer. It’s a hefty bit of paperwork, but in most cases, buyers don’t deliver the package to the seller. Or rather, you don’t directly give it to people. So, who brings that packet to the seller? If you have a real estate buyer’s agent, then the agent remains responsible for delivering the offer to the seller’s agent. If you don’t have a buyer’s agent, you must drop it off directly to the seller or agent. You can send offers via email or through direct hand-to-hand drop-off. You aren’t alone in wondering what you should expect from the transaction. We’re going to explain everything to you. We will discuss acceptable methods for delivering an accepted offer.
The Responsibility for delivering an offer rests squarely on the buyer’s party. Who pays your request to the seller depends on if you and the seller have real estate agents representing your interests. If the seller has an agent, your offer gets delivered to the seller by their agent. If the seller does not have an agent, your offer gets delivered to the seller by your agent.
However, who needs explicitly to deliver it can change. It all hinges on whether you hire a buyer agent or not. If you have a buyer agent, it’s up to them to ensure the proposal is delivered. Otherwise, you have to provide your offer yourself.
Once again, this hinges on whether or not the seller has hired a real estate agent to help them sell the house.
If they didn’t, then they received the offer directly. The request gets handed to the agent if they hire a real estate agent, and the agent then goes over the offer with the seller.
If no agents are involved in the real estate sale process, the buyer puts together their offer and hands it directly to the seller. However, this is exceedingly unwise and inadvisable for all parties involved.
The agent will help the buyer create an offer if this is the case. Then, once the offer is complete, they’ll send it directly to the seller to review it together. If you don’t have a buyer’s agent, you can submit your offer directly to the listing agent, who can represent you and the seller under a dual agency.
There are two primary ways the selling party gets offers on the house. Traditionally, the best way to do it is to hand it directly into the seller’s (or seller agent’s) hands. However, it’s not unusual for people to send buying offers via email. Generally speaking, it’s best to have a backup and a second physical copy before you hand it to a seller.
This way, you both can reference it at the same time. Besides, it’s suitable for security purposes, too.
Sometimes, sellers may make a counteroffer with minor changes to your offer. You can accept, decline, or create a counteroffer. The counteroffer usually signifies that you still have a good shot at the house.
While seller’s agents can advise clients not to take an offer, they do not hold the right to throw an offer in the bin before the seller sees it. That’s not their right to do, even if the offer is ludicrously low. A seller’s agent has to show every single offer, even if the offer suggests a buying price of three potatoes and a dollar.
The first thing you should do is talk to your agent and tell them the situation. If possible, explain why you believe that this is the case. Technically, this could be a significant breach of contract and grounds for a lawsuit. Your agent can help determine the next course of action.
If at all possible, try to ask the seller if they have seen your offer directly. The seller may want to talk to your agent if they have not. This is when one agent may have to lead a lawsuit against another.
Response times can vary from place to place, but getting a flood of offers on a single condo or co-op in New York is common. In New York, an offer can have a response that takes anywhere from one day to one week.
At times, this entire process can take several days. Other times, there is a several-week wait period. This is more common in areas where homes are in high demand. It’s the seller’s way of ensuring they get the best possible offer among multiple offers.
However, there’s no set time when you will hear an offer. If you’re ever worried about this, ask your agent what you should do next.
Once the offer gets sent to the seller’s agent, the “Waiting Game” starts. This means home buyers must wait while the seller looks at each option. Once sellers have reviewed the offers they received, they will decide who gets the home.
Honestly, it’s not common because it would cause a significant scandal in most firms. However, it doesn’t mean that it doesn’t happen. In fact, at NestApple, we’ve seen it happen with an agent who declined to show an offer from our brokerage, and the result was not good.
Choosing a real estate broker you trust makes so much sense. Give us a call today.