Monday, March 7, 2016

Buyer Presentations to Seller

Today, my client and I are reviewing six offers submitted for her residential listing in Federal Way, which I blogged about last week.

None of the brokers have offered to do a presentation directly to me or my client - and I am wondering: Are there brokers that still do this? And if so, what do you consider the advantage of doing this?

All legal offers must be given to seller promptly. The taking of the buyer's offer to the seller should be done by the licensee in an expedient manner. When an agent completes an offer, the licensee sometimes contacts the seller's agent and arranges for a meeting to present the offer. The buyer's agent could contact the seller directly, but this normally is not done. The NWMLS allows the buyer's agent to contact a seller directly, if after 24 hours there has been no response from the listing broker. This is one reason that the NWMLS requires a phone number for the seller on all listings.

It is recommended that the seller has his/her agent with him/her when receiving the presentation of the offer from the buyer's agent.

The buyer's agent must explain the nature of the offer in detail to the seller. The buyer's agent must explain the offer because the seller couldn't possibly accept an offer that he/she does not understand. Remember the agent-principal relationship. The buyer's agent will be making the presentation on behalf of the buyer. The seller's agent should also be there and explain all the dangers of the offer, the closing costs, time delays, etc.

Once the offer is presented, the seller must decide whether to accept the buyer's offer or not. It is not a decision of the seller's agent, but the seller him/herself. Remember, this is a contract between buyer and seller.

Some brokers believe there is a real advantage in getting face-to-face, although in this overheated market there may rarely be time to do this.

What do you think?

Happy Investing!

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