Is there a legal requirement for the REA to inform the owner of an offer made on the property
or
is there something in the RE code of ethics (or their equivalent, if they have one) that they should inform the owner if an offer is within XX% of the asking price
or
is it entirely at the REA discretion whther or not they will inform the owner of an offer madethanks
BJI’ve always thought that the agent was obliged by law to present all written offers.
Verbal offers though, are another matter.
cheers
I thought they were supposed to show all offers, well in WA anyway, don’t know about anywhere else. But then I think our system is different, some states seem to do things verbally until an offer is agreed and then it’s put in writing, wheras over here we start with a Offer and Acceptance form, so you write it up and then it’s presented to the owner, who can either sign their acceptance or change the areas they don’t like and send it back to see if you accept their counter offer, you can then change again and send back and they again etc until it’s finalised that way.
Perhaps RE’s from Perth can clarify the above and hopefully RE”s from other states will state what the rules are there.
Regards
PKMust present all offers, and if he doesn’t do it yourself.
Owners are never hard to find.
Byronent
Adelaide SAOnce an agent refused to write up an offer on a property because she believed it was too low….I simply said I would find another agent to write it up!!
….of course she ended up writing up the offer and I ended up with the property.
Now, with experience, I would simply find the owner and do it myself.GGG
Thanks for the replys to far
OK so seems that finding the owner is an acceptable way to proceed.
so, if you directly contact the owner and do a deal, then why do either me or the owner need the real esate agent anymore?
Wouldnt we simply do a deal ourselves and split the difference on the fee that would have gone to the REA as commission and the REA is out of the picture?
I think you will find that once an owner has listed a property with an agent for say a 6 month listing (Agreement for Sale), then the agent can claim the commission in that time.
Maybe look around for properties that have had signs on them for several months, and find out from the council who the owner is. You could then make your offer direct to the owner if it is outside the agreement time. The agent should submit all offers, first to exchange buys the property. Agents don’t like you to talk to the property owner, but there is nothing stopping you from contacting the owner direct – and some owners of course want to deal only through the agent. Always ask how long has the property been on the market.
Anna
I believe that the Listing Agreements in WA have a clause which states the Selling Fee must be paid by the vendor to the agent even if the house is sold privately…and I believe it has some clause allowing for a period of time immediately following the end of the agreement to prevent a vendor just waiting till the day the agreement has run out then selling privately straight after the contract ends.
GGG
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