Real Estate

Realtor presenting offers

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  • Jun 28th, 2021 5:54 pm
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[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury

Realtor presenting offers

I listed my house for sale and then my first offer came and we have a 48 hour irrevocable on all offers. A few hours after the first offer another offer came in for quite a bit over my asking price that expired that same evening. My realtor only gave me that information the next morning after the offer is expired. Is he obligated to present me with all offers and could I have excepted that offer even though we have a 48 hour irrevocable on all offers. Thank you
50 replies
Member
Oct 14, 2010
295 posts
235 upvotes
Toronto
Agent dropped ball if they did get it last evening. Incompetent.
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
He received the offer last evening. But he said he was drinking a few beers and didn’t want to have to call all the other agents to give them a chance to beat the offer so he just let it expire.. And told me about it the next morning
Deal Addict
User avatar
Mar 23, 2011
1842 posts
889 upvotes
Etobicoke
Yes and a good agent would have contacted the first offer to see if they would up the offer with a competing bid on the table.
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"It's better to be dead and cool...than alive and uncool!"
Jr. Member
Dec 31, 2015
150 posts
40 upvotes
That agent would no longer be working for me! “Drinking a few beers” and you lost out on a higher offer. That agent and the brokerage he worked for would not like me after this. LOL
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
Would I have any recourse to sue him for not doing his job. He has admitted to me on text message that he did receive the offer
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
If the offer comes back to the table then I’m OK but if it doesn’t and I lose 20-30k
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
I am being present at all offers this afternoon I think he really hopes that that high offer comes back on the table.
Deal Fanatic
Mar 27, 2004
6098 posts
3990 upvotes
Toronto
your agent is a moron. report to reco for incompetence. he is obligated to present all offers. he should have held an offer night yesterday.

the a key difference between a good agent and a shit one is responsiveness. this guy doesn't know what he is doing. do yourself a favor and terminate the listing and make sure there is no holdover period on your listing agreement.
Full-time Realtor
Deal Addict
Mar 2, 2017
2440 posts
4338 upvotes
Toronto/Markham
kennyg1966 wrote: I listed my house for sale and then my first offer came and we have a 48 hour irrevocable on all offers. A few hours after the first offer another offer came in for quite a bit over my asking price that expired that same evening. My realtor only gave me that information the next morning after the offer is expired. Is he obligated to present me with all offers and could I have excepted that offer even though we have a 48 hour irrevocable on all offers. Thank you
wow

I'd be pretty pissed, hopefully they come back today or you'd have grounds to go after this idiot. The only question I have is how long was the big offer irrevocable for?
Realtor, Investor, CPA - Collaborate with like minded people
Deal Addict
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Nov 30, 2005
1432 posts
871 upvotes
Ottawa, ON
Im pissed for you and wish you luck today, please keep us posted.

Unfortunately even if you ask for a 48 hr irrevocable on all offers, it is whatever is listed in the purchase agreement that matters legally. You must get the offer back to thrm prior to that time for it to be valid.
Member
Oct 14, 2010
295 posts
235 upvotes
Toronto
kennyg1966 wrote: He received the offer last evening. But he said he was drinking a few beers and didn’t want to have to call all the other agents to give them a chance to beat the offer so he just let it expire.. And told me about it the next morning
He had no business taking that decision of letting it lapse for you. If you do not get a better offer, you should go after him for the difference.

Also, how much commission is he charging you?
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
The over list offer that came in I assume was given to him around 6 PM and the guy(buyer) said this will expire at 11 PM tonight. My realtor called it a bully offer, that was Friday night.
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
budwizestest wrote: He had no business taking that decision of letting it lapse for you. If you do not get a better offer, you should go after him for the difference.

Also, how much commission is he charging you?
5%
Deal Addict
User avatar
Nov 30, 2005
1432 posts
871 upvotes
Ottawa, ON
kennyg1966 wrote: The over list offer that came in I assume was given to him around 6 PM and the guy(buyer) said this will expire at 11 PM tonight. My realtor called it a bully offer, that was Friday night.
The buyer or his agent would likely have tried to contact the listing agent multiple times to confirm that you guys had received their offer.

Did he even forward you the offer for your review in the end?

Lol sounds like no f is given by your agent.

Btw out of curiosity, did you by chance instruct him that you would not be accepting any preemptive offers?
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
ZxExN wrote: The buyer or his agent would likely have tried to contact the listing agent multiple times to confirm that you guys had received their offer.

Did he even forward you the offer for your review in the end?

Lol sounds like no f is given by your agent.

Btw out of curiosity, did you by chance instruct him that you would not be accepting any preemptive offers?
I did not say I would not except any preemptive offers.. He was out drinking and he said he wasn’t in any shape to make phone calls to other agents to counter offer or whatever
[OP]
Jr. Member
Jan 12, 2011
197 posts
91 upvotes
Hawkesbury
I will definitely seek legal advice if this offer is not back on the table
Deal Fanatic
Jul 3, 2011
6270 posts
3465 upvotes
Thornhill
That wasn't his decision to make, It is a failure in his duty to do what is best for you and carry out his fiduciary duty.

Hopefully there is a very large fine or even loss of ability to trade in real estate in his future because of this.

Do not attempt to cancel the listing!

Seems like there is a time set for later today for reviewing any offers, You can instruct your agent to contact the other agent via email to resubmit and cc you or you can even contact them yourself.

I'm in same situation right now. My client's offer which is the 2nd in response to a bully offer is about to expire and not one word has been sent out that this offer is in.

kennyg1966 wrote: I listed my house for sale and then my first offer came and we have a 48 hour irrevocable on all offers. A few hours after the first offer another offer came in for quite a bit over my asking price that expired that same evening. My realtor only gave me that information the next morning after the offer is expired. Is he obligated to present me with all offers and could I have excepted that offer even though we have a 48 hour irrevocable on all offers. Thank you

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