Timeline for Presenting All Offers

Question:

I represent sellers of a home.  I received an offer on the home from the agent of a potential buyer, but my sellers are out of town.  What should I do?

Answer/Recommendation:

According to the Louisiana Real Estate Commission Rules and Regulations, Chapter 39 “Presentation of Offers and Counter Offers,” Section 3901 entitled “Timely Presentation of Offers and Counter Offers”:

A. All written offers and counter offers for the purchase of real estate shall be presented to all buyers and/or sellers for their consideration and decision immediately, without delay.

B. The licensee who prepares an offer or counter offer in a real estate transaction shall ensure that the time of day and date the offer or counter offer was signed by the offering party are included in the document.

C. The licensee who presents an offer or counter offer in a real estate transaction shall ensure that the time of day and date the offer or counter offer was accepted, rejected or countered are included in the document.

 

“Shall” and “immediately” are very specific terms that leave no doubt how the Louisiana Real Estate Commission feels about agents “sitting” on offers.

Based on the words “shall” and “immediately,” every effort should be made to get in touch with your sellers to present the offer to them.  Call them, text them, email them…..maybe even send a pigeon by flight (okay, not really on the pigeon thing….but maybe if you live in New Orleans).

If you can’t get a hold of your sellers despite extensive efforts, make sure you document your file regarding the various methods you used to contact your sellers including the date and time of each effort and immediately reach out to the buyer’s agent to let the buyer know what is going on.  Try to give the buyer an estimated time of when you think your sellers will be back in town so the buyer can re-submit his or her offer with a longer time period for sellers to respond.

For any questions concerning this email, please contact me at rye@tutentitle.com.

H.L. “Rye” Tuten, III, is a Title Attorney/Real Estate Closing Attorney and Owner of Tuten Title & Escrow, LLC. Formerly assigned by RICE Insurance to defend real estate agents throughout Acadiana, much of his more than nine years’ litigation experience is with real estate concerns.

The information contained herein is simply for informational purposes only and not intended to provide legal advice or create an attorney-client relationship.