June 11th, 2018 at 11:45 pm
Question #1: Am I obligated to present the offer to my clients now or can I wait until June 18?
Answer #1: It depends. If you and your sellers discussed the possibility of a fantastic 24-hour offer, but the sellers nevertheless instructed you in writing to wait until June 18, you can wait until June 18. This scenario often occurs when the sellers are certain they do not want to be disturbed, such as when they are on vacation, having a baby, or doing something important for work. Otherwise, err on the side of caution and tell them about the offer immediately. If they did not give you their instructions to wait in writing or if they did not consider the possibility of getting a fantastic 24-hour offer, they may try to disavow giving you those instructions, or argue that you should have submitted the offer to them anyway.
Question #2: Are the sellers obligated to wait until June 18 to make their decision?
Answer #2: No. The sellers did not put those instructions in the MLS. You did. However, not waiting until June 18 is a terrible idea for you. It is likely to upset buyers’ agents, which may adversely affect your reputation within the real estate community. Next time, consider the possibility of getting these fantastic offers by saying in the MLS something like, “Seller intends to review all offers on June 18” or “Seller is planning to review all offers on June 18.”
-Thank you to Laura Kenig (Santa Barbara Office) for suggesting this week’s legal tip.
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