First Come, First Served? Maybe

“Owner-occupied offers only through 10/10/2013.  Offers will be submitted upon receipt.”

–Excerpt, “Agent Remarks” on MLS foreclosure listing

Why is the listing agent reassuring Buyers’ agents (the only ones who can see “Agent Remarks” on MLS) that “offers will be submitted upon receipt?”

delay2And exactly what do they mean by that?

“Submitting” vs. “Responding”

Put it this way:  plenty of times, Buyers’ offers on foreclosures are not submitted upon receipt — either the listing agent sits on the offer until there are multiples (especially true for new listings), or, they wait until they have their own Buyer (a practice called “dual agency”).

So, it’s encouraging to hear that that’s not how this listing will be handled.

“Don’t Blame Me”

Still, “submitting” an offer is hardly the same as “responding” to an offer.

For there to be a deal, the principal — the bank-owner — must sign off, not the Realtor acting as their agent.

In other words . . . the listing agent isn’t promising an expeditious deal — only that they won’t be the cause of any delays.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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