I just read the story of an individual who was out house shopping and found a property that was bargain priced. After contacting his Realtor and writing an offer, additional offers appeared and the situation developed into a multiple offer situation. The guy in question was disappointed his offer was not accepted, but was even more shocked to later discover that the property sold for LESS than he had offered on the property. Granted, there are possible legitimate reasons that this may have happened, however it brings me to my point.
I would suggest that every real estate brokerage, every real estate board, and every state, province, and national real estate organization enact the following policy:
"ALL OFFER SUBMITTED ON A LISTED PROPERTY, REGARDLESS OF WHETHER THEY ARE ACCEPTED, COUNTERED, OR REJECTED, MUST BE SIGNED AND WITNESSED BY THE VENDOR"
This is a pretty simple and common sense rule, however most of us in the industry have had instances in the past where this has not happened. We have submitted offers and never had a response. We have submitted offers and had them returned with the words 'rejected' scratched across them. We have had them returned with a counter offer and no signature at all, making them completely worthless and not binding.
If this makes sense to you, please recommend that your brokerage, real estate board, and professional organization adopt such a policy. It would benefit the entire industry for us to make this standard practice.
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
Common Financial Problems - Avoid these financial mistakes
Get Your Credit Score UP - Invaluable insight into your credit score
Mortgage Guidelines Get Tighter - Harder and harder to borrow money
Is Your Mortgage Company Out of Business in 2009? - What to do when your bank goes broke
What is wrong with MLS - Is your info being abused?
Survivor - Real Estate Edition - Let's vote a few more off the island
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com
Let me share my 15 years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta . He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full Lethbridge real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing , preapprovals, and Lethbridge loans financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge
Let me share my 16+ years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.