Listing Reps who receive a written offer or counteroffer from a buyer or buyer offer should timely and properly present the offer to the seller.
Buyer Reps should always put offers and counteroffers in writing.
REO servicer/sellers often are dealing with thousands of REO properties across the USA and rely on technology such as offer input internet portals sometimes with fees. Buyer reps must consider the buyer’s best interests so an REO might not be a best fit for all buyers. Buyers where the REO is a good fit, the buyer rep must consider utilizing the internet offer portal with sometimes a fee. Seller imposed rules on presenting offers can arise in the REO marketplace and the limited service listing or ala carte service listing. Buyers and buyer reps must look at their best interests in these unique marketplaces and decide to comply or perhaps seek other properties that meet the buyers’ needs more.
Listing reps should always timely/properly present all offers/counteroffers received to the sellers. That can be to the sellers in person, via email, via Dotloop, via zipForms Digital Ink/Docusign, via Fedex, via UPS, via USPS, via fax, etc.
Listing reps receiving an offer/counteroffer must always timely/properly respond with (1) the seller’s written acceptance, (2) the seller’s written counteroffer (e.g. SCR310, SCR311, SCR391, SCR506, SCR507) or (3) the LLR offer rejection form (e.g. SCR314)….or in multiple offers and at the sellers direction to use the NAR highest and best procedure, include the SCR312 multiple offer form "highest and best" deadline information alongside the SCR314. Don’t forget to send another round of SCR314 to the unsuccessful multiple offer buyers.
When using SCR506 or SCR507 counteroffer to SCR310, initial all pages of SCR310 and REALTORS® should only copy about six sentences from SCR310 into the SCR506 or SCR507 without lawyer oversight or calling the SCR legal hotline 803-772-5206.
Copy the entire sentence from SCR310 into the SCR506 or SCR507 to minimize disputes.
Clearly, the copied SCR310 sentence on the SCR506 or SCR507 will control the agreement even if something was earlier filled in these blanks with different numbers on the SCR310.
Purchase Price $ _______________________________________________________
Closing occurs when Seller conveys Property to Buyer and occurs no later than 5 pm on or before ____________________________ 2019 (Closing Date) with an automatic extension of ___ business dayss for an unsatisfied congtingency through no fault of either party.
Earnest money total $ ________________________ USD Earnest money is paid as followss: $ ______________ accompanies this offer and $ ________________ will be paid within __ Buiness Days after Efffective Date….
At Closing, Seller will pay Buyer’s transaction costs not to exceed $ _____________ or __% of purchase price whichever is higher which includes non-allowable costs first and then allowable costs (FHA/VA).
(A) All Repair Procedure Inspections shall be completed no later than __ Business Days after the Contract’s original primary Effective Date.
(B) No later than __ Business Days after the date of the Delivered Notice of the Repair Requests, Seller shall Deliver Notice agreeing or not agreeing to make repairs in the Buyer’s Repair Requests.
Parties agree that a Home Warranty ordered by __________________________ with at least 12 months of coverage after Closing Date will be provided by Closing and $ ____ will be paid by __________________________ to the Home Warranty Company.
Listing reps and buyer reps should avoid verbal offers/counteroffers.
Listing reps and buyer reps should avoid text messaging offers/counteroffers.
Listing reps and buyer reps should include an email signature that states their email does not create a binding contract on their party unless the written agreement signed in ink or electronically signed by their party is attached/embedded as an image or PDF of the paper/electronic agreement document.
Posted by: Byron King on 04/03/19 (This information is only accurate as of 04/03/19. You must contact SCR for updates and changes to this information after 04/03/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)