Expert, localized Los Angeles answers provided by Heather Roy

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Will Agent Hold Up Offer?

  Dear Edith, I just put an offer in on a home. My Real Estate Agent tells me that the Listing Agent has a 24 hour turn around time to get an answer from her sellers. Is that true. Also, because it is the weekend, will the listing agent hold off from submitting my contract to her sellers to see if she can get a better offer. I am willing to bet dollars to donuts that the listing agent will hold off from submitting my offer. Is there any recourse we can take.? Please advise. thank you
 
 

Depending on state law, which varies greatly these days, the listing agent is probably legally bound to put the seller's interests first.  That may include holding your offer until its expiration date (I hope it contained an expiration date?) to see if something better can be found.  But the agent is also legally required to present all written offers promptly, so the seller knows about it.  The seller is not, however, required by law to answer immediately--or indeed to answer at all.  That's why you want an expiration date after which you wouldn't be bound by your offer if it hadn't been accepted.

 

    Edith
Originally published on June 22, 2007
 
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