Getting an Opportunity to Present an Offer
I showed a property a few days ago that was holding offers for 10 days.
I was able to contact the Listing Agent and he was not co-operative at all, but I now understand that Offer date may be in 5 days, not 10.
I am actually worried about the Listing Agent getting his own Buyer from his Open House.
How would you handle this?
So far, he is acting within the rules. The problem is that there are no rules. Bill 55 doesn’t cover this situation. At this point, you don’t have an Offer. You would need to have an Offer in order to acquire some rights related to notification.
With the consent of the Seller, he can do what he wants including move the Offer date (forward or back) without telling anyone (other than those who have indicated in writing that they have Offers). He is then obligated to change it on the MLS, if it were posted there. But, who’s watching that every few hours!
I wish there were “fair rules”. There aren’t any. The rules which you have seen by other Brokerages are “best practices” which they have adopted. That should be emulated throughout the industry.
It is frequently thought that everyone who called or showed the house must be notified. That would be "nice" and most of the time in the "best interests" of the Seller. Properly informed, I would think that most Sellers would want everyone notified who has even come near the place. But, all the Listing Agent needs to do, is get the Seller's direction. This is often coincident with the Listing Agent having an opportunity to double-end the deal. Then, all of a sudden, that Buyer won't wait, and the Listing Agent convinces the Seller to have a look at it. This Buyer won't be around in a few days. If the Seller doesn't like it, the Offer date is still out there.
Notice of the existence of an Offer needs to be conveyed "in writing". That can be paper, e-mail or text. A telephone conversation is insufficient. Then, and only then, does the Buyer's Representative get the RIGHT to receive notification.
Your best course of action is to indicate in writing that you have an Offer on that property. Email counts as “in writing”, so send it to him and his Broker of Record too. At that point, you can then report the matter to RECO, the Real Estate Council of Ontario should you not have an opportunity to present your Offer.
If you would like to discuss this or any other real estate matter, please contact me:
Brian Madigan LL.B., Broker