Buyers & Their Offers Languishing,......While Offer Deadlines Come and Go
Pat's Market Wise real estate Q&A advice column runs in the Pulitzer Prize Winning San Jose Mercury News on the first and third Sunday. Look for it in a Bay Area News Group newspaper near you.
Q: We tried to buy a property that had a deadline to submit buyers’ offers by Tuesday at 2 p.m. The next day, the listing agent told our agent that there has been a “development;” postponing acceptance of any of the multiple offers. In the interim, the property sits actively on the market for another week. Yesterday, our agent received the following one-line email from the seller’s agent: “sorry it did not work out for your buyers.” How is this conduct remotely legal or ethical?
A: Right, if there was a “real” development; the listing agent/sellers could have earnestly withdrawn the property from the market while informing the buyers’ agent their offers are very much “still on the table.” Otherwise, listing agents sanctioning buyers and their purchase offers languish passed their offer deadline, while continuing to market the property, operate under their dubious mantra “if it is legal, it must be ethical.”
Broker Pat Kapowich, of Kapowich Real Estate is a full-service REALTOR®. He can be reached at (408) 245-7700 or Pat@SiliconValleyBroker.com