Realtors must present all offers to home seller
Q: I understand there are multiple offers being made on most of the homes listed for sale here in Las Vegas. I also know that more than half of all homes being sold here are being purchased by cash buyers and that banks and other sellers tend to prefer these cash buyers. But I'm interested to know what obligation, if any, Realtors have to present every offer they receive to their client who is selling the home?
- Tiffany J., Las Vegas
A: I'm glad you asked. Such questions occasionally come up around the Greater Las Vegas Association of Realtors.
Nevada law generally requires a real estate licensee to "present all offers made to or by the client as soon as practicable." This rule is reiterated in a code of ethics all Realtors pledge to uphold.
In rare circumstances, a seller may elect to waive the agent's duty to present offers. In that case, no offers are presented by the licensee. Either all offers are presented, or no offers are presented. There is no in between.
I asked GLVAR legal counsel Deanne Rymarowicz for her take on the issue.
"Unless there's a waiver, Nevada real estate licensees must present all offers to the sellers they are representing," she explained. "This is true even if the seller desires, for example, to not see offers less than a specified amount."
This and related issues can get more complicated for real estate agents, who sometimes have questions about when and how to best present offers to their clients.
But, from the perspective of home buyers and sellers, the answer to your question is fairly straightforward.
The bottom line is that listing agents need to present all offers, whether they think it's a "good" offer or not. Let the seller decide. That's the rule.
If a prospective homebuyer doesn't receive a signed rejection after making an offer to buy a home, she can ask her real estate agent to request one in writing. Such a response is the best evidence that an offer was presented and considered.
If a would-be homebuyer has evidence that his offer was never presented to the seller, they can file a complaint with the state Real Estate Division. And if the listing agent is a Realtor, he can also file an ethics complaint with the GLVAR.
As always, you should consult a qualified attorney with any specific legal questions you may have.
Meanwhile, keep those questions coming. Send them to ask@glvar.org.
Kolleen Kelley is the 2012 president of the Greater Las Vegas Association of Realtors and has worked in the real estate industry for more than 30 years. GLVAR has nearly 11,000 members. To ask her a question, email her at ask@glvar.org. For more information, visit www.lasvegasrealtor.com.
