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Re: Real estate agents
If I am the listing agent, and the buyer is working with another agent, the agent will submit the offer for the buyer. I like to have a written sales agreement (which is what we call the offer form, which sets forth the price and all of the other terms of the offer), and a preapproval letter (or proof of funds for a cash buyer) before allowing a seller to accept an offer.
So the way it usually works is that the agent working with the buyer will call me as the listing agent and say that they have an offer on my property. If they want to present the offer directly to the seller (in person or on the phone), with me present as well, we do that. But normally, they will just want to discuss it with me and then will email or fax me the requisite paperwork.
If a buyer is going through me, as the listing agent, and doesn't have their own agent, I write up the offer with the buyer, and make sure I get a preapproval letter (and I verify as necessary).
When I am working with a buyer and I make an offer on someone else's listing, I always write up the terms of the offer, submit a preapproval (or proof of funds), and whatever other paperwork I feel will enhance the odds of a buyer getting their offer accepted in that particular situation. I also usually prepare a memo clearly summarizing all of the relevant terms of the offer and highlighting why my buyers are desirable buyers, which I know listing agents find helpful.
It's very important for buyers' offers to convey that they are serious and qualified buyers... the offer is a first impression. I hate as a listing agent if I have to chase down another agent for offer paperwork. I also think a verbal offer is pretty meaningless, unless it's followed up asap in writing and proof of financial qualifications. In a competitive market where there are more and more multiple offer situations, you must make sure your offer is presented in the best light!
Message edited 9/23/2013 8:21:47 PM.
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