Rejected Offer - Can You Prove It?

Not sure about everywhere, but in Tennessee, we have a sales contract that has a place in which a rejected offer is signed by the seller. Don't most sales contracts offer you a place to "Accept, Counter or Reject"?

Well, why do banks and foreclosure companies think that don't have to abide by the rules?

My example: submitted an offer on a foreclosure property. Full price, cash, no contingencies. The listing agent was on vacation, so there was a delay in presenting the offer. When the listing agent returns to work, there are multiple offers on her desk. So, she calls and asks my buyer to make their final and best as there are multiple offers. Which we do, and now we are over asking price. Buyer is upset as he feels if the listing agent had done her job and presented the offer in a timely manner, just maybe he would have purchased the property at asking price. After all, she has an assistant and somewhere in her company is her broker.

Fifteen (15) days have gone by since the initial offer has been delivered to the listing agent.

Finally we hear from the listing agent. Oh...she is so sorry, but we did not get the property. Boo Hoo!! I kindly ask her to send me a rejection on my offer. She quickly responds...she could not do that. The foreclosure company would not sign a rejected offer. I insisted!! So...she marks rejected across the top of my offer, with her initials, and faxes to me. Well, I'm sorry, but my buyer wants to know when the seller received his offer, if ever, and what date it was rejected. Seems like a reasonable request, wouldn't you think?

The listing agent should want this documented. Especially if she represented the buyer who did get the accepted offer, which was received 2 weeks later, with contingencies, and the same price as your rejected offer. Get my point?

I have decided....it's not worth the stress to try and sell a foreclosure. The process too long (no patience), the buyers usually get frustrated with you and the process, and the listing agents of these properties and/or the clients they represent, seem to lack a sense of urgency and a desire to treat each party with some dignity, respect, and fairness.

Just wondering....how are rejected offers handled in your area??? Do you expect to receive something signed by the seller??? What are your state laws??

Your comments, please!!

Linda Lipscomb RE/MAX Unlimited 870 W. Church St. Lexington, TN. 731-249-5376

http://LindaLipscomb.com