It has come to our attention that Article 1 of the Realtor Code of Ethics requires that you present all offers to a seller unless you get it in writing that they no longer want to receive more offers.
Can someone please explain to me how the Realtor organization expects to enforce this on REO properties when in fact the system (equator) will block you out once an offer has been accepted by the seller and the asset managers wants no other source of communication?
Please help me understand why the fact that the system does not allow you they think it can be different for these realtors.
Replies
STOP. You do NOT have to present all offers to your seller IF your seller instructs you in writing not to once an offer is accepted. Actually our local board listing agreements used to have an option to check (at sellers request) to allow withholding of offers once an offer has been accepted by seller. It is not law or Realtor code of ethics that ALL offers must ALWAYS be submitted, unless something has changed. If your seller has instructed you to use equator, in writing, and has made if physically impossible for you to present offers once an offer has been accepted, legally you have fulfilled your sellers requests. Frankly, you don't have to submit ANY offer to a seller IF the seller instructs you not to in writing.
I used Equator as an Asset Manager since it first came out as REOTrans. To my knowledge, you should still be able to enter offers on properties with accepted offers, so long as it is not already ratified in the system (under contract).
If the property is not under contract and only pending contract and you cannot enter an offer then that would mean the bank dictated that setting to Equator.
My advice would be to comply with Article 1 and attempt to submit the offer either via Equator offer management, Equator notes, or an email directly to the Asset Manager. In other words, cover your butt and document that you tried.