Question:
This is a statement in an MLS Listing:
“Seller has Right To accept Pre-Emptive offers W/O Notice.”
The w/o means “without”
Doesn’t the Listing agent have to notify anybody that showed the property that there is an offer registered?
Answer:
It all depends.
Assuming that an Offer date is posted, namely next Tuesday, then the Listing agent is under an obligation to notify colleagues so that they don’t waste their time and miss out on Saturday being the new Tuesday.
Four people saw the property. Two agents drew up Offers and had them signed and communicated this fact to the Listing agent.
Under TRESA, these two agents need to be notified of the new date. That’s under the obligations owed to other agents.
Assuming no Offers were registered at all, then no agent is entitled to notification. That’s just the same as “no Offer date”.
However, that’s really only half the answer.
The Listing agent is acting for the Seller. The Seller wants the highest price, this probably means the most number of Buyers in competition. So, here the Listing agent needs to get the Seller’s permission to cut things short, move Tuesday to Saturday and cut out several prospective Buyers who were away for the weekend. If it’s the Listing agent’s own Buyer, can’t they wait until Tuesday like everyone else!
So, who should really be notified:
- Everyone who has an Offer
- Everyone who saw the property
- Everyone who has booked an appointment to see the property
- everyone who has expressed any kind of interest
- everyone, period
The reason here is that the Listing agent is acting in the best interests of the Seller.
Who might file the complaint:
- a Buyer or Buyer’s agent who lost out,
- the Seller because they got less money!
When the Listing agent suddenly double-ends the deal using this deceptive practice, the RECO fines, although heavy are still not high enough!
Brian Madigan LL.B., Broker