Episode 51: When Is An Offer Actually Considered Received?

In Episode 51 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley throw down over when an offer is actually considered received. Monica believes that it has been received once it is acknowledged and logged into her computer, while Jenn believes that as soon as it is given it is received. Hear why!

Episode Highlights: 

• When is an offer officially considered received?
• The word “received” has a different definition for everyone.
• Monica believes that once she has acknowledged and logged the offer into her computer, it has been received.
• Jenn believes that once it has been delivered, the offer has been received.
• Best practice would say that you ask for acknowledgment of receipt.
• Should an offer that goes straight into spam and is seen in the middle of negotiation be considered received?
• Living in a world defined by technology has created a much larger gap between being sent and being received.
• Head over to the Toe-2-Toe Facebook page for the best tiebreakers
• “Executed” and “delivered” serve as better words than “received”.
• Kevin Vaught throws in his take about the word “received” after landing his first deal as a real estate agent.
• Within 2 minutes of receiving an offer, Kevin received a counteroffer.
• Offer 2 is always way better than offer 1.
• The electronic age has allowed for lightning speed offers and counteroffers, making the receiving process easy when used right.
• Legalities vary on whether an offer has been received when you move from state to state.
• There is a disconnect from the human element of the offer process because of the abundance of technology.
• Buyers have leverage down the road to make changes, whereas sellers make sure to have a nice backup offer ready.
• The offer arrived signed rather than communicating between offers in Kevin’s first sale.
• It’s a bad idea to put your deadlines on nights that will disrupt everyone’s lives.
• Things get lost when both sides see numbers on paper.
• Keeping the lines of communication open throughout the process will always make things easier.
• Every deal is different, so realtors must approach each one with open eyes and ears.

3 Key Points:

1. The best practice when sending an offer is to require an acknowledgment of receipt before considering the offer officially received.
2. Contracts should say “executed” and “delivered” rather than “received.”
3. There is no prior legal precedent to look back on in these cases, but technology timestamps can be used.

Resources Mentioned:

• Jenn Murtland (website, LinkedIn, Facebook)
• Monica Weakley (website, LinkedIn, Facebook)
• Toe 2 Toe Podcast Facebook Page
• Kevin Vaught (website)