New video: REBGV explores making delayed offer requests an irrevocable client instruction
At a glance (2 minute read and video)
- We're considering changes to Rules of Cooperation, Rule 4.02 since we continue to receive complaints about offer presentations.
- The Ethics Guy®, Kim Spencer, takes a deeper look at how this would benefit buyers, sellers, and REALTORS® in our new video.
Your Board is exploring ways to improve the multiple offer experience for home buyers, sellers and Realtors across the Lower Mainland. In pursuit of this goal, we’re contemplating changes to the Rules of Cooperation, Rule 4.02 Presentation of Offers.
In a hot market, we all know that multiple offer situations cause frustration and ill-will. We’ve been consulting members and legal experts to define new standards and processes to handle these scenarios.
Through this work, we’re developing changes to the Direction Regarding Presentation of Offers (DRPO) form to make a seller’s direction to delay presentation of offers irrevocable.
How will this help?
Making a seller’s DRPO instruction irrevocable removes a complicated protocol that members must follow today when sellers change their minds about their DRPO because they’ve received an early offer. Before even presenting that early offer, under the current rule, you and your client must:
- complete a new DRPO with the early date on it;
- amend the REALTOR® Remarks with this information; and
- contact every buyer’s agent that’s requested in writing to be notified of these changes.
Learn more about these proposed changes in our new video
Next steps
- We’re discussing these proposed changes with the Fraser Valley and Chilliwack and District real estate boards.
- We’re also exploring changes to the Rules of Cooperation, Rule 3.22 Member Access to Listed Properties, to make a seller’s direction for a “no show” period also an irrevocable instruction on the same DRPO form.
- If an agreement can be reached quickly, these changes could be in place by June.
Stay tuned for more information on this topic in the weeks ahead.
Tell us what you think
We’d love to hear your feedback!
Email us at communications@rebgv.org.
