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Did You Realize – “No Response Deems Acceptance”?

Did You Realize – “No Response Deems Acceptance”?

November 22, 2019 6:36 pm

There are 8,400 Realtors in Portland today and about 75% of them get into selling homes because, “They love houses and working with people”.

Let’s face it, selling homes appears to be fun and easy. With the onset of electronic transaction companies such as Redfin and Zillow, and the ease of entry to becoming an agent, a career in real estate sounds like a breeze.

Many buyers seem to discount both the potentially binding legal contract that they are entering when they initiate a purchase, and the diligence required on their agent’s part to guide them through an 11-page legal document with several potential “gotcha” clauses.

Buyers may be putting their contractual fate in the hands of a Realtor who may not be well versed in the technicalities of the document and these clauses.

There are four such clauses engrained in today’s standardized Residential Sale Agreement. Each clause exists to protect the buyer, but what you may not realize is that if you don’t respond in writing to raise questions, object to a due diligence finding, or request an extension, you are 100% fully committed to the purchase.  In other words, “NO RESPONSE, DEEMS ACCEPTANCE”.

Here are the four clauses:

  • Buyers have a 5-business day “Right of Rescission” period from the time they have an accepted agreement and have received the Seller’s Property Disclosure Statement. If the Buyer does not rescind their offer prior to 5PM on the 5th business day after receipt, no further question or objection can be raised under this contingency.
  • Buyers typically have 10 business days to perform their home inspection/due diligence and submit a repair addendum. If the buyer does not perform inspections and submit an addendum requesting repairs within the inspection period, they have committed to buying the home in “as-is” condition.  Additionally, most buyers do not understand that the seller has no obligation to respond to the buyer’s proposed repair addendum.  In this instance, the buyer may choose to proceed with purchasing the home in “as-is” condition or terminate the transaction. However, this termination must be delivered in writing prior to 5PM on the 10th business day of the home inspection period.
  • Buyers typically have a 5-business day period to review the Preliminary Title Report. This critical document informs the buyer of any and all encumbrances on the property as well as the CC&Rs (covenants, conditions, & restrictions).  It clearly states in the agreement that “buyer’s failure to timely reject in writing, shall constitute acceptance”.
  • The Townhome / Planned Community Homeowners Association Addendum has a 5-business day response time for buyers upon receipt of all the specified HOA legal documents and minutes. To terminate the transaction, the buyer must deliver an unconditional disapproval of these documents in writing by 5PM on the 5th business day; otherwise, the buyer shall be deemed to have approved the documents.

While it may appear that these documents are for the protection of the buyer, it is critical that the seller’s agent is diligent with the delivery of all documents and verifies all dates with the buyer’s agent to ensure all parties agree on deadlines.  Each of these clauses have the potential to become a focal point in a transaction and could lead to unwanted and unneeded stress that is easily avoided by competent, proactive agents, who KNOW real estate and the ins-and-outs of the sale agreement.

At ELEETE Real Estate, each of our client teams always has at least one experienced Senior Broker on the file, and we continuously emphasize to our agents their fiduciary responsibility to properly communicate these crucial clauses that impact each transaction.

“

We were happy to work with you and your team! And I appreciate all your kindness and patience to make this work, I can’t express how thankful we are! You helped us make us a great memory.

Thank you Lee, Megan, Jennifer, and Harrison!

Kenny & SooHee -

“

Lee, I really admire the way you do business and the joy you bring to everyone around you. My brother and I had great experience working with you and you’re definitely our go to agent when it comes to real estate for us and friends referrals too. We haven’t had any recently but we always keep you in mind! Thanks!

Ayman F. -

“

Nobody knows the Cedar Mill and Bauer Woods home market as well as Lee and his team. In a potentially tricky situation with a home that needed lots of updates and some other uncertainties, Lee and his team delivered a smooth sale in a timely manner. Megan was a tremendous help recommending updates and coordinating the entire home improvement process with multiple contractors. You would never get that level of service with a discount broker.

Lee was thoughtful in pricing and marketing strategy, and we were fortunate to land an attractive offer quickly with the right kind of buyer. Communication was clear and honest throughout the process.

I would gladly recommend Lee and his team.

Bill B. -

“

Megan did a great job on the “updating” and staging.  When the buyers are asking to buy some of the furniture  . . . you know it really made a big difference.

Really appreciate all you have done.

Jim + Deone

Jim & Deone J. -

“

Lee and his team of professionals have been my go to realtor for the past decade. I’ve both sold and bought homes through Eleete and in every occasion I get honest and detailed information, timely communication and most important, results!! The Eleete team know the area, do their homework and are  well respected in the community. Moving is tough enough… the buying and selling part is made easy through Eleete!

Erik S -

“

Eleete was very easy to work with and attentive. They had quite a few open houses which was very helpful to selling our home.  All of Lee’s associates were helpful and knowledgeable. When called they would address any issues that we had.  When the home was sold they were quick to get the inspection and the appraisal scheduled.

Patty D. -

“

We are writing to express our pleasure with Lee Davies, President, Principal Broker of ELEETE Real Estate who represented us in our purchase of a single-family home. Lee and his team of professionals guided us through the entire process, from loan prequalification to searching for houses to making the offer and closing the deal. We credit Lee and his team with a smooth, stress-free home-buying experience. This was our third purchase of property, and never have we had such a pleasurable experience. Lee is savvy, personable and knows the market inside and out. We never could have gotten our dream home without him. To reiterate, we are nothing but pleased with Lee and his expertise and we recommend him to everyone who is interested in buying or selling a home.

Nore B -

“

Lee and his organization are true experts in their geographic areas, They know the little details of the neighborhoods that make a difference when you are buying and selling. Lee’s firm is very well respected and that makes negotiations appropriately professional and swift. Lee is a true real estate icon in the area and that will ultimately be to your advantage as it was to me in both my buying and selling transactions with Lee.

Mel & Teresa -

“

We have had three different transactions with Lee and we would highly recommend his company. Lee was very helpful on both sides of the transactions as buyers and sellers. He is very knowledgeable with market inventory and often has advanced notification of homes coming onto the market before they are listed which is a wonderful advantage for his clients. Additionally, Lee had a moving truck available for his users which was very convenient. From start to finish, our experience was very positive.

Patrice W -

“

We enjoyed working with Lee and his staff. We listed the house with Lee in December, in a tough market. The house was priced correctly, the marketing was done professionally and the house sold within weeks. We had a closed transaction in January. We were pleased with the sales price and the efficiency of the process. The staff at Lee’s office were friendly, communicative and very professional. Thank you again Lee for a positive experience.

Bill T. -

“

Lee and his team recently sold our Northwest Portland home. They were extremely professional, aggressive without being pushy and I never felt like they were focused on anything except the success of our experience. I absolutely feel like Lee and his team know this market better than any other agency and it showed in the guidance they provided. At the same time, when we made decisions in the process, they were able to follow those directions. I would highly recommend them to any potential home seller or buyer as a partner throughout this process.

Troy S. -

“

Our house was on the market for 12 months, with no realistic offers. After handing it over to Lee Davies and his team, it took just 3 weeks to get an offer that met our expectations.

Christof & Victoria -

Contact Lee

Office

9200 SW Barnes Rd.
Portland, OR 97225

Phone

503-292-1500

Email

lee@leedavies.com

 

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