Posted by Natalie Smith on February 23, 2005 at 08:16:56:
Bob,
I’m a Broker, not an attorney. I can’t speak to either of those states, but in Virginia, a broker or agent must present all WRITTEN offers. Furthermore, if they are a Realtor (a member of the National Association of Realtors), they must present ALL offers, whether they are written or not. These standards probably hold true in most (if not all) states. You should be able to find each state’s rules and regulations on the internet site for the state licensing authority. If you know an agent or broker who has violated this, do all of us a favor and report them to the state licensing authority and the National Association of Realtors.
Regarding the requirement of earnest money, it’s been debated on the board before. In my opinion, it’s NOT required to be in an offer and also not required to form a valid contract. Some here on the board confuse it with consideration which is required.
With all that said, a potential buyer SHOULD include earnest money in their offer if they want the seller to take it seriously.
Hope this helps.