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August 28, 2018 • Stay Connected!
         


QUESTION:  What is the best way to withdraw an offer (or counteroffer)?



ANSWER:   The statewide forms dictate that offers and counteroffers must be withdrawn in writing, signed by the withdrawing party. Form 36A is the "Withdrawal of Offer or Counteroffer" form and it should be used by broker when assisting either buyer or seller to withdraw an offer or a counteroffer.
 
The best way for a listing broker to be prepared to withdraw a counteroffer, in a competitive market, where competing offers may come in after seller delivers a counteroffer, is for listing broker to have seller sign a counteroffer and sign (and date) a withdrawal of that counteroffer (Form 36A) at the same time. Broker should deliver the counteroffer to buyer's broker and retain the "Withdrawal of Offer or Counteroffer" in broker's transaction file. If the transaction develops to a point where seller wants to withdraw the counteroffer, listing broker will already have seller's signed, written notice of withdrawal of the counteroffer and all that listing broker will have to do is deliver notice of withdrawal of counteroffer to buyer's broker. (Remember that if delivery is made by email, delivery must be to broker and broker's firm on the other side of the transaction.) Regardless of the date of seller's signature on the notice of withdrawal, the withdrawal will be effective at the moment of delivery of the notice to buyer's broker.
 
Listing broker should try to get seller's written instruction to deliver the notice of withdrawal for retention in the firm's transaction file. If it is not possible to get seller's written instruction, then listing broker should make a notation in the firm's transaction file detailing the instruction that listing broker received from seller prior to delivering the Withdrawal of Offer or Counteroffer.
 
Withdrawing an offer or counteroffer in any other way (phone call, voice mail, email message from listing broker to buyer's broker, text message) only creates confusion as to whether the offer was withdrawn effectively and gives the other party an opportunity to create additional confusion by attempting to accept the offer before it can be effectively withdrawn.
 

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org . Please tell us your NRDS number when you e-mail the Hotline with your question.



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On Sept. 18 at 11:00 a.m. EDT, .realestate will launch with an exclusive member pre-sale and you must have an active .realtorTM domain in order to gain access. Power your real estate business with .realtor™ and .realestate—two top-level domains designed to support you and everything you do.
 
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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 August 23, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.51%  3.98%  3.82%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.75



 August 16, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.53%  4.01%  3.87%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 August 9, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.59%  4.05%  3.90%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.76



 August 2, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.60%  4.08%  3.93%
 Fees & Points  0.4
 0.4
 0.2
 Margin  N/A  N/A  2.76



 July 26, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.54%  4.02%  3.87%
 Fees & Points  0.5
 0.4
 0.4
 Margin  N/A  N/A  2.76



 
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