On Sunday, May 2, 2021 at 9:43:40 PM UTC-4, wrote:
On Sun, 2 May 2021 17:18:44 -0700 (PDT), DerbyDad03
wrote:
On Sunday, May 2, 2021 at 7:21:01 PM UTC-4, Bill wrote:
On 5/2/2021 5:59 PM, somebody wrote:
My #2 son is an RE agent in
Nevada. Escalation clauses are not legal there. I'm not sure
of Nevada's exact reason, but from my reading it appears that
some jurisdictions don't allow escalation clauses in a real estate
offer because there is no firm dollar offer being made.
In other words, they came to the conclusion, probably through
experience, that it was too easy to generate a spurious offer if one was
needed. I like the quote: "Pop always said, Trust everyone, but always
count your change!". My dad didn't say that, but I live as though he did.
Actually, they are legal in Nevada, at least as of July 2020.
However, some agents, specifically REALTORS, are strongly
warned against employing the practice, including a threat of
a $10K fine.
The penalty should be loss of license.
For what? For using a practice that is legal in the state that they
are licensed?
This is a licensing organization fining it's own members for using a
legal practice because the organization feels it's "unfair" to some
buyers.
However, the "prohibition" is not for the reason you state. It's
actually about some buyers ability to use the clause vs. those
that can't, making it "unfair" to those that can't. I'm not sure I
agree with the reason. Just because I am willing to pay more
than you, why should I be forced to offer the higher amount at
the outset? Why can't I try to get the house for a lower amount?
https://nevadarealtors.org/docs/libr...rsn=3bd7307f_2
I just love today's "unfair" BS. Is it "fair" for the seller to get
less than he possibly can? Do they give out participation trophies
too? Maybe the loser would get Section-8 housing.
Huh? Isn't that the exact opposite of what you said above? You feel
that a REALTOR should lose their licence for using the escalation
clause, which is a clause that may get the seller a higher price.
I say again, huh?