How do you define "offered for sale"?

[Couch Potato]

If the seller is approached by the buyer and agrees to sell, at what point was the property "offered" for sale?

When he agrees to sell.

 

[Wayne Tomlinson]

"Offered for Sale"

Since I live in an area where the only time that a property is listed on the MLS is when someone for some reason thinks that a real estate agent from 30 to 40 miles away can sell a property better than some one local.

I often read where if a property has not been listed on some MLS, then it has not really been offerred for sale.

I believe if there is a valid, signed contract,then at some point it has met the qualification of the form.

Many properties here are sold at auction, both residential and agricultural. These properties receive wide advertising, but the only time that they are "offerred" is when the auctioneer begins his spiel.

These discussions can be very complicated.

What is the guy was drunk at the nearest pub, and loudly and drunkenly announced that his house was for sale, is that offerred for sale? If not, why not.

Enquiring minds want to know, at least mine does.

Wayne Tomlinson

 

[PropertyEconomics]

Dont confused "offered" with "listed" ... and the form asks "Was the property "offered" ..... It was obviously offered for sale, even if only to one person, there was an offer to sell and an agreement to purchase.

I would check it as being offered .. because it was.

 

[athome77]

Guess I'll have to go with crowd on this one. Next question. 1004 asks:

Report data source(s) used, offering price(s) and date(s).

What are the data sources, offering prices, and dates?

Only data source is the contract, offering price must have been the agreed sales price as the contract shows no counter offers, dates must be date of acceptance.

Seems a little redundant.

 

[VegasWayne]

The data source is the contract, the offering price is the sale price and the date is the date the contract was signed. In your analysis of the contract do not state the that it is an arms-length transaction arrived at in an open market between unrelated parties. This is a non-arms-length transaction that was not exposed to an open market between parties that were aquainted.

 

[Couch Potato]

Seems a little redundant.

No, just repetitive.

 

[RSW]

No, just Repetitive.

 

[Paul Isolda]

I totally disagree that just because a property is contracted that it was offered. Isn't the purpose of this analysis to determine it's market exposure, which was 0? The semantics of a property being sold, has to have been offered is not what this is about. Should'nt the "offering" of a property preceed an agreement for sale? EVERY property is therefore offered for sale right now because someone could knock on the door and make an offer that induces the owner to sell. Instead of focusing on the semantics, let's look at the intent of the question.

 

[Kevin A. Spellman]

The subject has not been offered for sale through MLS or to the open market. This is a private transaction between neighbors. The subject has not been listed or offered for sale to the public in the prior twelve months.

I would state "not for sale".

 

[Paul Isolda]

Thank you Kevin!