How do you define "offered for sale"?

[Mark K]

If there is a legal, signed contract (purchase agreement) then, by legal definition, there has been an offer and acceptance.

Some will argue all day that the "form" means something else, but if you check the "yes" box, you will be legally correct.

Or you can check "no" and argue that the form is based on a different definition of "offer". Your call.

 

[Paul Isolda]

What information is useful to the client? That the property was or was not exposed to the market. Of course legally if there is an acceptence of an offer to buy than the seller has offered to sell. The existence of a contract is evidence of that. Does that really constitute an offering of the property, at least in the context of information that is useful to the reader of the report?

 

[Mark K]

What information is useful to the client? That the property was or was not exposed to the market. Of course legally if there is an acceptence of an offer to buy than the seller has offered to sell. The existence of a contract is evidence of that. Does that really constitute an offering of the property, at least in the context of information that is useful to the reader of the report?

Then it seems that marking the box "yes" with an explanation that it hasn't been exposed to the open market would be appropriate.

That makes more sense than marking "no" and then making a contradictory statement that it has been offered to one specific individual.

 

[David Dietz]

 

[RSW]

If I remember correctly, the old Multi-purpose addendum used the word "Listed" while the new 1004 URAR uses "offered".

 

[timd354]

If there is a legal, signed contract (purchase agreement) then, by legal definition, there has been an offer and acceptance.

Some will argue all day that the "form" means something else, but if you check the "yes" box, you will be legally correct.

Or you can check "no" and argue that the form is based on a different definition of "offer". Your call.

An unsolicited offer can be made to purchase a property by a potential buyer which is then accepted by the seller. This would be exceedingly rare, but it is possible for a real property to be contracted for sale and sold without ever having been offered for sale by a seller, the only act of the seller being an acceptance of a contract.

 

[timd354]

So did the buyer take the property by force? In a contract there are 2 things, offer and acceptance. The acceptance of an offer is indeed an offer to sell.

The offer is the offer and the acceptance is the acceptance. The acceptance of the offer does not turn the acceptance into the offer. Thus, if an unsolicited offer to purchase a property is accepted by the seller, then the contract was entered to and the property sold without ever having been offered for sale by the seller.

 

[Mr Rex]

So address the incongruous nature of saying no it has not been offered for sale, but this is a sales contract. Again, its not something I will spend any more time arguing over, it just really doesn't make a dam in the overall scheme of things quite frankly.

 

[Paul Isolda]

Per dictionary.com:

offer

1. to present for acceptance or rejection; proffer: He offered me a cigarette.
2. to propose or put forward for consideration: to offer a suggestion.
3. to propose or volunteer (to do something): She offered to accompany me.
4. to make a show of intention (to do something): We did not offer to go first.
5. to give, make, or promise: She offered no response.
6. to present solemnly as an act of worship or devotion, as to God, a deity or a saint; sacrifice.
7. to present for sale: He offered the painting to me at a reduced price.
8. to tender or bid as a price: to offer ten dollars for a radio.
9. to attempt or threaten to do, engage in, or inflict: to offer battle.
10. to put forth; exert: to offer resistance.
11. to present to sight or notice.
12. to introduce or present for exhibition or performance.
13. to render (homage, thanks, etc.).
14. to present or volunteer (oneself) to someone as a spouse.
–verb (used without object) 15. to present itself; occur: Whenever an opportunity offered, he slipped off to town.
16. to present something as an act of worship or devotion; sacrifice.
17. to make a proposal or suggestion.
18. to suggest oneself to someone for marriage; propose.
19. Archaic. to make an attempt (fol. by at).
–noun 20. an act or instance of offering: an offer of help.
21. the condition of being offered: an offer for sale.
22. something offered.
23. a proposal or bid to give or pay something as the price of something else; bid: an offer of $90,000 for the house.
24. Law. a proposal that requires only acceptance in order to create a contract.
25. an attempt or endeavor.
26. a show of intention.
27. a proposal of marriage.

All of these describe the action of a party to initiate an offer. If the seller did not initiate the sale, they did not offer it.

 

[Joyce Potts]

The better question is, why is the OP or anyone trying to justify or cloud the definition?

Why don't you just report what you know and let the lender determine what the answer means for them?