An important mandate in our Realtor training is that all offers must be presented.
But the activity on recent bank-owned properties has been such that agents are beginning to cut off offer receipt after a certain point...either refusing to look at more offers (as they did on a recent area 11 listing priced under %299,000 which had 70 offers before they decided that enough was enough)...or changing the MLS status to "pending sale" even before an offer is accepted.
An important point to remember is that there is a fiduciary duty to the owner, whether it is an individual seller or a bank, and that an unreviewed offer might be better than those already seen, either in price or terms. This activity is such a blatant disregard for our code of ethics that the Association of Realtors will probably fine the agents.
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