This evening, yet again, an agent called me saying I have a verbal offer for you on 123 Main St. It's .....
Why bother? A verbal contract for real estate is unenforceable. Why would a seller choose to negotiate against himself? Why would the seller reveal his position, when the buyer has nothing at stake - no earnest money, no legal obligation to stand behind what he offered?
If you have a low offer, or one with odd circumstances, please put it in writing. Then we can analyze it. Then we can know you're for real (accompanied by a signed pre-approval letter, of course). And if, perchance, the seller accept the offer, the seller knows that he has a contract.
Chances slim that an offer will be accepted, and you want to avoid the work of writing an offer and having it signed? Let me share with you, a verbal offer has even less chance of being accepted. How are you properly representing your buyers if you just call with a verbal?
We're not talking here about counters and counter-counters being verbal (another topic), we're talking about an initial offer. Why would you do your buyer that disservice?
Why Why Why, would ANYONE want to make a verbal offer ..... only thing I can think of is the Real Estate agent is LAZY and doesn't want to take the time to write up a formal contract. I'm not even a realtor, but I did stay in a Holiday Inn Express, and I know verbaloffers are for garage sales and flea markets.
Sean Allen
We can all learn from this article, especially listing agents who get phone calls like this one constantly. Sometimes an agent who knows me well tries to do this, and I give them the polite response of "PUT IT IN WRTING!".
This one is for the books. Thanks for the information. Most helpful and informative.
Sharon, I agree with you 100%. The seller deserves to see everything in writing and know that the "buyer" is able to purchase a property. I always tell the buyer's REALTOR to PUT IT IN WRITING.
Brian - I don't know that it's the broker's fault. No matter what they're told, agents are still independent contractors.
Vincent - you're right. A verbal "contract" can't be enforced and generally doesn't cover all the details anyway.
Sean and Pilar - yes, I think it's laziness at fault.
Bryant - I think the agents presenting verbal offers have no confidence that the offer they're presenting is good enough for acceptance.
Nicholas - yes, have them put it in writing.
Barbara Jo - so right. Why get a seller excited when there is no enforceable contract?
William - it's the beginning of who's intimidating who.
Jim and Maria - yes, I do use verbals in the counter phase - just not as an original offer.
Jennifer - it's not only more real, it's more accurate.
Barbara - yes, in ours, too.
Teresa - well said. I agree.
Debbie - agreed. That's not too much to ask.
Michael - so right. Then there are the ones that without an offer ask, what's the lowest they'll take? and expect them to negotiate against themselves.
William - thank you for the thoughts! We had our family Thanksgiving on Sunday, so today we can all relax, enjoy the leftovers, and not have to be out on the road.