WOULD YOU PRESENT A VERBAL OFFER TO YOUR SELLER?

THE QUESTION OF THE DAY IS; "Would you present an offer you received verbally to your seller?"

I have heard both sides of the argument and feel strongly on how i practice Real Estate. The scenario is either a buyer agent calls you or a buyer calls you directly with an offer on your listing, The house is listed at $199,900 and they are offering full price except need 3% back towards closing costs, they want an answer back tonight.

What should you do with that call?

Do you relay the offer to you seller immediately so you do not lose this potential buyer.

I would not call my seller with that offer, i would encourage the buyer broker to write the offer on a purchase and sales agreement, get the buyers signature and a deposit check, they could scan and email it to me or fax it it as well for me to present immediately.

If it was a buyer i would tell them i would type a contract and meet them where ever they were to get their signatures so i could present it promptly. If they wer eout of state i could email it as a pdf for them to sign and email or fax back to me with a copy of a deposit check.

 _______________

Where i sell alot of bank owned homes, i get alot of verbal offers by people not wanting to lose out. I often get a very rude response by other agents who can not believe i will not take a verbal offer.

Verbal offers are not enforceable in NH, they have to be in writing, they have to be signed and accompanied by a earnest money deposit check.

WHAT DO YOU THINK OUT THERE?

WOULD YOU OR DO YOU ACCEPT VERBAL OFFERS?


Updated Aug. 24, 2010

Blog written by:

Scott Godzyk
Godzyk Realty Group

Manchester NH
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August 24 2010 - Manchester
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Replies (13)

In our Listing Agreement it addresses the presentation of Verbal Offers. You can establish this with the seller right from the beginning.
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August 24 2010
Simple verbal exchange might be permissible on small things well into a written contract. Always back verbal by written as soon as you can, don't get lax about it. Written amendments will keep all parties out of trouble.

Good Luck!

James Callas - Realtor®  
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August 24 2010
With today's technology I can't think of many scenarios where the party making the offer cannot put it in writing.  If they are serious buyers, they should put it in writing and don't forget the check.
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August 24 2010
The agent would need to send all the paperwork over......signed sealed delivered, that's an offer.

Anything else would be a inquiry of interest and of course I would inform my sellers of the conversion
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August 24 2010
As far as I know all offer to be enforceable have to be in writing by virtue of the statute of frauds.  I would have to check the RE rules as to whether verbal offers have to be presented, but since they aren't enforceable, I am not sure how the buyer is benefited if if accepted by the seller verbally....
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August 24 2010
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I have accepted a verbal counter offer after a written agreemant with deposit has bee received and my seller has made a counter offer. I have never accepted a verbal first offer on a property.  In my judg,ment they are nmot serious if they will not put their offer in writing. I enforces a certain decipline for buyers to think about financing and other conditions.

Robert
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August 24 2010
All offers should be presented in writen form.
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August 24 2010
At the beginning of my career, I was so eager to get an offer that many times I will call sellers with verbal offers.  Some of them were put in writing and some of them did not.  Once you contact a seller with a verbal offer and he/she accepts or counters the offer, and then it does not come through in writing, you have an unhappy camper on your hands.  Lesson learned.  Now I ask the buyer agent to put it in writing, and at times, they push the issues, "Can you give it a try to see if we can pursue the offer...blah, blah, blah..."  But hen I remember the times that I had to calm my unhappy campers and I stay firm.  I agree with Scott, put it in writing if you are serious about your offer.
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August 24 2010
Making an offer is a sensitive matter.  In my neck of the woods, any offer must be accompanied by an earnest deposit, as well as, proof that this purchase can be financed; either with cash or with a mortgage loan.

When representing a seller it is our responsibiliy to use the necessary precautions to protect them from unnecessary pitfalls in the selling of their homes.  And that would entail assuring you have a bonafide at any presentation
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August 25 2010
Verbal answers don't mean anything.  Get it in writing!  It can get too complicated, believe me.
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August 25 2010

A written offer shows commitment and no ones time is wasted. If time is of the essence that should not be a problem with today's technology.

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August 25 2010
I dissuade my sellers from having me present verbal offers to them. On our listing agreements a seller must "check" to have these offers presented.  First off, a verbal offer is not binding in any way shape or form.  So why have it presented?  Second, usually a verbal offer is basically a "drive by" who barks out a price with absolutely no conditions attached.  A verbal offer can be look one way, but it can turn out to something different with many details omitted.   Examples- will there be a home inspection? Is this a cash deal? Closing date?
Second, writing up an offer takes time and effort. If someone from the buyer's side doesn't want to take the time to put together an offer for an important investment like a home purchase...how serious are they?
Third, a verbal offer is way too murky. It can result in a game of "he said/she said" that will lead to nowhere.

Hope this helps  :)
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August 27 2010
In the current market, it is often difficult to get clients to put anything in writing. I always encourage my buyers to get pre-approved and to provide me that documentation in writing before we look at homes. When I receive a verbal offer on a listing, I tell the offerer that I need a written copy, but that I will inform my client that someone has indicated interest in making an offer. In some cases, there are so many counters to the offer/counter offer/counter counter offer, etc, that having a verbal process about through the negotiations is quicker. But before ANY commitment is made, it MUST be in writing.
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September 22 2010
 
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