Real Estate Blog - Let's Get it in Writing!

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Let's Get it in Writing!

Have you ever heard:

My friend knows someone that wants to buy my house -
My neighbor has a family member that wants to buy my house -
buyers agent feedback: my client likes your listing and is going to make an offer -

PUT IT IN WRITING!

There's nothing wrong with hearing the above. In fact it's kind of good to hear isn't it? Wouldn't you rather hear positive things about your listing than negative? Sure who wouldn't. My point is I don't want you my seller, my client, getting too excited until I have a purchase agreement in front of me.

Verbal offers mean nothing in real estate. They are just that - verbal.

I've seen the above examples happen many times. Some even had me thinking we were getting an offer but until we have that p.a. in our hands, we do not have an offer. Believe me I want nothing more than to have an offer on your home. That's why you hired me, that's my job as your listing agent - to sell your home!

If you are in the market to buy or sell real estate in St. Clair Shores or the surrounding Macomb County area, give me a call or email and I'd be happy to assist you. To start searching for homes for sale, sign up for a free Listingbook account.

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com

Mike Mitchell - Realtor

Posted by Mike Mitchell - REALTOR® - St. Clair Shores, MI on 10/15/2009 09:48 AM

Comments (12)

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12 Comments on Let's Get it in Writing!

OCT

So many people still think that a hand shake is enough.

Put EVERYTHING in writing. I have a closing today and the sellers were nice enough to allow my buyers to move in early....to accomodate their time off. The buyers did not want to sign and interim occupancy agreement....so no early move-in. We all need to be protected.

Mike: While verbal offers are not binding or legally enforcebale, the listing agreements we sign say that we are obligated to present ALL offers. Why not present the verbal offer, and if the seller likes it, write it up for the buyer to sign. That's a great way to see if someone is serious.

Morgan - thanks for your comments

Karen - yes indeed, we do all need to be protected. I would of done the same thing in that situation.

Chris Ann - I totally agree with you, but that's not the example I was trying to portray in this post. I'm talking about people saying, yes I'm going to make an offer, but never do - not even verbally other than saying they are going to.

The reverse offer.... hmmm something to think about.

Thanks for your comments!

OMG - I was at an event about six weeks ago and overheard someone saying that they "had an offer" on their home. They had listed the house with someone else. I knew the house had been on the market less than 1 hour when they said they got the offer. Apparently, their listing agent received a phone call and the out of state buyer said they wanted to buy the house and that they would be down to NC over the weekend. CAN YOU BELIEVE the listing agent actually called the seller and told them they had an offer??? So, guess what? Nope, no offer - never was and it was a scam......House still on market WITH SAME AGENT and there have been NO SHOWINGS!

Hey Leesa, that's exactly the kind of thing I'm talking about! Thanks for stopping by!

OCT

As a seller, PR for an estate, I had my realtor bring me a verbal offer. She's the listing agent, and also had the buyer (lucky her), and the buyer wanted to throw the offer at me before making a big deal with paper.

We worked it out and the buyer is moving on with the inspection.

Sometimes it works.

OCT

Hi Virginia - thanks for your comments. I agree, verbal offers do sometimes work. I've done deals similar to your example. My point is that verbal offers mean nothing until it is writing! Yours worked out and I'm sure that your agent had you and the buyer sign a p.a. Now what if you had worked out the verbal agreement, and then the buyer never put it in writing? No p.a. = no deal, it means nothing. That was the point I was trying to get across in my post.

I'm glad your deal worked out for you! Thanks again for your comments.

OCT

If we had a dollar for every agent who said they were going to write an offer on a property but wanted to throw something by us verbally 1st we'd be retired:)

We believe it when we see it in writing.

Great post Mike.

Sincerely,

Grace

Grace - I hear you, thanks for the chuckle this evening! :)

Thanks for commenting!

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