Verbal Offers?? I’m Not Holding My Breath!
This is a fantastic post, because we do get a lot of "verbal Offers" in our vacation community of Door County, Wisconsin, simply because we have so many visitors from other states and countries.
However, unlike other states, while we DO get verbal offers (and can certainly pass on the "verbal offer information" to our listing clients), in the State of Wisconsin, all REAL Offers have to be in writing. So the verbal Offer in Wisconsin is not even worth the paper it has NOT been written on. While it's nice to pass on the information that a client will not accept a low-ball Offer here, we have one simple saying here: "Can we put that in writing"?
Verbal Offers?? I’m Not Holding My Breath!
As long as I have been in real estate, I have never, that’s right, never presented a verbaloffer on behalf of my buyer clients. I have however received more verbal offers than I care to count.
When I receive a verbal offer, I politely ask the agent to put the terms in writing. Some do..some just go away..I never hear from them!!
When signing a listing agreement in FL, sellers have the choice to either be notified of all offers or only the ones in writing. It is my duty to follow as I am instructed by my clients. If they wish to know about verbal offers, I do explain them my experience with verbals..some are followed with written offers, some are just time wasters. Sellers make the decision whether they want to be notified of ALL offers.
Real estate contracts are complicated even when in writing, why would we want to take a chance of conveying the wrong information by presenting a verbal offer? What guarantees do sellers have that the buyer making the verbal offer is truly a buyer?
Here’s my experience with verbal offers;
-Most don’t turn into a written offer. As recent as four days ago, I received a call from a Broker letting me know his buyers were interested and he was preparing an offer on one of my listings. However, he wanted to know if my sellers would accept a certain amount. My sellers do not want any verbal offers and it is spelled out in MLS. I did advise the Broker, here we are, four days later, still no offer. Am I surprised? Absolutely not!
-Sellers don’t take verbal offers seriously. Without proof of funds, terms and escrow deposit, why would they?
-There’s room for error. In our fast paced world, it is so easy to get distracted and misunderstand the instructions we are given if we’re not careful. I’m talking about simple things in life. If you take a list with you to grocery store, why wouldn’t you write your purchase offer on a home?
Buyers may ask us to present verbal offers, it is our job to explain why it’s not a good idea. Some may think verbal offer is a good idea since their offer is truly a low ball and won’t get accepted, again, it is our job to educate our clients what a fair offer should be on a home.
Imagine even trying to present a verbal offer on an REO/Bank Owned property? Banks won’t even consider it, why would sellers on a standard sale?
Verbal Offers?? I’m Not Holding My Breath!
Beth Atalay, Broker/Owner
Cam Realty and Property Management
407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando
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