I'm meeting a couple this evening to write an offer on a property. The listing agent tells me that she is in the midst of two verbal offers and if I want to just tell her the offer, she'll be happy to get us an answer. What?
She tells me that one of the prospective buyers was supposed to send her a written offer yesterday but she hasn't seen it. I tell her that we will be meeting at 7PM for signatures and that I can have the contract faxed/emailed to her by 7:30... I don't do verbal offers.
A verbal offer is not binding!
I know that there have been plenty of posts written about verbal offers. Once I have the terms of the contract I can fill in the blanks and print one up in less than 5 minutes. Email it to the client for their signature - 15 seconds. They sign and fax/email it back to me 3 minutes. I fax/email it to the listing agent, I'll be conservative and say 10 minutes... I can have the entire contract sent to the listing agent in less than 30 minutes. Even worst case scenario that they don't have access to a fax machine or email, I have them come into the office and we are still looking at less than 30 minutes of my time.
When I begin working with a buyer, I give them a copy of a real estate contract filled out to review and we usually talk about it while we are out driving around looking at property so that when we find "the house" they feel confident that they understand what they are signing. I'm always thinking about moving forward, talking about the steps of the transaction, building confidence, building the relationship... Thinking ahead.
As a buyer's agent: Verbal offers are worth nothing, they are a fishing expedition. If you have invested hours, days or weeks in a buyer showing them property... why wouldn't you take the extra time to write it up, get a signature, have a commitment?
As a listing agent: Verbal offers are worth nothing, you have an uncommitted buyer. They don't have enough invested in the transaction to even put it in writing. I talk about verbal offers with the sellers I represent when we sign the listing and we agree to only accept offers that are in writing.
How do you feel about verbal offers?
Contact Debbie Summers, REALTOR®, ALHS, e-PRO, RE/MAX Central Realty
Please contact Cas and Debbie for all of your real estate needs in Seminole County, Lake Mary, Sanford, Longwood, Altamonte Springs, Casselberry, Winter Springs, Oviedo, Winter Park, Maitland, Apopka and Orlando.
407-758-1020 or Debbie@CasAndDebbie.com
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