Don't Tell The Seller Yet

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

Below are three recent scenarios from three different agents.

 

#1

 "We're writing an offer.  When would the seller like to close?" This  along with a few more questions.  " So let us know if anything else comes in." 

 

#2

 My buyer is interested in your listing. She cannot afford the asking price and before I go through the time consuming process of typing, printing , getting signatures, (in other words wasting my time)... I want to run  it by you verbally.

 

#3

My buyer loves this home and does not want to lose it but their  mother's father's stepson's aunt, uncle or some other relative has to see the house and they won't be back in town for two weeks. 

 

 

What is an agent to do? 

Don't Tell The Seller!

 

An offer is only an offer when it's in writing with dates and terms and conditions and EMD and lender letters and proof of funds and inclusions and exclusions and disclosures and signatures...and a few more points in our 40 plus page Maryland contract. 

 

Yes there are those  who negotiate verbally and then put the offer together. I'm not telling you how to run your real estate practice.

But I can tell you it's not a  good idea to tell your seller you have an offer.

 

 

Because...

You do not have an offer until you have an offer!

 

 

Margaret Rome

 

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Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Kathleen Luiten You can see by the comments that most agents have done this in the past. Hopefully they learn NOT to let the seller know there is an offer until it is received. Thanks for stopping by.

Feb 10, 2018 11:34 AM #48
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dörte Engel  So happy to be able to relieve your stress! Laughing is good in the business.

Or..

I could have bought the house down the street for less. Why didn't you?

It was already sold.

Feb 10, 2018 11:50 AM #49
Rainmaker
856,578
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Very smart advice!  I'd rather keep it simple as well; don't tell the sellers until you have something solid!

Feb 10, 2018 12:24 PM #50
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jan Green Always good to see you.

Feb 10, 2018 12:32 PM #51
Rainmaker
311,562
John Wiley
Jones & Co. Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

You should make a bronze plaque of: It is not an offer until you have an offer.

 

Feb 10, 2018 01:32 PM #52
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

John Wiley I'll go work on that plaque!

Feb 10, 2018 01:35 PM #53
Ambassador
2,665,067
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I recently wrote about this very thing.  I had an agent get really ugly when they called to tell me they were sending an offer and I told him my sellers had just accepted one.  I had emailed to let her know an offer was in and my sellers were considering it. I had texted to let her know I'd sent an email.  But I totally agree it's not an offer until it's in writing.

Feb 10, 2018 02:18 PM #54
Rainmaker
145,740
Faye Taylor
StepStone Realty, LLC - Floresville, TX
Floresville, La Vernia, Poth, San Antonio area

So so true.  Had a flip listing that I just happened to be at when the buyers agent and the whole buyer family came by on the first day.  They loved it and agent told me they were strong buyers but were going to look at some other houses that day.  After 3 showings on the first day and 3 on the second which is a lot for this area, I texted all the agents that we had been told we had offers coming in so if their clients were interested it was a heads up.  Well, the strong buyers who the agent had told me twice were making an offer never did.  BUT we sold on second day for over asking.  But I totally agree NEVER tell a seller of potential offers because they may never show up. 

Feb 10, 2018 06:06 PM #55
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Tammy Lankford, That agent got ugly because it was  her fault her buyer lost the house.  It was easier to take it out on you than accept the blame and responsibility.

Feb 10, 2018 07:09 PM #56
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Faye Taylor You were smart not to "hold your breath" for the "really strong" buyers.  Congratulations on doing a great job for your sellers.

Feb 10, 2018 07:11 PM #57
Rainmaker
1,111,893
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I agree, none of those phone calls were valid offers. They were "could be" offers. When they become real offers, the seller will be notified.

 

Feb 11, 2018 04:35 AM #58
Rainer
395,716
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Very well put!!!

An offer is only an offer when it's in writing with dates and terms and conditions and EMD and lender letters and proof of funds and inclusions and exclusions and disclosures and signatures...and a few more points

Feb 11, 2018 05:11 AM #59
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Kat Palmiotti Nice new phrase for me..."could be" offers.

Feb 11, 2018 07:21 AM #60
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sham Reddy Hello my friend...always good to see you!

Feb 11, 2018 07:22 AM #61
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I learned this lesson the hard way when the offer never materialized. I felt terrible to create such excitement for the sellers and then  - nothing. Debbie Downer for sure. 

Feb 11, 2018 07:39 AM #62
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Debb Janes EcoBroker and Bernie Stea JD

 Oh wow  never knew a real Debbie who used the term...Debbie Downer! 

Feb 11, 2018 07:42 AM #63
Rainmaker
484,283
Karen Feltman
Cedar Rapids/Iowa City, IA Lepic-Kroeger REALTORS - Cedar Rapids, IA
Relocation Specialist

Agreed.  It is not an offer until it is in my hand with all of the required documents.  It does not exist and the seller is blissfully unaware that someone told me that their buyer was "considering" an offer.  It is disappointing enough for me!  I would not want a seller to go through that too!

Feb 11, 2018 02:49 PM #64
Ambassador
2,628,664
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Karen Feltman So true. It is disappointing for us when the offer does not materialize.

Feb 11, 2018 03:11 PM #65
Rainmaker
422,108
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

Totally agree with this post!  When an agent tells me they 'plan to write an offer' i do not tell the sellers. I wait until I have the offer in hand. Too many times the buyer can change their mind

Feb 12, 2018 01:40 PM #66
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Mary Hutchison, SRES, ABR  The buyer can and does change their mind. It is better not to share until offer is in hand.

Feb 12, 2018 01:42 PM #67
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