"Would you present an offer you received verbally to your seller?"
Whether another agent or a potential buyer, if they call you with an offer, what you do with it?
HOW DO YOU KNOW IF A VERBAL OFFER IS REAL?
The toughest thing with a verbal offer is that the buyer can change their mind without recourse
IS A VERBAL OFFER BINDING?
in virtually all states verbal offers are not binding, they need to be in writing and accompnied by a earnest money deposit.
DO YOU CONTACT YOUR SELLER WITH A VERBAL OFFER?
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.
WOULD YOU OR DO YOU ACCEPT VERBAL OFFERS?
_______________
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.
Updated Jan 18, 2010
Connect Realty, The Woodlands, TX - The Woodlands, TX
Broker-Your TX agent for The Woodlands-Spring-Conr
I might make a call to the seller to let them know there MAY be an offer coming, but only if I knew the other agent and trusted her/him to be a straight shooter. Much of the time that offer never comes, or it is different from what was discussed verbally.
Jan 18, 2011 02:48 AM
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate
One of the best deals that I have ever been a part of as a Buyer's Agent, was phoning a Listing Agent and asking if she would consider a Verbal Offer. I went on to say, if your seller says, "Yes", I will immediately put it in writing and you should have it within two hours. The seller said, "Yes" and we closed 19 days later. It worked beautifully for both the seller and buyer. By the way, that happy buyer has sent me more referrals than any other client I have ever had. - David
Jan 18, 2011 03:12 AM
Fathom Realty NC LLC - Rocky Mount, NC
Your Trusted Real Estate Advisor
As the listing agent, are you not suppose to present any and all offers to your client? I feel with a few questions to the buyer agent or buyer prospect, you can determine if this is a fishing expedition or a legitimate offer. You can also remind them that it's not legal and binding until it is writing; therefore, if a written offer comes along while you are back and forth with the verbal, the seller has no obligation to the offer. Like David, I have had success with a verbal offer that closed quickly.
Jan 18, 2011 03:35 AM
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH
I think it depends on your relationship with the seller, I took my son skiing today and called in a verbal. Nothing is legal or solid till it's in writing no reason not to set the wheels in motion while you have a life outside of work.
Jan 18, 2011 12:08 PM
RE/MAX In Action - Martinsburg, WV
REALTOR and Broker/Owner in WV and VA
I called the real estate commission on this very question...the answer is the law (WV) says that you MUST present ALL offers, it does not say written offers only, however a verbal offer is not enforceable. Read your real estate law in your state. I found out than an agent in my office refused to present a verbal offer, the seller found out about it and fired him, hired another agent and sold the property. Lucky he did not file a complaint. I do not know if all states are the same, I can only speak for WV.
Jan 18, 2011 02:35 PM
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents
Thank you everyone for your answers. The reaosn i wrote the blog was in regards to a bank owned property i had and the offers people were calling in. I probabily should have added some more detail. the problem lately is investors calling in offer who i do know, that have been in the business a while and called me with an offer. With bank owned homes in most cases you enter offers into teh banks system and only send hard copies of the purchase and sales, deposit and proof of funds when it is accepted. The problem was teh offer was called in, i uploaded it, it was accepted and the agent says well if they took that you think they will take less? Only to say his buyer withdrew the offer. This is the second agent to do this so with bank owned i decided verbal offers need to be in writing for bank owned listings. With owner occupied homes i would call the owner and let them know i have a verbak offer and then proceed to let them know it is not binding until we get it in writing. I have had soem emotional owners in short sale situations that could not handle a maybe offer, it is case by case and i ask up front if tehy want me to let them know if an agent calls and says they are bringing in an offer, we all know half of those never come.
Jan 19, 2011 12:33 AM
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Scott Godzyk is the Owner/Broker of The Godzyk Real Estate Services located in Manchester NH. With 29 years of Real Estate experience Scott specializes in Listing and Selling Bank Owned Homes, Short Sales, Residential Properties, Condominiums, New Construction and Investment Properties.
Scott services the counties of Hillsborough, Merrimack, Rockingham and Belknap. To contact Scott Godzyk please call 603-661-2121 or email sctprop@aol.com. his website is www.ScottSellsNH.com.
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