Not in writing? Not an offer.

Reblogger
Real Estate Agent with Long and Foster Re Inc RS207329

My first impression when an agent gives a verbal offer is that they don't want to spend the time to write it up.  I know it's sometimes a pain if the possibility exists that the offer will be rejected.  Agents should convince buyers that a verbal offer is mostly a waste.

Original content by Susan Mangigian RS152252A

As a listing agent, I have a fiduciary obligation to present all offers to a seller.  When a buyer's agent calls me and says that their buyer wants to make a less than optimal offer on a listing, and in the interest of saving time (their time), they'd like me to ask the seller what he/she thinks.  Even though in my humble opinion calling the seller and passing this information on is a waste of time (my time and the time of the seller), I am obligated to let the seller know that the agent wants me to run a price by him.

This is a waste of time for many reasons, one of which is that the dollar amount is only part of the equation when making an offer.  Is the buyer qualified?  Has his credit been run?  Is the settlement date agreeable to all parties?  Will the buyer be doing all inspections?  Is it contingent upon a mortgage and if so, what is the loan to value?  Are they using a reputable lender or a fly-by-night unknown quantity (this makes a huge difference to the outcome at closing).  If a buyer insists that an agent run a number by the seller, please forgive me if I say if it's not in writing, it's not an offer.

Standard Agreement of Sale

A starting point, perhaps.  Maybe even a launching pad to an actual offer.  Usually, though, a serious buyer will have no qualms about putting an offer, made in good faith, with all terms and conditions, in writing. 

 

Susan C. Mangigian

re/max preferred
1595 Paoli Pike, Suite 101,West Chester, PA  19380

610-719-1700 main office, 610-299-6237 cell 

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