It's Not Time To Tell The Seller

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

It is not time to tell the seller.

If you don't want to get, a seller excited and set up for disappointment, wait to tell them about verbal offers.

 

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

Some agents will tell you the buyers are interested and try to negotiate a price, date, and terms but do not write a formal offer.

Some agents say they don't want to waste their time and want to run it by you verbally.

And yes, I appreciate the agents asking questions like when would your seller prefer the closing date.

 

Some people negotiate verbally and then put the offer together.  Know your sellers; for some, It's not a  good idea to share the "verbal" until you have an offer.

 

There is no contract offer until you have all those terms in writing.

Thinking about selling a home

Call Margaret Rome

 

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


Sell Your Home With Margaret Rome

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Comments (28)

Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I agree. I don't mention an offer until it's in my hand/email.

Jun 24, 2022 06:54 PM
Margaret Rome Baltimore 410-530-2400

Kat Palmiotti It is hard to do sometimes when you are giving your seller feedback. But it is best to wait.

Jun 25, 2022 08:07 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It can really tricky but interesting all the same time to get things just exactly right

Jun 24, 2022 11:00 PM
Margaret Rome Baltimore 410-530-2400

Good to see you, Laura.

Jun 25, 2022 08:07 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Oh Margaret, this is so true! Early in my career I had an agent do this. I was on vacation with my family and they kept calling and going back and forth with a verbal offer. We finally got something that was agreeable and the buyer never put it in writing. What a waste of everyone's hopes and time. It one thing to ask if they'll consider something like a closing date, leaseback, etc but if it is an offer it has to be in writing.

Jun 25, 2022 05:23 AM
Margaret Rome Baltimore 410-530-2400

Carla,


You spent your valuable family time dealing with a deal that never materialized. 

Jun 25, 2022 08:09 AM
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

So very true Margaret. My response to those agents is , if your Buyers are serious , put it in writing !

Jun 25, 2022 05:32 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Buzz Mackintosh, Put it in writing! An offer is NOT a waste of time.

Jun 25, 2022 08:10 AM
Aura Alex
CloseMyDeal, LLC - Seattle, WA
Need A TC? Virtual TC Services Nationwide

I agree with you, Margaret. I am periodically a seller for our investment properties, and I only want to see written offers with a reasonable EM check attached! And when I am a buyer, I always send written offers with a big EM check attached!

Jun 25, 2022 11:17 AM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
Relocation to NW AZ with elbow room & more freedom

Yes in writing counts. Given many of my sellers are out of state, I usually give them a heads up about potentially and I stress potentially about receiving an offer. I keep them posted. They do appreciate that extra communication. Also I need to know if they will be around to sign any offers. Then I also follow up with the sellers with a new CMA so if an offer materializes great and if an offer doesn't materialize they know what is happening in the market.

Jun 25, 2022 02:51 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Aura Alex And you are a smart investor! I am a believer in large EMD!

Jun 25, 2022 03:51 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Leanne Smith,

You are one astute professional. So essential to keep your sellers posted, on what's going on, where they can be reached, and up to date on the CMA. Very effective communication.

Jun 25, 2022 03:56 PM
Leanne Smith

Apologies for the late response. Effective communication is so important. Thanks for your kind words.

Jun 27, 2022 07:53 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I learned early on to not alert sellers about offers which hadn't yet been written, materialized and received.  There is no reason to set them up for potential disappointment.

Jun 25, 2022 08:59 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Club group!  

Jun 25, 2022 08:59 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Myrl Jeffcoat, It is always best to wait until the offer is in hand. No reason to set the seller up for potential disappointment. 

Thanks for the feature in OFC.

I do appreciate you.

Jun 26, 2022 07:54 AM
Anthony Kirlew
Group 46:10 Network @ eXp Realty - Gilbert, AZ
Helping You Make Fiscally Sound Choices

I agree and the same goes for buyers. I once had a listing agent ask me to "text him the terms to save time of writing up an offer." I did and he responded that his seller would take the offer, so I wrote it up, had it signed and sent over. In the end, he shopped the offer and took another one. I did tell my buyers as they were friends, and I also showed them the text so they would see it all first hand. Ironically, his buyer fell through and he reached back out to me, and kindly shared the home inspection that had been done to avoid any potential issues and my buyers declined to revive their offer based on the home inspection.

Jun 26, 2022 11:32 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist
Totally agree , we are not a Binder State . Some States (NY) only allow Attorneys to Draft AOS and there the don’t want to rack up Billable Hours until there is a Preliminary Acceptance.
Jun 26, 2022 12:32 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Margaret:

There have been plenty of times those offer discussions with buyer agents never materialized into something written, or change from what was discussed. Of course sellers are anxious and want to know what going on. But without something written in hand it's never wise to share the possibility, even if it sounds positive until it happens.

Jeff

Jun 26, 2022 04:57 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Anthony Kirlew And that agent's plan backfired along with their reputation.

Jun 27, 2022 06:06 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Michael J. Perry And how is this way of doing things helping the buyer or the seller.

Jun 27, 2022 06:08 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Jeff Dowler, CRS Being around for a while, we have seen these verbal offers NOT materialize. But for the seller, once they hear the "offer"  they are set up for disappointment.

Jun 27, 2022 06:11 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Oh, yes! I learned this the hard way when I was new. I was so excited that I spilled the beans. No offer ever came. Choke!

Jun 28, 2022 03:40 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Margaret Goss, We seem to all learn this lesson the hard way. But, at least we do learn!

Jun 28, 2022 05:57 PM