We received a verbal offer on our house 3 days ago. It was a decent offer so we accepted it. Well, we still have not gotten a hold of a written offer. Our realtor says she's been in contact with the buyer's realtor and that the realtor has been trying to reach her clients. As of yesterday, their realtor said that she has not heard back from them. I don't know if they're playing some sort of game or what, but what do you think?
Just to give you a brief history, they made an offer on our house 2 weeks ago. It was very low so we did not accept it. They countered with another offer that same day but it was still entirely too low so again, we rejected it. Exactly a week later, they gave us the new offer, only it was verbal. They stated they want to close in March so I'm confused about what's going on. Any ideas?
2007-02-09 03:24:40 · 10 answers · asked by mecyoung 2 in Business & Finance ➔ Renting & Real Estate
By law (United States Statute of Frauds) in all 50 states, a contract for Real Estate MUST be in writing to be valid. There are no exceptions to this rule in any of the states. If you do not have a signed agreement by both parties, you do NOT have any legal obligations to hold the property for them.
2007-02-09 16:46:22 · answer #1 · answered by azhat 3 · 0⤊ 0⤋
Unfortuately if it was a verbal offer you really don't have anything. All you can do is wait until they give you one. The ball is in their court and they can choose to make an offer or simply ignore you.
The realtor however should give you an answer but is not really obligated unless something is in writing.
I would not be surprised if they gave you another written offer below your verbal agreement. The mindset you have now is that property is sold. They may take advantage of that. After long negotiations and a final resolution people are not willing to let a deal go after all that stress and work. They may play on this emotion to get a few more thousand off. Just watch for it.
2007-02-09 03:35:55 · answer #2 · answered by tommyfourth 3 · 1⤊ 0⤋
Shame on the realtors involved! All offers should be written. There's no excuse in this day and age, with all the technology available. Act as if you'll never hear from them again, and try to get your realtor to new your house to a new prospect.
2007-02-09 03:42:29 · answer #3 · answered by leaselg 1 · 2⤊ 0⤋
I don't think verbal offers are worth anything. You need something in writing. If someone else comes along with a written offer, take it. Also, tell the realtor to tell them they'd better get you the offer in writing w/in 24 hours or nertz to them.
I think we had to have our offer in writing and signed by the sellers w/in 24 hours or it was null and void but I'm not sure on that.
2007-02-09 03:33:41 · answer #4 · answered by parsonsel 6 · 1⤊ 0⤋
They got cold feet. That deal is not going to happen. Sorry. Anyone who does not put an offer in writing is not a serious buyer.
I see this all the time, people put an offer in then go home and change their mind.
Just keep looking for a well qualified buyer willing to put the offer in writing.
Shame on your agent for even letting this happen, they should of told the other Realtor to have it in writing with pre approval letter from a bank first.
In my state we do not have to give written offers, and i don't for this reason, you get all excited for nothing. I always make sure its in writing before i go to a client.
Good Luck
RE Agent,
Remax
2007-02-09 09:58:22 · answer #5 · answered by frankie b 5 · 0⤊ 1⤋
In most states, a verbal offer for real estate is not a valid offer. Unlike most contracts, Real Estate contracts in most cases must be in writing. My suggestion is that you contact your agent's broker and explain the situation. It may be that your agent is having a difficult time contacting the potential buyers, but it may also be that since there is no bona fide offer, they are too busy to follow up. Give your agent the benefit of the doubt, but speak to their broker. The agent either needs assistance in contacting these people or the agent needs to be re-motivated.
2007-02-13 03:06:58 · answer #6 · answered by Jay S 3 · 0⤊ 0⤋
Keep in mind, a verbal agreement isn't a binding agreement/contract.
I never accept anything verbal when first coming together. Then at least you know that both parties have some interest in pursuing a negotiation. The only point when handling "verbals" makes any sense is when both sides are bouncing back & forth coming closer to an agreement.
As of now, I would have your agent continue to market your home, as there is nothing "on the table"!
Good luck, and I hope it comes thru for you!!
2007-02-09 03:46:23 · answer #7 · answered by Art 4 · 1⤊ 1⤋
your house is not under contract, and you need it WRITTEN no offers are verbal. the realtors may just be getting your hopes up. good luck.
2007-02-12 23:50:20 · answer #8 · answered by swimmyfishy 4 · 0⤊ 0⤋
They may be scrambling around for financing although they should have been pre-approved before offering. I don't know about your state but where I practise a verbal offer is worthless.
2007-02-09 03:31:57 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Nothing's going on. YOu have no offer on the table until its in writing.
PERIOD.
2007-02-09 04:20:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋